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<SEC-DOCUMENT>0000950123-11-016592.txt : 20110222
<SEC-HEADER>0000950123-11-016592.hdr.sgml : 20110221
<ACCEPTANCE-DATETIME>20110222171632
ACCESSION NUMBER:		0000950123-11-016592
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20101231
FILED AS OF DATE:		20110222
DATE AS OF CHANGE:		20110222

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:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21039
		FILM NUMBER:		11629442

	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>10-K
<SEQUENCE>1
<FILENAME>w80904e10vk.htm
<DESCRIPTION>FORM 10-K
<TEXT>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 16pt">UNITED STATES SECURITIES AND
    EXCHANGE COMMISSION<BR>
    WASHINGTON,&#160;D.C. 20549</FONT></B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 16pt"><FONT style="white-space: nowrap">FORM&#160;10-K</FONT></FONT></B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>ANNUAL REPORT PURSUANT TO SECTION&#160;13 OR 15(d) OF</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>THE SECURITIES EXCHANGE ACT OF 1934</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <!-- XBRL,dc -->For the fiscal year ended December&#160;31, 2010
</DIV>
<!-- /XBRL,dc -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Commission file
    <FONT style="white-space: nowrap">number:&#160;0-21039</FONT>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 16pt">STRAYER EDUCATION,
    INC.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (Exact name of registrant as specified in its charter)
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
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    <TD width="49%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
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<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>&#160;&#160;&#160;MARYLAND</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <B>52-1975978</B>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (State or other jurisdiction of<BR>
    incorporation or organization)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    (I.R.S. Employer Identification Number)
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>1100 Wilson Boulevard, Suite&#160;2500, Arlington, VA
    22209</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (Address of principal executive offices)
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>REGISTRANT&#146;S TELEPHONE NUMBER INCLUDING AREA CODE:
    <FONT style="white-space: nowrap">(703)&#160;247-2500</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>SECURITIES REGISTERED PURSUANT TO SECTION&#160;12(b) OF THE
    ACT:</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
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    <TD width="34%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">COMMON STOCK, $.01&#160;PAR
    VALUE</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">NASDAQ GLOBAL SELECT
    MARKET</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (Title of class)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    (Name of each exchange on<BR>
    which registered)
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>SECURITIES REGISTERED PURSUANT TO SECTION&#160;12(g) OF THE
    ACT:</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>NONE</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Indicate by check mark if the registrant is a well-known
    seasoned issuer, as defined in Rule&#160;405 of the Securities
    Act:
    <FONT style="font-family: Wingdings; font-variant: normal">&#120;</FONT>
    Yes
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>
    No
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Indicate by check mark if the registrant is not required to file
    reports pursuant to Section&#160;13 or Section&#160;15(d) of the
    Act:
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>
    Yes
    <FONT style="font-family: Wingdings; font-variant: normal">&#120;</FONT>
    No
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Indicate by check mark whether the Registrant (1)&#160;has filed
    all reports required to be filed by Section&#160;13 or 15(d) of
    the Securities Exchange Act of 1934 during the preceding
    12&#160;months (or for such shorter period that the Registrant
    was required to file such reports), and (2)&#160;has been
    subject to such filing requirements for the last 90&#160;days.
    <FONT style="font-family: Wingdings; font-variant: normal">&#120;</FONT>
    Yes
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>
    No
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Indicate by check mark whether the registrant has submitted
    electronically and posted on its corporate Website, if any,
    every Interactive Data File required to be submitted and posted
    pursuant to Rule&#160;405 of
    <FONT style="white-space: nowrap">Regulation&#160;S-T</FONT>
    (&#167;&#160;229.405 of this chapter) during the preceding
    12&#160;months (or for such shorter period that the registrant
    was required to submit and post such files).
    <FONT style="font-family: Wingdings; font-variant: normal">&#120;</FONT>
    Yes
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>
    No
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Indicate by check mark if disclosure of delinquent filers
    pursuant to Item&#160;405 of
    <FONT style="white-space: nowrap">Regulation&#160;S-K</FONT>
    (Section&#160;229.405 of this chapter) is not contained herein,
    and will not be contained, to the best of Registrant&#146;s
    knowledge, in definitive proxy or information statements
    incorporated by reference in Part&#160;III of this
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    or any amendment to this
    <FONT style="white-space: nowrap">Form&#160;10-K.&#160;&#160;</FONT><FONT style="font-family: Wingdings; font-variant: normal">&#120;
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Indicate by check mark whether the registrant is a large
    accelerated filer, an accelerated filer, a non-accelerated
    filer, or a smaller reporting company. See the definitions of
    &#147;large accelerated filer,&#148; &#147;accelerated
    filer&#148; and &#147;smaller reporting company&#148; in
    <FONT style="white-space: nowrap">Rule&#160;12b-2</FONT>
    of the Exchange Act. (Check one):
</DIV>

<DIV style="margin-top: 5pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <FONT style="font-family: 'Times New Roman', Times"><FONT style="font-family: Wingdings; font-variant: normal">&#120;</FONT>&#160;Large
    accelerated filer
    </FONT></TD>
    <TD nowrap align="center">    <FONT style="font-family: 'Times New Roman', Times">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Accelerated
    filer
    </FONT></TD>
    <TD nowrap align="center">    <FONT style="font-family: 'Times New Roman', Times">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT><FONT style="white-space: nowrap">&#160;Non-accelerated</FONT>
    filer
    </FONT></TD>
    <TD nowrap align="right">    <FONT style="font-family: 'Times New Roman', Times">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Smaller
    reporting company
    </FONT></TD>
</TR>

</TABLE>



<DIV align="center" style="margin-left: 22%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (Do not check if a smaller reporting company)
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Indicate by check mark whether the Registrant is a shell company
    (as defined in
    <FONT style="white-space: nowrap">Rule&#160;12b-2</FONT>
    of the Securities Exchange Act).
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>
    Yes
    <FONT style="font-family: Wingdings; font-variant: normal">&#120;</FONT>
    No
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The aggregate market value of the voting and non-voting common
    stock held by non-affiliates (computed by reference to the price
    at which the common stock was last sold) as of June&#160;30,
    2010, the last business day of the Registrant&#146;s most
    recently completed second fiscal quarter, was approximately
    $2.8&#160;billion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The total number of shares of common stock outstanding as of
    February&#160;1, 2011 was 13,269,670.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">DOCUMENTS
    INCORPORATED BY REFERENCE</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Certain portions of the Registrant&#146;s Definitive Proxy
    Statement for its 2011 Annual Meeting of Stockholders (which is
    expected to be filed with the Commission within 120&#160;days
    after the end of the Registrant&#146;s 2010 fiscal year) are
    incorporated by reference into Part&#160;III of this Report.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">STRAYER
    EDUCATION, INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">FORM&#160;10-K</FONT></FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>INDEX</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="15%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="78%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Page</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PART&#160;I
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Item 1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Business
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Item 1A
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Risk Factors
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Item 1B
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Unresolved Staff Comments
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Item 2
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Properties
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Item 3
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Legal Proceedings
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Item 4
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    [Removed and Reserved]
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PART&#160;II
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Item 5
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Market for Registrant&#146;s Common Equity, Related Stockholder
    Matters and Issuer Purchases of Equity Securities
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Item 6
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Selected Financial Data
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Item 7
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Management&#146;s Discussion and Analysis of Financial Condition
    and Results of Operations
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    46
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Item 7A
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Quantitative and Qualitative Disclosures about Market Risk
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    52
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Item 8
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Financial Statements and Supplementary Data
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Item 9
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Changes in and Disagreements With Accountants on Accounting and
    Financial Disclosure
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    71
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Item 9A
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Controls and Procedures
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    71
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Item 9B
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Other Information
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    72
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PART&#160;III
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Item 10
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Directors, Executive Officers and Corporate Governance
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    73
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Item 11
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Executive Compensation
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    76
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Item 12
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Security Ownership of Certain Beneficial Owners and Management
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    77
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Item 13
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Certain Relationships and Related Transactions
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    77
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Item 14
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Principal Accounting Fees and Services
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    77
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PART&#160;IV
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Item 15
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Exhibits and Financial Statement Schedules
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    78
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    SIGNATURES
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    79
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='W80904101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PART&#160;I</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <BR>
    <B><FONT style="font-family: 'Times New Roman', Times">CAUTIONARY
    NOTICE REGARDING FORWARD-LOOKING STATEMENTS:</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This document and the documents incorporated by reference herein
    include &#147;forward-looking statements,&#148; within the
    meaning of Section&#160;27A of the Securities Act of 1933, as
    amended (the &#147;Securities Act&#148;), and Section&#160;21E
    of the Securities Exchange Act of 1934, as amended (the
    &#147;Exchange Act&#148;), including, in particular, the
    statements about our plans, strategies and prospects under the
    headings &#147;Management&#146;s Discussion and Analysis of
    Financial Condition and Results of Operations&#148; and
    &#147;Business.&#148; We have typically used the words
    &#147;may,&#148; &#147;will,&#148; &#147;expect,&#148;
    &#147;believe,&#148; &#147;estimate,&#148; &#147;plan,&#148;
    &#147;intend&#148; and similar expressions in this document and
    the documents incorporated by reference herein to identify
    forward-looking statements. We have based these forward-looking
    statements on our current views with respect to future events
    and financial performance. Actual results could differ
    materially from those projected in the forward-looking
    statements. These forward-looking statements are subject to many
    risks, uncertainties and assumptions, including, among other
    things:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    student enrollment;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    our continued compliance with Title&#160;IV of the Higher
    Education Act and the regulations thereunder, as well as state
    regulatory requirements and accrediting agency requirements;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    risks related to the timing of regulatory approvals;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    competitive factors;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    our ability to continue to implement our online growth strategy;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    risks associated with the opening of new campuses;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    risks associated with the offering of new educational programs
    and adapting to other program changes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    risks associated with the acquisition of existing educational
    institutions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    risks associated with the ability of our students to finance
    their education in a timely manner;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    general economic and market conditions.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You should not put undue reliance on any forward-looking
    statements. You should understand that many important factors,
    including those discussed under the headings
    &#147;Management&#146;s Discussion and Analysis of Financial
    Condition and Results of Operations&#148; and
    &#147;Business,&#148; could cause our results to differ
    materially from those expressed or suggested in any
    forward-looking statements. Further information about these and
    other relevant risks and uncertainties may be found in
    Item&#160;1A (&#147;Risk Factors&#148;) below and elsewhere in
    this Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    and in our other filings with the Securities and Exchange
    Commission. We undertake no obligation to update or revise
    forward-looking statements, except as required by law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    References to &#147;we,&#148; &#147;our&#148; and the
    &#147;Company&#148; refer to Strayer Education, Inc., together
    in each case with our consolidated subsidiaries unless the
    context suggests otherwise.
</DIV>
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    <BR>
    1
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;1.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='W80904102'></A><B><FONT style="font-family: 'Times New Roman', Times">Business</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Overview</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our company provides post-secondary education services. Our
    mission is to make higher education achievable and convenient
    for working adults. We work to fulfill this mission by offering
    a variety of academic programs through our wholly-owned
    subsidiary Strayer University (the &#147;University&#148;), both
    in traditional classroom courses and online via the Internet.
    Strayer University prides itself on making post-secondary
    education accessible to working adults who were previously
    unable to take advantage of higher education opportunities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Founded in 1892, Strayer University is an institution of higher
    learning that offers undergraduate and graduate degree programs
    in business administration, accounting, information technology,
    education, health services administration, public
    administration, and criminal justice at 89 physical campuses in
    Alabama, Arkansas, Delaware, Florida, Georgia, Indiana,
    Kentucky, Louisiana, Maryland, Mississippi, New Jersey, North
    Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas,
    Utah, Virginia, West Virginia, Wisconsin, and
    Washington,&#160;D.C., and online. For the 2010 fall term, we
    had more than 60,000 students enrolled in our programs. Strayer
    University is accredited by the Middle States Commission on
    Higher Education (&#147;Middle States&#148; or &#147;Middle
    States Commission&#148;), one of the six regional collegiate
    accrediting agencies recognized by the U.S.&#160;Department of
    Education. As part of its program offering, the University also
    offers classes online, providing its working adult students a
    flexible and convenient alternative. Strayer University, with
    its online offerings, attracts students from around the country
    and throughout the world.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Over the last several years, we have grown primarily by
    expanding geographically with new campuses. Since our initial
    public offering in 1996, we have grown from eight campuses in
    one state and Washington,&#160;D.C., to 89 campuses in
    21&#160;states and Washington,&#160;D.C. Our mission is to serve
    working adults&#146; demand for high quality post-secondary
    education from a regionally accredited university. We accomplish
    this by opening new campuses in the promising areas of those
    states in which we currently operate physical campuses, as well
    as by expanding into contiguous states that exhibit strong
    demand for adult education in business and information
    technology programs. We have opened 75 of our campuses since the
    beginning of 2001 and currently plan to open eight new campuses
    in 2011, including five already opened. We have also developed a
    robust online education program. Since receiving regulatory
    approval to offer our degree programs online in 1997, our online
    programs have experienced significant growth, with over 43,000
    students enrolled in at least one class online during the 2010
    fall term. To better serve students who do not reside or work
    near one of our physical campus locations, we opened a second
    Global Online Operations Center located in Salt Lake City, Utah
    in 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In May 2001, we hired a new senior management team, made
    significant investments in information technology infrastructure
    to support planned growth in our online programs, and embarked
    on a long-term program to open new campuses in areas where there
    is a strong demand for adult education. As a result of these
    efforts, between 2000 and 2010 our revenues grew 23% on a
    compounded annual basis, from $78&#160;million in 2000 to
    $637&#160;million in 2010. During the same period, diluted
    earnings per share grew at a compounded annual rate of 21%
    including the impact of stock-based compensation which we began
    recording in 2006. Throughout this time, we continued to invest
    heavily in our various initiatives to serve working adult
    students. For more information relating to our revenues, profits
    and financial condition, please refer to &#147;Management&#146;s
    Discussion and Analysis of Financial Condition and Results of
    Operations&#148; and our consolidated financial statements
    included in this Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K.</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Industry
    Background and Outlook</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The market for post-secondary education is large and highly
    fragmented, and has experienced significant growth. The
    U.S.&#160;Bureau of Labor Statistics has reported that
    approximately 61&#160;million working adults in the United
    States do not have more than a high school education and
    approximately
</DIV>
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    <BR>
    2
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    32&#160;million people have some college experience but no
    college degree. We believe that the demand for post-secondary
    education will continue to increase as a result of demographic,
    economic and social trends, including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    increasing demand by employers for professional and skilled
    workers;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    approximately 18% annual growth in the number of high school
    graduates from 2.8&#160;million in 2000 to 3.3&#160;million in
    2010;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    the significant and measurable income premium and enhanced
    employment prospects attributable to post-secondary
    education;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    budgetary constraints at traditional colleges and universities.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The adult education market is a significant and growing
    component of the post-secondary education market. We believe
    that the market for post-secondary adult education should
    continue to increase as working adults seek additional education
    to update and improve their skills. In addition, we believe that
    many working adults will seek degree programs from regionally
    accredited institutions that provide flexibility to accommodate
    the fixed schedules and time commitments associated with their
    professional, family and personal obligations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    According to the National Center for Education Statistics
    (&#147;NCES&#148;), in
    <FONT style="white-space: nowrap">2008-09</FONT>
    there were 2,719 four-year degree-granting institutions in the
    United States, including 652 public colleges and universities,
    1,537
    <FONT style="white-space: nowrap">not-for-profit</FONT>
    colleges and universities, and 530 for-profit institutions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Growth in the market for post-secondary education has continued
    despite the downturn in the economy, but can be and recently has
    been negatively affected by the uncertainty associated with
    legislative and regulatory proposals. Also, the industry is
    heavily dependent on continued availability of funding for
    Title&#160;IV programs and concerns about potential reductions
    in such funding also can reduce the level of growth.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Company
    Strengths</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We have a
    <FONT style="white-space: nowrap">119-year</FONT>
    operating history and a track record of providing practical and
    convenient education programs for working adults. We believe the
    following strengths position us to capitalize on the growing
    demand for post-secondary education among working adults:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    <B><I>Consistent operating history.</I></B>&#160;&#160;We have
    been in continuous operation since 1892 and have demonstrated an
    ability to operate consistently and grow profitably. Our
    enrollment and revenue have grown each year since our initial
    public offering in 1996.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    <B><I>Practical and diversified curricula.</I></B>&#160;&#160;We
    offer core curricula in stable, high-demand areas of adult
    education. In order to keep pace with a changing knowledge-based
    economy, we constantly strive to meet the evolving needs of our
    working adult students and their employers by regularly refining
    and updating our existing educational programs. Additionally, we
    replicate programs that are successful in a given campus at
    additional locations throughout our network of campuses. Strayer
    University currently offers more than 100 different degree,
    diploma and certificate programs, including emphases and
    concentrations, to its students.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    <B><I>Focus on working adults pursuing degree
    programs.</I></B>&#160;&#160;We focus on serving working adults
    who are pursuing undergraduate and graduate degrees in order to
    advance their careers and employment opportunities. We believe
    this is an attractive market within the post-secondary education
    sector due to the growing number of adult students enrolling in
    post-secondary education programs and the highly motivated
    nature of adult students. We consider adult students to be our
    primary customers, with the various business and government
    organizations that provide tuition assistance to their employees
    as our secondary customers. In addition, we believe that the
    structure of our curriculum, featuring associate,
    bachelor&#146;s and graduate-level degree programs, encourages
    students to continue their education and results in extended
</TD>
</TR>
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    <BR>
    3
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    periods of student enrollment which positively impacts the
    visibility and predictability of our future revenues.
    Approximately 94% of our students were enrolled in degree
    programs for the 2010 fall term.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    <B><I>Flexible program offerings.</I></B>&#160;&#160;We maintain
    flexible quarterly programs that allow working adult students to
    attend classes and complete coursework on a convenient evening
    and weekend schedule throughout the calendar year. Our online
    programs enable students to pursue a degree partially or
    entirely via the Internet, thereby increasing the convenience,
    accessibility and flexibility of our educational programs.
    Approximately 71% of our students enrolled for the 2010 fall
    term were taking at least one course online. We believe that
    these flexible offerings distinguish us from many traditional
    universities that currently do not effectively address the
    special requirements of working adults.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    <B><I>Attractive and convenient campus
    locations.</I></B>&#160;&#160;Our campuses are located in
    growing metropolitan areas, mostly in the Mid-Atlantic and
    Southern regions where there are large populations of working
    adults with demographic characteristics similar to those of our
    typical students. Strayer University&#146;s campuses are
    attractive and modern, offering conducive learning environments
    in convenient locations.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    <B><I>Established brand name and alumni
    support.</I></B>&#160;&#160;With a
    <FONT style="white-space: nowrap">119-year</FONT>
    operating history, Strayer University is an established brand
    name in post-secondary adult education, and our students and
    graduates work throughout corporate America. Our alumni network
    fosters additional referral opportunities for students.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    <B><I>Strong owner-oriented management
    team.</I></B>&#160;&#160;In connection with our recapitalization
    in 2001, we developed a new growth strategy and hired a new
    senior management team to implement this strategy. As described
    below, under the leadership of Robert S. Silberman, our Chairman
    and Chief Executive Officer, we embarked on various initiatives
    to serve the working adult market by expanding our campuses and
    developing an online learning platform. Our senior officers have
    made investments in Strayer through outright share purchases, in
    addition to any compensatory stock awards.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Company
    Strategy</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our goal is to be a leading, nationwide provider of
    post-secondary education programs that prepare working adults
    for advancement in their careers and professional lives
    primarily in the areas of business, accounting and information
    technology. We have identified the following factors as key to
    executing our growth strategy:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    <B><I>Maintain stable enrollment in our mature
    markets.</I></B>&#160;&#160;We have a total of 89 campuses
    (including three new campuses opened for the 2011 winter term
    and two new campuses opened for the 2011 spring term) in various
    stages of growth. Our experience has been that we enroll an
    incremental
    <FONT style="white-space: nowrap">100-150</FONT>
    students at each campus each year until it reaches an enrollment
    level of approximately 1,000 students. We had 25 campuses with
    approximately 1,000 or more students for the 2010 fall term.
    Once a campus has reached this state of maturity, we hope to
    maintain stable campus enrollment while increasing revenues with
    market-based tuition increases.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    <B><I>Open new campuses.</I></B>&#160;&#160;Our goal is to open
    new campuses every year by meeting unmet demand in states in
    which we currently operate physical campuses, and by expanding
    into contiguous states that exhibit strong demand for adult
    education in business and information technology programs. Since
    our initial public offering in 1996, we have grown from eight
    campuses in one state and Washington,&#160;D.C. to 89 campuses
    in 21&#160;states and Washington,&#160;D.C. We have opened 75
    new campuses since the beginning of 2001. These campuses are set
    forth in the table below:
</TD>
</TR>

</TABLE>
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    <BR>
    4
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">New
    Campuses Opened<BR>
    (since the beginning of 2001)</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="6%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="92%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2001
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Baltimore, MD (Owings Mills Campus)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Norfolk, VA (Chesapeake Campus)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Norfolk, VA (Newport News Campus)
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2002
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Charlotte, NC (North Charlotte Campus)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Charlotte, NC (South Charlotte Campus)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Raleigh-Durham, NC (Research Triangle Park Campus)
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2003
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Memphis, TN (Thousand Oaks Campus)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Nashville, TN
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Raleigh-Durham, NC (North Raleigh Campus)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Philadelphia, PA (Lower Bucks Campus)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Philadelphia, PA (Delaware County Campus)
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2004
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Greenville, SC
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Memphis, TN (Shelby Oaks Campus)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Atlanta, GA (Cobb County Campus)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Atlanta, GA (Chamblee Campus)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Philadelphia, PA (King of Prussia Campus)
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2005
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Tampa, FL (Tampa East Campus)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Tampa, FL (Tampa Westshore Campus)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Greensboro, NC
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Columbia, SC
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Atlanta, GA (Morrow Campus)
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2006
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Wilmington, DE
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Philadelphia, PA (Center City Campus)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Pittsburgh, PA (Penn Center West Campus)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Pittsburgh, PA (Cranberry Woods Campus)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Norfolk, VA (Virginia Beach Campus)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Atlanta, GA (Roswell Campus)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Charleston, SC
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Birmingham, AL
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2007
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Louisville, KY
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Lexington, KY
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Orlando, FL (Maitland Campus)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Orlando, FL (Orlando East Campus)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Atlanta, GA (Douglasville Campus)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Cherry Hill, NJ
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Willingboro, NJ
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Knoxville, TN
</TD>
</TR>
</TABLE>
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    <BR>
    5
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="6%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="92%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
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<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Charlotte, NC (Huntersville Campus)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Raleigh, NC (South Raleigh Campus)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Atlanta, GA (Lithonia Campus)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Orlando, FL (Sandlake Campus)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Jacksonville, FL
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Palm Beach, FL
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Ft.&#160;Lauderdale, FL
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Ft.&#160;Lauderdale, FL (Coral Springs Campus)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Savannah, GA
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Augusta, GA
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Huntsville, AL
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Allentown, PA
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Charleston, WV
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Salt Lake City, UT
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Cincinnati, OH (Mason Campus)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Columbus, OH
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Cleveland, OH (Fairview Park Campus)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Akron, OH
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Florence, KY
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Miami, FL (Miramar Campus)
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Lawrenceville, NJ
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Piscataway, NJ
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Little Rock, AR
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Miami, FL (Doral Campus)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Miami, FL (Brickell Campus)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Austin, TX
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    New Orleans, LA
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Dallas, TX (Plano Campus)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Dallas, TX (Irving Campus)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Jackson, MS
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Columbus, GA
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Houston, TX (Katy Campus)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Houston, TX (Northwest Campus)
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Cincinnati, OH
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Dayton, OH
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Milwaukee, WI
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Dallas, TX (Cedar Hill Campus)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indianapolis, IN
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In 2011, we plan to open a total of eight new campuses. Three of
    the planned new campuses were opened in Cincinnati and Dayton,
    Ohio and Milwaukee, Wisconsin, for the 2011 winter term. Another
    two campuses have been opened for the 2011 spring
    term&#160;&#151; one in Indianapolis, Indiana and one in Dallas,
    Texas, our third campus in that market. The locations of the
    remaining three campuses planned for this year will be announced
    after the necessary regulatory approvals are obtained.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We continue to apply to operate in other states generally
    adjacent to our current footprint and expect to pursue approvals
    and open campuses in new states as part of our multi-year
    expansion plan, with the ultimate goal of becoming a nationwide
    university.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    <B><I>Expand Online.</I></B>&#160;&#160;Our online classes are
    available to students throughout the U.S.&#160;and on a global
    basis. Strayer has demonstrated its success with both
    asynchronous (&#147;on demand&#148;) and
</TD>
</TR>

</TABLE>
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    <BR>
    6
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="3%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    synchronous (&#147;real time&#148;) course offerings favored by
    working adult students for their quality and convenience. We
    believe that the added flexibility of both traditional and
    online courses allows us to better serve our working adult
    students. Due to the convenience and flexibility of online
    courses, particularly in the asynchronous format, this medium
    has rapidly grown in acceptance and is expected to continue to
    grow. There were over 43,000 students taking at least one online
    course for the 2010 fall term. We intend to make additional
    investments in our online programs to support the continued
    growth in this area, including through a second Global Online
    Operations Center that we opened in 2009 in Salt Lake City, Utah.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    <B><I>Develop corporate/institutional
    alliances.</I></B>&#160;&#160;We continue to pursue
    opportunities in the large corporate/institutional market. Our
    convenient evening, weekend and online courses provide an
    attractive solution for the education and training needs of
    employers and their employees. We currently have employer
    agreements or billing arrangements of various types with many
    corporations and government organizations, including Bank of
    America, Capital One, the Federal Bureau of Investigation,
    General Dynamics, Lowe&#146;s, Northrop Grumman, SAIC, Sodexo
    USA, UPS, United States Postal Service, Verizon, and Verizon
    Wireless. We are actively working with other corporations and
    institutions to increase the number of such arrangements and to
    further develop existing relationships. These relationships,
    once established, provide an ongoing source of new and
    continuing students.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    <B><I>Partner with community
    colleges.</I></B>&#160;&#160;Strayer currently has 170 community
    college articulation agreements, including eight statewide
    compacts, covering over 900 colleges and campuses nationally.
    These agreements allow for credits and degrees earned at partner
    institutions to be transferable toward a Strayer degree. In
    addition, we have entered into innovative space sharing
    arrangements with some community college partners to permit
    their use of our facilities, free of charge, during daytime
    hours when their demand is high and our need is low. We
    encourage first-time students to explore options at community
    colleges before considering returning to Strayer for their
    university degrees. Two-year college alliances bring in close to
    16,000 students a year, or over 25% of our total enrollment.
    These partnerships allow us to leverage best our available
    resources to serve the needs of our students and our communities.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    <B><I>Optimize the use of stockholders&#146;
    capital.</I></B>&#160;&#160;We compare all uses of our capital
    (including but not limited to organic growth investments,
    dividends, share repurchases and acquisitions) in terms of
    return on our owners&#146; capital and enhancing shareholder
    value. In 2010, we repurchased approximately 687,000&#160;shares
    of our common stock and increased our annual dividend from $3.00
    to $4.00 per share, effective December 2010. We periodically
    evaluate opportunities to acquire other providers of
    post-secondary education. Currently, we have no commitments with
    regard to potential acquisitions.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Strayer
    University</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Curriculum</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Strayer University offers business, information technology and
    professional curricula to equip students with specialized and
    practical knowledge and skills for careers in business, industry
    and government. Our Academic School Deans and Program Curriculum
    Committees regularly review and revise the University&#146;s
    course offerings to improve the educational programs and respond
    to competitive changes in job markets. We regularly evaluate new
    programs and degrees to ensure that we stay current with the
    needs of our students and their employers.
</DIV>
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    <BR>
    7
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Strayer University offers programs in the following areas:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="49%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="47%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Graduate Programs</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Undergraduate Programs</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -30pt; margin-left: 30pt">
    &#149;&#160;&#160;&#160;&#160;&#160;Master of Business
    Administration (M.B.A.)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
<DIV style="text-indent: -30pt; margin-left: 30pt">
    &#149;&#160;&#160;&#160;&#160;&#160;Bachelor of Science (B.S.)
    Degree
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -30pt; margin-left: 30pt">
    &#160;&#160;&#160;&#160;&#160;&#160;Degree
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -30pt; margin-left: 30pt">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Accounting
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -30pt; margin-left: 30pt">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Information
    Systems
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -5pt; margin-left: 5pt">
    &#149;&#160;&#160;&#160;&#160;&#160;Master of Education (M.Ed.)
    Degree
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -30pt; margin-left: 30pt">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Economics
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -30pt; margin-left: 30pt">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;International
    Business
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -30pt; margin-left: 30pt">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Criminal
    Justice
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -5pt; margin-left: 5pt">
    &#149;&#160;&#160;&#160;&#160;&#160;Master of Health Services
    Administration
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
<DIV style="text-indent: -5pt; margin-left: 5pt">
    &#149;&#160;&#160;&#160;&#160;&#160;Bachelor of Business
    Administration (B.B.A.)
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -30pt; margin-left: 30pt">
    &#160;&#160;&#160;&#160;&#160;&#160;(M.H.S.A.) Degree
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -30pt; margin-left: 30pt">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;Degree
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -30pt; margin-left: 30pt">
    &#149;&#160;&#160;&#160;&#160;&#160;Master of Public
    Administration (M.P.A.)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
<DIV style="text-indent: -5pt; margin-left: 5pt">
    &#149;&#160;&#160;&#160;&#160;&#160;Associate in Arts (A.A.)
    Degree
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -30pt; margin-left: 30pt">
    &#160;&#160;&#160;&#160;&#160;&#160;Degree
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -30pt; margin-left: 30pt">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Accounting
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -30pt; margin-left: 30pt">
    &#149;&#160;&#160;&#160;&#160;&#160;Master of Science (M.S.)
    Degree
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
<DIV style="text-indent: -30pt; margin-left: 30pt">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Acquisition
    and Contract Management
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -30pt; margin-left: 30pt">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Information
    Systems
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -30pt; margin-left: 30pt">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Business
    Administration
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -30pt; margin-left: 30pt">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Accounting
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -30pt; margin-left: 30pt">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Information
    Systems
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -30pt; margin-left: 30pt">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Human
    Resource Management
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -30pt; margin-left: 30pt">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Economics
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -30pt; margin-left: 30pt">
    &#149;&#160;&#160;&#160;&#160;&#160;Executive Graduate
    Certificate Programs
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -30pt; margin-left: 30pt">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Marketing
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -30pt; margin-left: 30pt">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Business
    Administration
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -30pt; margin-left: 30pt">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Criminal
    Justice
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -30pt; margin-left: 30pt">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Information
    Systems
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -5pt; margin-left: 5pt">
    &#149;&#160;&#160;&#160;&#160;&#160;Diploma Programs
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -30pt; margin-left: 30pt">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Accounting
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -30pt; margin-left: 30pt">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Accounting
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
<DIV style="text-indent: -30pt; margin-left: 30pt">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Acquisition
    and Contract Management
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -30pt; margin-left: 30pt">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Information
    Systems
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
<DIV style="text-indent: -30pt; margin-left: 30pt">
    &#149;&#160;&#160;&#160;&#160;&#160;Undergraduate Certificate
    Programs
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -30pt; margin-left: 30pt">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Accounting
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -30pt; margin-left: 30pt">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Business
    Administration
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
<DIV style="text-indent: -30pt; margin-left: 30pt">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Information
    Systems
</DIV>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each undergraduate degree program includes courses in oral and
    written communication skills as well as mathematics and various
    disciplines in the humanities and social sciences. In addition
    to our degree, diploma and certificate programs, we offer
    classes to non-degree and non-program students wishing to take
    courses for personal or professional enrichment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Although all of our programs are generally offered at each
    campus, the University adapts its course offerings to the
    demands of the student population at each location. Strayer
    University students may enroll in courses at more than one
    campus and take courses online.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Strayer University structures its curricula to allow students to
    advance sequentially from one learning level to another by
    applying credits earned in one program toward attainment of a
    more advanced degree. For example, a student originally pursuing
    a diploma in computer information systems can extend his or her
    original educational objective by taking additional courses
    leading to an associates degree in computer information systems,
    a bachelor&#146;s degree in computer information systems, and
    ultimately a master&#146;s degree in computer information
    systems. This curriculum design provides students a level of
    competency and a measure of attainment in the event they
    interrupt their education or choose to work in their field of
    concentration prior to obtaining their final degree.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Online</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In August 1997, we began offering classes online. Students can
    take classes online using either a synchronous (&#147;real
    time&#148;) or asynchronous (&#147;on demand&#148;) format. The
    asynchronous format was first introduced by the University in
    the summer 2001 quarter and has grown significantly due to
    increasing demand. Students may take all of their courses online
    or may take online courses as a supplement to traditional,
    classroom-based courses. A student taking classes online has the
    same admission and financial aid requirements, is subject to the
    same policies and procedures and receives the same student
</DIV>
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    <BR>
    8
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    services and support as campus-based Strayer University
    students. Tuition for online courses is the same as for campus
    courses. During the fall 2010 quarter, Strayer University had
    over 43,000 students participating in its online classes,
    approximately 35,000 of whom took classes solely online.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Faculty</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The University appoints faculty who hold appropriate academic
    credentials, are dedicated, active professionals in their field
    and are enthusiastic and committed to teaching working adults.
    In accordance with our educational mission, the University
    faculty focuses its efforts on teaching. The normal course load
    for a full-time faculty member is four courses per quarter for
    each of three quarters, or 12 courses per academic year. In
    addition, the University requires full-time faculty members to
    provide eight hours per week of student academic counseling and
    other student support services. Further, full-time faculty
    members participate actively in the life of the University
    through service on curricular and assessment committees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We provide financial support for faculty members seeking to
    enhance their skills and knowledge. The University maintains a
    tuition plan that typically reimburses full-time faculty
    enrolled in advanced degree programs for 75% of the tuition for
    one new course per term when taken at institutions other than
    Strayer University. Deans pursuing doctorate degrees may be
    eligible for up to 100% tuition reimbursement. Full-time faculty
    (and all other employees) receive a 90% discount for all Strayer
    University courses. The University also conducts annual in-house
    faculty workshops in each discipline. We believe that our
    dedicated and capable faculty is one of the keys to our success.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Organization
    of Strayer University</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The University&#146;s annual financial budget and overall
    academic and business decisions are directed by its Board of
    Trustees. The Board of Trustees consists of Dr.&#160;Charlotte
    F. Beason, Chairwoman of the Board of Trustees, and eight other
    members. The University By-Laws prescribe that a majority of
    voting members be unaffiliated with either University management
    or Strayer Education, Inc. to assure independent oversight of
    all academic programs and services. With the exception of the
    University President and Strayer Education&#146;s President, all
    of the trustees are independent, non-management members. The
    current Board of Trustees members are listed below:
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Board of
    Trustees</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="26%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="70%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dr.&#160;Charlotte F. Beason
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Dr.&#160;Beason is the Chairwoman of the Board of Trustees. She
    has served as a member of the Board of Trustees since 1996. She
    has extensive experience in education, distance learning, and
    the accreditation of education programs. (See Item 10 below for
    additional biographical information.)
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Mr. Daniel R. Abbasi
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Mr. Abbasi has served as a member of the Board of Trustees since
    2005. He is Director of MissionPoint Capital Partners, a private
    equity firm specializing in clean energy. Previously, Mr. Abbasi
    was Associate Dean of the Yale School of Forestry and
    Environmental Studies, where he remains affiliated. In addition,
    he has also held management positions with Kaplan, Inc., Time
    Warner, Inc., the U.S. Environmental Protection Agency and the
    Stanford Center on Conflict and Negotiation. Mr.&#160;Abbasi
    holds a bachelor&#146;s degree in government and a master&#146;s
    in business administration, both from Harvard University. Mr.
    Abbasi also holds a master&#146;s degree in political science
    from Stanford University.
</TD>
</TR>
</TABLE>
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    <BR>
    9
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="26%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="70%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
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<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Mr. Roland Carey
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Mr. Carey has served as a member of the Board of Trustees since
    1990. He served for 23&#160;years as a U.S. Army Officer in the
    specialties of Air Defense Missile Evaluation and Military
    Education. He retired in 1986 as a Lieutenant Colonel. Mr. Carey
    served 12&#160;years as a mathematics instructor and as an
    Intervention Program Coordinator with Fairfax County Public
    Schools. Additionally, he has served on two other organizational
    management and supervisory boards. Mr. Carey holds a
    bachelor&#146;s degree in mathematics from Florida A&#038;M
    University and a master&#146;s degree in educational leadership
    from George Mason University.
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Mr. Karl McDonnell
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Mr. McDonnell was elected to the Board of Trustees in 2007.
    Mr.&#160;McDonnell joined Strayer Education, Inc. in July 2006
    as President and Chief Operating Officer. (See Item 10 below for
    additional biographical information.)
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Mr. Todd A. Milano
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Mr. Milano has served as a member of the Board of Trustees since
    1992 and has more than 30&#160;years of experience in
    post-secondary education. Since 1989, he has served as President
    of Central Pennsylvania College near Harrisburg, Pennsylvania.
    (See Item 10 below for additional biographical information.)
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dr.&#160;William C. Reha, MD
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Dr.&#160;Reha was elected to the Board of Trustees in 2007. He
    is a Board Certified Urologic Surgeon in Woodbridge, Virginia.
    He also serves as Vice-Speaker for the Medical Society of
    Virginia. Dr.&#160;Reha is active in Strayer University alumni
    affairs and is the 2005 Outstanding Alumni Award winner.
    Dr.&#160;Reha has served as president of the Prince William
    County Medical Society and the Potomac Hospital Medical Staff
    and is a Fellow of the Claude Moore Physician Leadership
    Institute. He holds a bachelor&#146;s degree in biochemistry
    from Binghamton University, an M.D. from New York Medical
    College, and a master&#146;s in business administration from
    Strayer University.
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dr.&#160;Peter D. Salins
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Dr.&#160;Salins has served as a member of the Board of Trustees
    since 2002. Having served as Provost and Vice Chancellor for
    Academic Affairs of the State University of New York (SUNY)
    system from 1997 to 2006, he is currently University Professor
    of Political Science at SUNY&#146;s Stony Brook University.
    Dr.&#160;Salins also serves on the Advisory Board of Syracuse
    University School of Architecture, is a Trustee of the Lavanburg
    Foundation, and  is a  Director of  the Citizens Housing and
    Planning Council of New York. Dr.&#160;Salins holds a
    bachelor&#146;s degree in architecture, a master&#146;s degree
    in regional planning and a doctorate in metropolitan studies and
    regional planning, all from Syracuse University.
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dr.&#160;Sondra F. Stallard
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Dr.&#160;Stallard was elected to the Board of Trustees in 2007
    shortly after joining Strayer University as University
    President. Prior to joining Strayer, Dr.&#160;Stallard had a
    long and distinguished career at the University of Virginia.
    (See Item 10 below for additional biographical information.)
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dr.&#160;J. Chris Toe*
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Dr.&#160;Toe has served as a member of the Board of Trustees
    since 2003. He served as President of Strayer University from
    2003 to April 2006 and as Minister of Agriculture of the
    Republic of Liberia from 2006 to 2009. Dr.&#160;Toe now serves
    as Chairman of the APEX Group, a consulting, trading and
    investment company based in Liberia. Dr.&#160;Toe holds a
    bachelor&#146;s degree in economics from the University of
    Liberia, and a master&#146;s degree in agricultural economics
    and a doctorate in economics, both from Texas Tech University.
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Non-voting member.
    </FONT></TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Within the academic, strategic and financial parameters set by
    the Board of Trustees, the University is managed on a daily
    basis by the University President. The President is charged with
    the responsibility of overseeing the implementation of the
    policies established by the Board of Trustees and is supported
    in this function by senior administrative officers, including
    the Provost. The majority of the University&#146;s operations
    are centralized within the President&#146;s office or the
    University&#146;s senior administrative staff offices, such as
    faculty development, curriculum development, institutional
    research and assessment, library administration, student
    records, student affairs, accounting and auditing, human
    resources, operations, marketing, public relations, facilities,
    information technology, and regulatory compliance, including
    oversight of the University&#146;s participation in federal
    student financial aid programs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Within this centralized structure is a division of
    responsibilities into two broad categories: academics and
    administrative operations. For the academic functions, the
    President is supported by the Provost and three Senior Vice
    Provosts for Academic Programs, Faculty, and Student Affairs, as
    well as the Associate Provost&#160;&#038; University Registrar,
    the University Librarian, and the Dean of Institutional
    Research, Assessment, and Evaluation. The President is
    responsible for the general curriculum and University policies,
    as well as many regulatory compliance matters. The Provost is
    responsible for implementing academic policies and programs of
    the University, including the supervision of the Senior Vice
    Provosts and the Academic Deans.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For administrative operations, the Senior Vice
    Provost&#160;&#151; Academic Administration works closely with
    the Senior Vice Presidents for Operations, who are responsible
    for ensuring that regional, campus and online operations meet
    the annual University budget established by the Board of
    Trustees; as well as with the Senior Vice Provosts for
    Academics, who are responsible for academic operations on a
    regional and local level. Other senior administrative officers
    also support the President in areas such as legal compliance,
    accounting and auditing, computer technology, insurance and
    human resources.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">University
    Senior Management</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Dr.&#160;Sondra F. Stallard is the University President. Her
    biographical information is set forth in Item&#160;10 below. At
    the campus level, the
    <FONT style="white-space: nowrap">day-to-day</FONT>
    business operations are managed by a Campus Director and the
    academic functions are overseen by a Campus Dean. Each campus is
    staffed with personnel performing instructional, admissions,
    academic advising, financial aid, student services and career
    development functions. A Learning Resource Center at each campus
    supports the University&#146;s instructional programs. Each
    Learning Resource Center contains a library and computer
    laboratories and is operated by a full-time manager and support
    staff who assist students in the use of research resources.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Strayer
    Education, Inc. Executive Officers</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For a description of Strayer Education, Inc.&#146;s senior
    management, see the biographical information set forth in
    Item&#160;10 below.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Outreach</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To identify potential students, we engage in a broad range of
    activities to inform working adults and their employers about
    the programs we offer. These activities include direct mail,
    online marketing, marketing to our existing students and
    graduates, print and broadcast advertising, student referrals,
    and corporate and government outreach activities. Direct
    response methods (direct mail and online advertising) are used
    to generate inquiries from potential students. Strayer
    University maintains booths and information tables at
    appropriate conferences and expos, as well as at transfer days
    at community colleges. We also depend on the recommendation of
    our alumni network to protect Strayer&#146;s reputation and
    promote its quality education. Our
    <FONT style="white-space: nowrap">business-to-business</FONT>
    outreach efforts include personal telephone calls, distribution
    of information through corporate intranets and human resource
    departments, and
    <FONT style="white-space: nowrap">on-site</FONT>
    information meetings. We record inquiries in our database and
    track
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    11
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    them through to application and registration. Additionally, we
    provide information about new programs and new locations to
    students and alumni to encourage them to return for further
    education.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Student
    Profile</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The majority of Strayer University students are working adults
    completing their first college degree to improve their job
    skills and advance their careers. Of the students enrolled in
    Strayer University&#146;s programs at the beginning of the 2010
    fall quarter, approximately 63% were age&#160;31 or older and
    approximately 87% were engaged in part-time study (fewer than
    three courses each quarter). In the 2010 fall quarter, our
    students registered for an average of 8.1 course credits (about
    two classes per student).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Strayer University has a very diverse student population. At the
    beginning of the 2010 fall quarter, approximately 74% of
    students were minorities and approximately 67% of students were
    women. Approximately 2% of the University&#146;s students were
    international, and approximately 2% were active duty military
    personnel. Strayer University prides itself on making
    post-secondary education accessible to working adults who were
    previously unable to take advantage of educational opportunities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following is a breakdown of our students by program level as
    of the 2010 fall term:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="74%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Percentage of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Program</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>students</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>total students</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Bachelor&#146;s
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33,564
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    55
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Master&#146;s
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,700
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Associate
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,592
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total Degree
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56,856
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    94
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Diploma
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    144
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Undergraduate Certificate
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    160
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Graduate Certificate
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    363
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Undeclared
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,188
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total Non-Degree
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,855
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total Students
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    60,711
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Represents less than 1%.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our business is seasonal and as a result, our quarterly results
    of operations tend to vary within the year due to student
    enrollment patterns. Enrollment generally is highest in the
    fourth quarter, or fall term, and lowest in the third quarter,
    or summer term.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Student
    Admissions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Students attending Strayer University&#146;s undergraduate
    programs must possess a high school diploma or a General
    Educational Development (GED) Certificate. Students attending
    Strayer University&#146;s graduate programs must have a
    bachelor&#146;s degree from an accredited institution and meet
    certain other requirements. If a student&#146;s undergraduate
    major varies widely from the student&#146;s proposed graduate
    course of study, certain undergraduate prerequisite courses may
    also be necessary for admission. To maximize undergraduate
    students&#146; chances for academic success and to ensure they
    receive the support they need, Strayer University evaluates
    incoming student&#146;s proficiency in fundamental English and
    math prior to the first quarter&#146;s registration.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    International students applying for admission must meet the same
    admission requirements as other students. Those students whose
    native language is not English must provide evidence that they
    are able to use the English language with sufficient facility to
    perform college-level work in an English-speaking institution.
</DIV>
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    <B><FONT style="font-family: 'Times New Roman', Times">Tuition
    and Fees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Strayer charges tuition by the course. Tuition rates may vary in
    states with specific regulations governing tuition costs. Each
    course is 4.5 credit hours. As of January&#160;1, 2011,
    undergraduate full-time students are charged $1,590 per course.
    Undergraduate part-time students are charged $1,665 per course.
    Students in graduate programs are charged at the rate of $2,175
    per course. Accordingly, a full-time student seeking to obtain a
    bachelor&#146;s degree in four years currently would pay
    approximately $16,000 per year in tuition. Strayer University
    implemented a tuition price increase of approximately 5% per
    course effective January&#160;1, 2011, which is reflected in the
    above tuition rates. Under a variety of different programs,
    Strayer University offers scholarships and tuition discounts to
    active duty military students and in connection with various
    corporate and government sponsorship and tuition reimbursement
    arrangements.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Career
    Development Services</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Although most of Strayer University&#146;s students are already
    employed, the University actively assists its students and
    alumni with job placement and other career-related matters
    through career development offices in each region where the
    University has campuses. Strayer&#146;s career development
    personnel conduct workshops on employment-related topics
    (including resume preparation, interviewing techniques and job
    search strategies), maintain job listings, arrange campus
    interviews by employers and provide other placement assistance.
    Strayer University sponsors career fairs in the fall and spring
    quarters for students and alumni to discuss career opportunities
    with companies and governmental agencies.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We regularly conduct alumni surveys to monitor the career
    progression of our graduates and to support outcome assessment
    efforts required by Middle States and state regulators.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Employees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of December&#160;31, 2010, we had 2,099&#160;full-time
    employees including 406&#160;full-time faculty members.
    Full-time faculty members teach on average 4-5 courses per
    quarter. The remainder of the classes are taught by adjunct
    faculty who normally teach 1-2 courses per quarter. Although we
    had approximately 2,300 adjunct faculty, not all of them teach
    every quarter. In the 2010 fall quarter, approximately 30% of
    our courses were taught by full-time faculty. We also employed
    1,885 non-faculty staff in information systems, financial aid,
    recruitment and admissions, student administration, marketing
    and human resources, corporate accounting and other
    administrative functions. Of our non-faculty staff, 1,693 were
    employed full-time and 192 were employed part-time. Because we
    are not a research university, all faculty are expected to spend
    their time teaching and advising students.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Intellectual
    Property</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the ordinary course of business, we develop many kinds of
    intellectual property that are or will be the subject of
    copyright, trademark, service mark, patent, trade secret or
    other protections. Such intellectual property includes our
    courseware materials for classes taught online or other
    distance-learning means and business know-how and internal
    processes and procedures developed to respond to the
    requirements of its operations and various education regulatory
    agencies. We also claim rights to the mark &#147;STRAYER&#148;
    for educational services and have obtained federal registration
    of the mark.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Regulation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Regulatory
    Environment</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As an institution of higher education accredited by Middle
    States and operating in multiple states, Strayer University is
    subject to accreditation rules and varying state licensing and
    regulatory requirements. In addition, the federal Higher
    Education Act and the regulations promulgated thereunder require
    all higher education institutions that participate in the
    various financial aid
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    programs under Title&#160;IV of the Higher Education Act
    (Title&#160;IV programs), including Strayer University, both to
    comply with detailed substantive and reporting requirements and
    to undergo periodic regulatory scrutiny. The Higher Education
    Act mandates specific regulatory responsibility for each of the
    following components of the higher education regulatory triad:
    (1)&#160;the institutional accrediting agencies recognized by
    the U.S.&#160;Secretary of Education (&#147;Secretary of
    Education&#148;); (2)&#160;state education regulatory bodies;
    and (3)&#160;the federal government through the
    U.S.&#160;Department of Education (&#147;Department of
    Education&#148;). The regulations, standards and policies of
    these regulatory agencies are subject to frequent change.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Accreditation</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Strayer University has been institutionally accredited since
    1981 by Middle States, a regional accrediting agency recognized
    by the Secretary of Education. Strayer University&#146;s current
    period of accreditation by Middle States extends through 2017.
    Accreditation is a system for recognizing educational
    institutions and their programs for integrity, educational
    quality, faculty, physical resources, administrative capability
    and financial stability that signifies that they merit the
    confidence of the educational community and the public. In the
    United States, this recognition comes primarily through private
    voluntary associations of institutions and programs of higher
    education. These associations establish criteria for
    accreditation, conduct peer-review evaluations of institutions
    and programs, and publicly designate those institutions that
    meet their standards. Accredited schools are subject to periodic
    review by accrediting bodies to determine whether such schools
    maintain the performance, integrity and quality required for
    accreditation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Middle States accredits degree-granting public and private
    colleges and universities in its region (including Delaware,
    Washington,&#160;D.C., Maryland, New Jersey, New York,
    Pennsylvania, Puerto Rico and U.S.&#160;Virgin Islands),
    including distance education programs offered by those
    institutions. Accreditation by Middle States is an important
    attribute of Strayer University. Colleges and universities
    depend on accreditation in evaluating transfers of credit and
    applications to graduate schools. Employers rely on the
    accreditation status of institutions when evaluating a
    candidate&#146;s credentials or considering tuition
    reimbursement programs. Students rely on accreditation status
    for assurance that an institution maintains quality educational
    standards.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In order for institutions to be eligible to participate in
    federal student financial assistance programs, they must be
    accredited by an entity approved by the Department of Education.
    The Higher Education Act charges the National Advisory Committee
    on Institutional Quality and Integrity (NACIQI) with
    recommending to the Secretary of Education which accrediting or
    specific state approval agencies should be recognized as
    reliable authorities for judging the quality of post-secondary
    institutions and programs. Middle States was most recently
    recognized through the NACIQI process in 2007 and must
    periodically seek re-recognition. The Middle States Commission
    is a division of the Middle States Association of Colleges and
    Schools (&#147;Middle States Association&#148;). In June 2010,
    the Department of Education found that, because of efforts by
    the Middle States Association to increase control over the
    Middle States Commission, the accrediting agency was no longer
    &#147;separate and independent,&#148; as required for
    recognition by the Department of Education for federal student
    financial aid purposes. The Department of Education required the
    Middle States Commission to come into compliance with that
    standard by December&#160;15, 2010. The Middle States Commission
    informed accredited institutions in January 2011 that it had
    resolved the controversy with the Middle States Association.
    Middle States maintains its recognition by the Department of
    Education and is scheduled for its next review in Spring 2012 by
    NACIQI for renewal of recognition.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As with all its regulatory relationships, Strayer University
    strives to maintain close contact with, and to provide frequent
    status updates to, Middle States regarding matters pertinent to
    accrediting standards and policies. This regular contact keeps
    Middle States informed of the University&#146;s planned
    activities and aims to ensure that the University&#146;s
    performance continues to meet Middle States&#146; expectations.
    To this end, Strayer University is committed to evaluating
    periodically its own performance, submitting reports to Middle
    States and making any necessary improvements to continue
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    meeting Middle States&#146; accreditation standards as the
    University grows and expands geographically. If an
    institution&#146;s performance were ever not to meet its
    accrediting agency&#146;s (or other regulator&#146;s)
    expectations or applicable standards, then its operations could
    be conditioned, or severely constrained or even curtailed,
    depending on the severity of the non-compliance. Accordingly,
    Strayer University endeavors proactively to keep Middle States
    (and all of its other regulators) fully informed and satisfied
    with its performance and strives to maintain good regulatory
    relationships as a key University priority.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In 2006, Strayer University completed a comprehensive self study
    report, which was submitted to Middle States in support of
    Strayer University&#146;s request for early reaffirmation of
    accreditation prior to Middle States&#146; next scheduled
    accreditation review in 2011. Our objective is to provide a high
    quality post-secondary education to working adult students, and
    participation in academic peer review processes is an important
    way to help us meet that objective. Middle States reviewed
    Strayer University&#146;s report and on June&#160;28, 2007,
    reaffirmed Strayer University&#146;s accreditation for
    10&#160;years through 2017. All of Strayer University&#146;s new
    campus locations and other substantive changes require prior
    Middle States approval.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In 2000, the agencies that accredit higher education
    institutions in various regions of the United&#160;States
    adopted a Policy Statement on Evaluation of Institutions
    Operating Interregionally. Under that policy, both the home
    regional accreditor and the host regional accreditor cooperate
    to evaluate an institution that delivers education at a physical
    site in the host accreditor&#146;s region. Although the home
    region is solely responsible for final accreditation actions, as
    we open campuses in regions outside Middle States&#146; region,
    the host regional accreditors may elect to participate in the
    accreditation process of such expansion operations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">State
    Education Licensure</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Licensure
    of Physical Campuses</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Strayer University is required by the federal Higher Education
    Act to be legally authorized to provide educational programs in
    the states in which the University is physically located. We are
    authorized to offer our programs by the applicable educational
    regulatory agencies in all states where our physical campuses
    and online delivery facilities are located. We are dependent
    upon the authorization of each state where we are physically
    located to allow us to operate and to grant degrees, diplomas or
    certificates to students in those states. We are subject to
    extensive regulation in each of the following 22 jurisdictions:
    Alabama, Arkansas, Delaware, Florida, Georgia, Indiana,
    Kentucky, Louisiana, Maryland, Mississippi, New Jersey, North
    Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas,
    Utah, Virginia, West Virginia, Wisconsin and
    Washington,&#160;D.C. We will be subject to similar extensive
    regulation in those additional states in which we may expand our
    operations in the future. State laws and regulations affect our
    operations and may limit our ability to introduce educational
    programs or establish new campuses.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On October&#160;29, 2010, the Department of Education adopted
    new regulations regarding state authorization that set new
    requirements for state authorization to suffice for purposes of
    Title&#160;IV eligibility. The new regulations will require some
    states to enact or amend state education licensure laws to
    conform to federal requirements and enable institutions in the
    state to continue to participate in the Title&#160;IV programs.
    These new regulations go into effect on July&#160;1, 2011, but
    institutions may seek up to two one-year extensions if they
    submit an explanation from the state as to how the extension
    will permit the state to comply with the new federal
    requirements. Strayer University is carefully reviewing the new
    regulations with the state licensing agencies and believes the
    states in which it is licensed will be in compliance with the
    new requirements.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Licensure
    of Online Programs</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The increasing popularity and use of the Internet and other
    technology for the delivery of education has led and may lead to
    the adoption of new laws and regulatory practices in the
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    United&#160;States or foreign countries or to interpretation of
    existing laws and regulations to apply to such services. These
    new laws and interpretations may relate to issues such as the
    requirement that online education institutions be licensed as a
    school in one or more jurisdictions even where they have no
    physical location. New laws, regulations, or interpretations
    related to doing business over the Internet could increase
    Strayer University&#146;s cost of doing business, affect its
    ability to increase enrollments and revenues, or otherwise have
    a material adverse effect on our business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On October&#160;29, 2010, the Department of Education adopted
    new regulations, effective July&#160;1, 2011, regarding state
    authorization of online programs. The revised rules specify that
    an institution offering distance post-secondary education must
    meet any state requirements for it to be legally offering
    post-secondary distance or correspondence education in that
    state. Strayer University has implemented a process for
    obtaining the required state authorization and believes that it
    will be in compliance with the new rules by the effective date.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Department
    of Education</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To be eligible to participate in Title&#160;IV programs, Strayer
    University must comply with specific standards and procedures
    set forth in the Higher Education Act and the regulations issued
    thereunder by the Department of Education. An institution must,
    among other things, be authorized to offer its educational
    programs by each state in which it is physically located and
    maintain institutional accreditation by a recognized accrediting
    agency as discussed above. The institution also must be
    certified by the Department of Education to participate in
    Title&#160;IV programs and follow Department of Education rules
    regarding the awarding and processing of funds issued under the
    Title&#160;IV programs. For purposes of the Title&#160;IV
    programs, Strayer University and all of its campuses are
    considered to be a single institution of higher education, such
    that Department of Education requirements applicable to an
    institution of higher education are generally applied to all of
    Strayer University&#146;s campuses in the aggregate rather than
    on an individual basis. As frequently occurs for institutions
    with pending applications for recertification, Strayer
    University, including each of its campuses, is currently
    certified to participate in Title&#160;IV programs on a
    <FONT style="white-space: nowrap">month-to-month</FONT>
    basis pending completion of the Department of Education&#146;s
    review of the application.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Other
    Approvals</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Strayer University is approved by appropriate authorities for
    the education of veterans and members of the selective reserve
    and their dependents, as well as for the rehabilitation of
    veterans. In addition, Strayer University is authorized by the
    U.S.&#160;Department of Homeland Security to admit foreign
    students for study in the United States subject to applicable
    requirements. The U.S.&#160;Department of Homeland Security,
    working with the U.S.&#160;Department of State, has implemented
    a mandatory electronic reporting system for schools that enroll
    foreign students and exchange visitors. The University is also
    authorized to participate in state financial aid programs in
    Pennsylvania, Florida and Vermont.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Financing
    Student Education</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Students finance their Strayer University education in a variety
    of ways. A significant number of students receive loans or
    grants directly from the Department of Education. In the 2010
    fall term, approximately 73% of Strayer University&#146;s
    students participated in one or more Title&#160;IV programs.
    Many financial aid programs are designed to assist eligible
    students whose financial resources are inadequate to meet the
    cost of education. With these programs, financial aid is awarded
    on the basis of financial need, generally defined under the
    Higher Education Act as the difference between the cost of
    attending a program of study and the amount a student reasonably
    can be expected to contribute to those expenses. All recipients
    of federal student financial aid must maintain a satisfactory
    grade point average and progress in a timely manner toward
    completion of a program of study.
</DIV>
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    <BR>
    16
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, many of our working adult students finance their
    own education or receive full or partial tuition reimbursement
    from their employers. Congress has enacted several tax credits
    for students pursuing higher education and has provided for a
    tax deduction for interest on student loans and exclusions from
    income of certain tuition reimbursement amounts. Eligible
    students at Strayer University may also participate in
    educational assistance programs administered by the District of
    Columbia, the Commonwealth of Pennsylvania, the State of
    Florida, State of Vermont, private organizations, the
    U.S.&#160;Department of Veterans Affairs, and the
    U.S.&#160;Department of Defense (&#147;DOD&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Congress recently expanded education benefits available to
    veterans who have served on active duty since September&#160;11,
    2001. Under the relevant law, known as the Post-9/11 Veterans
    Educational Assistant Act of 2008, sometimes referred to as the
    &#147;New GI Bill,&#148; eligible veterans may receive, among
    other benefits, benefits for tuition purposes up to the cost of
    in-state tuition at the most expensive public institution of
    higher education in the state where the veteran is enrolled.
    Eligible veterans who are not enrolled in wholly distance
    education programs also may receive monthly housing stipends.
    Recent amendments make certain changes in the law. For example,
    the tuition and fee benefit will be based on the net cost to the
    student (after accounting for state and federal aid,
    scholarships, institutional aid, fee waivers, and similar
    assistance), subject to a cap of $17,500 for non-public domestic
    institutions, effective August&#160;1, 2011. In addition, for
    the first time students pursuing an educational program solely
    through distance learning will be eligible to receive a housing
    stipend, equal to half the amount available to students
    attending classroom-based programs or programs that combine
    classroom learning and distance learning.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On August&#160;6, 2010, DOD issued a proposed rule that would
    increase oversight of educational programs offered to active
    service members participating in the military&#146;s tuition
    assistance program. The proposed rule would require that before
    receiving tuition assistance, an institution sign a Memorandum
    of Understanding outlining certain commitments and agreements
    between the institution and DOD. Congress held hearings and
    issued a report in 2010 criticizing use of military tuition
    assistance and veterans benefits by for-profit institutions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Title&#160;IV
    Programs</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Strayer University maintains eligibility for its students to
    participate in the following Title&#160;IV programs:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    <I>Federal Grants. </I>&#160;&#160;Grants under the Federal Pell
    Grant program are available to eligible students based on
    financial need and other factors. By virtue of Strayer
    University&#146;s eligibility to participate in the Pell Grant
    program and its offering of certain academic programs, Strayer
    University students who meet certain criteria may also be
    eligible for grants under the Academic Competitiveness Grant
    (ACG) program and the National Science and Mathematics Access to
    Retain Talent (National SMART) Grant program. ACG is designed
    for students in their first or second academic year of a degree
    program who recently graduated from a high school at which they
    were enrolled in a rigorous curriculum. National SMART Grant is
    designed for students in their third or fourth academic year
    with a cumulative grade point average of 3.0 or greater in
    certain designated bachelor&#146;s degree or higher programs,
    primarily focused on science and math. The Department of
    Education is terminating the SMART Grant program as of
    June&#160;30, 2011.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    <I>Campus-Based Programs.</I>&#160;&#160;The campus-based
    Title&#160;IV programs include the Federal Supplemental
    Educational Opportunity Grant program, the Federal Perkins Loan
    (Perkins program, and the Federal Work-Study Program. Strayer
    University does not actively participate in the Perkins program
    or the Federal Work-Study Program.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    <I>Federal Direct Student Loans.</I>&#160;&#160;Under the
    William D. Ford Federal Direct Loan Program (the Direct Loan
    Program), the Department of Education makes loans directly to
    students and their parents. Students who demonstrate financial
    need may qualify for a subsidized loan. With
</TD>
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    <BR>
    17
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    a subsidized loan, the federal government will pay the interest
    on the loan while the student is in school and during any
    approved periods of deferment, until the student&#146;s
    obligation to repay the loan begins. Unsubsidized loans are
    available to students who do not qualify for a subsidized loan
    or, in some cases, in addition to a subsidized loan. PLUS loans,
    including Graduate PLUS loans, are unsubsidized.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    <I>Federal Family Education Loans.</I>&#160;&#160;Prior to its
    termination on June&#160;30, 2010, Strayer University
    participated in the Federal Family Education Loan Program (FFEL
    Program), under which students and their parents obtained from
    lending institutions subsidized and unsubsidized loans that were
    guaranteed by a guaranty agency and ultimately by the federal
    government. As of July&#160;1, 2010, all new Title&#160;IV loans
    are issued under the Direct Loan program, and the last
    disbursements to students under existing FFELP program loans
    were made by the University in September 2010.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Federal
    Financial Aid Regulation</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To be eligible to participate in Title&#160;IV programs, Strayer
    University must comply with specific standards and procedures
    set forth in the Higher Education Act and the regulations issued
    thereunder by the Department of Education. As part of those
    participation standards, the Department of Education determines
    whether, among other things, the institution meets certain
    standards of administrative capability and financial
    responsibility. The institution must also follow extensive
    Department of Education rules regarding the awarding and
    processing of funds issued under the Title&#160;IV programs.
    Some of the key provisions regarding institutional eligibility
    and processing federal financial aid are described below.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Program
    Participation Agreement</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each institution participating in Title&#160;IV programs must
    enter into a Program Participation Agreement with the Department
    of Education. Under the agreement, the institution agrees to
    follow the Department of Education&#146;s rules and regulations
    governing Title&#160;IV programs. On June&#160;4, 2010, Strayer
    University submitted its fully completed recertification
    application for renewal of its current program participation
    agreement to the Department of Education. Because the
    recertification application was submitted more than 90 calendar
    days before September&#160;30, 2010 (the term of the current
    agreement), the University&#146;s eligibility to participate in
    federal student financial aid programs continues on a
    <FONT style="white-space: nowrap">month-to-month</FONT>
    basis while the recertification is pending with the Department
    of Education.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Provisional
    Certification</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In certain circumstances, including a change in ownership
    resulting in a change of control, the Department of Education
    may certify an institution&#146;s continuing eligibility to
    participate in Title&#160;IV programs on a provisional basis
    that may extend no longer than through the end of the third
    complete award year (July 1&#160;&#151; June 30)&#160;from the
    date of provisional certification. During the period of
    provisional certification, the institution must comply with any
    additional conditions included in its program participation
    agreement. If the Department of Education determines that a
    provisionally certified institution is unable to meet its
    responsibilities under its program participation agreement, it
    may seek to revoke or further condition the institution&#146;s
    certification to participate in Title&#160;IV programs with
    fewer due process protections for the institution than if it
    were fully certified. Strayer University&#146;s current program
    participation agreement is not provisional.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Administrative
    Capability</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Department of Education regulations specify extensive criteria
    by which an institution must establish that it has the requisite
    administrative capability to participate in Title&#160;IV
    programs. To meet the administrative capability standards, an
    institution, among other things, must comply with all
</DIV>
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    <BR>
    18
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    applicable Title&#160;IV program regulations, must not have
    cohort default rates above specified levels, must have various
    procedures in place for safeguarding federal funds, must not be,
    and not have any principal or affiliate who is, debarred or
    suspended from federal contracting or engaging in activity that
    is cause for debarment or suspension, must submit in a timely
    manner all reports and financial statements required by the
    regulations and must not otherwise appear to lack administrative
    capability.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Financial
    Responsibility</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Higher Education Act and Department of Education regulations
    establish extensive standards of financial responsibility that
    institutions such as Strayer University must satisfy in order to
    participate in Title&#160;IV programs. These standards generally
    require that an institution provide the services described in
    its official publications and statements, properly administer
    the Title&#160;IV programs in which it participates and meet all
    of its financial obligations, including required refunds and any
    repayments to the Department of Education for debts and
    liabilities incurred in programs administered by the Department
    of Education.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Department of Education standards utilize a complex formula to
    assess financial responsibility. The standards focus on three
    financial ratios: (1)&#160;equity ratio (which measures the
    institution&#146;s capital resources and ability to borrow);
    (2)&#160;primary reserve ratio (which measures the
    institution&#146;s financial viability and liquidity) and
    (3)&#160;net income ratio (which measures the institution&#146;s
    ability to operate at a profit or within its means). An
    institution&#146;s financial ratios must yield a composite score
    of at least 1.5 for the institution to be deemed financially
    responsible without alternative measures and further federal
    oversight. Strayer University has applied the financial
    responsibility standards to its audited financial statements as
    of and for the year ended December&#160;31, 2010, and based on
    its composite score and other relevant factors, Strayer believes
    that Strayer University meets the Department of Education&#146;s
    financial responsibility standards.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Student
    Loan Defaults</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the Higher Education Act, an educational institution may
    lose its eligibility to participate in some or all of the
    Title&#160;IV programs if defaults on the repayment of Direct
    Loan or FFEL Program loans by its students exceed certain
    levels. The Department of Education uses a specific methodology
    to determine default rates and imposes varying sanctions based
    upon the results of that calculation. As discussed below, the
    current cohort default rate calculation and threshold for
    regulatory sanctions will change effective 2014 as a result of
    the reauthorization of the Higher Education Act through the
    HEOA, which was effective August&#160;18, 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Department of Education calculates a rate of student
    defaults (known as a cohort default rate) for each institution
    with 30 or more borrowers entering repayment in a given federal
    fiscal year. The Department of Education includes in the cohort
    all student borrowers at the institution who entered repayment
    on any Direct or FFEL Program loan during that year. The cohort
    default rate is the percentage of those borrowers who default by
    the end of the following federal fiscal year, resulting in a
    two-year cohort default rate. Because of the need to collect
    data on defaults, the Department publishes cohort default rates
    two years in arrears; for example, in the fall of 2010, the
    Department issued cohort default rates for federal fiscal year
    2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Department of Education may take adverse action against an
    institution if it has excessive cohort default rates, including
    the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    If an institution&#146;s most recent cohort default rate is
    greater than 40%, the institution&#146;s participation in
    Title&#160;IV loan programs terminates 30&#160;days after
    notification by the Department of Education, unless the
    institution timely appeals that determination on specified
    grounds according to specified procedures.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    If an institution&#146;s three most recent cohort default rates
    are each 25% or greater, the institution&#146;s participation in
    Title&#160;IV loan programs and Federal Pell Grant Program
    terminates
</TD>
</TR>
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    <BR>
    19
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    30&#160;days after notification by the Department of Education,
    unless the institution timely appeals that determination on
    specified grounds according to specified procedures.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    An institution whose participation ends under either of the
    foregoing provisions may not participate in the relevant
    programs for the remainder of the fiscal year in which the
    institution receives the notification, as well as for the next
    two fiscal years.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    If an institution&#146;s cohort default rate equals or exceeds
    25% in any of the three most recent federal fiscal years, the
    Department of Education may place the institution on provisional
    certification. Provisional certification does not limit an
    institution&#146;s access to Title&#160;IV program funds;
    however, an institution with provisional status is subject to
    closer review by the Department of Education and may be subject
    to summary adverse action if it violates Title&#160;IV program
    requirements.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The regulations also address cohort default rates for
    institutions that have undergone a change in status, such as
    acquisition or merger of institutions and acquisition of another
    institution&#146;s branches or locations. Strayer
    University&#146;s cohort default rates for the 2006, 2007, and
    2008 federal fiscal years, the three most recent years for which
    this information is available, were 3.8%, 6.0%, and 6.7%,
    respectively. The average cohort default rates for proprietary
    institutions nationally were 9.7%, 11.0%, and 11.6% for federal
    fiscal years 2006, 2007, and 2008, respectively.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Cohort
    Default Rate Provisions Effective 2014</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In 2008, Congress, through the HEOA, modified the cohort default
    rate provisions related to Title&#160;IV loans in two
    significant ways, described below. The HEOA provides, however,
    that the current method of calculating cohort default rates will
    be used to determine any sanctions on institutions until 2014,
    when three consecutive years of official cohort default rates
    calculated under the new formula will be available.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    First, under the new provisions, the period for measuring
    defaults will be expanded by one year, resulting in a three-year
    cohort default rate. Beginning with cohort default rate
    calculations for federal fiscal year 2009, the cohort default
    rate is the percentage of borrowers who become subject to their
    repayment obligation in the relevant federal fiscal year and
    default by the end of the second federal fiscal year following
    that fiscal year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Second, the cohort default rate ceiling will increase from 25%
    to 30%. This change has several consequences:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    If an institution&#146;s cohort default rate is 30% or more in a
    given fiscal year, the institution will be required to assemble
    a &#147;default prevention task force&#148; and submit to the
    Department of Education a default improvement plan.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    If an institution&#146;s cohort default rate exceeds 30% for two
    consecutive years, the institution will be required to review,
    revise and resubmit its default improvement plan. The Department
    of Education may direct that the plan be amended to include
    actions, with measurable objectives, that it determines will
    promote loan repayment.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    If an institution&#146;s cohort default rate exceeds 30% for two
    out of three consecutive years, the Department of Education may
    subject the institution to provisional certification. The
    institution may file a timely appeal on specified grounds
    according to specified procedures, and if the Secretary of
    Education determines that the institution demonstrated a basis
    for relief, the Secretary may not subject the institution to
    provisional certification based solely on the institution&#146;s
    cohort default rate.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    If an institution&#146;s cohort default rate is equal to or
    greater than 30% for each of the three most recent federal
    fiscal years for which data are available, the institution will
    be ineligible to participate in the Direct Loan Program and
    Federal Pell Grant Program.
</TD>
</TR>

</TABLE>
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    <BR>
    20
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The revisions to the cohort default rate rule did not change the
    existing provision that an institution generally loses
    eligibility to participate in Title&#160;IV loan programs if its
    most recent cohort default rate is greater than 40%.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Final Department of Education regulations on the new cohort
    default rate provisions, effective as of July&#160;1, 2010
    clarify that the Department will issue two cohort default
    rates&#160;&#151; both a two-year cohort default rate and a
    three-year cohort default rate&#160;&#151; for fiscal years 2009
    through 2011. The final regulations indicate that the Department
    will rely on the two-year cohort default rate and related
    thresholds to determine institutional eligibility until 2014,
    when the Department issues official three-year cohort default
    rates for the fiscal year 2011 cohort.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Department of Education issued unofficial, trial three-year
    cohort default rates for federal fiscal years 2006, 2007, and
    2008. Three-year cohort default rates were generally expected to
    be higher than two-year cohort default rates, because of both
    the longer repayment history and current economic conditions.
    Strayer&#146;s trial three-year cohort default rates are 10.5%,
    13.0%, and 14.0% for federal fiscal years 2006, 2007, and 2008,
    respectively, the last years for which data is available and the
    calculations have been completed. The average trial three-year
    cohort default rates for proprietary institutions nationally
    were 18.8%, 21.2%, and 25.0% for federal fiscal years 2006,
    2007, and 2008, respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As part of its compliance program related to the cohort default
    rate, Strayer University provides entrance and exit counseling
    to its students and engages the services of a third party to
    counsel students once they are in repayment status regarding
    their repayment obligations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    90/10 Rule</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A requirement of the Higher Education Act, commonly referred to
    as the 90/10 Rule, applies only to proprietary institutions of
    higher education, which includes Strayer University. Under this
    rule, a proprietary institution is prohibited from deriving from
    Title&#160;IV funds, on a cash accounting basis (except for
    certain institutional loans) for any fiscal year, more than 90%
    of its revenues (as revenues are computed under the Department
    of Education&#146;s methodology).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The 90/10 Rule is a compliance obligation that is part of an
    institution&#146;s program participation agreement with the
    Department of Education. A proprietary institution of higher
    education that violates the 90/10 Rule for any fiscal year will
    be placed on provisional status for two fiscal years.
    Proprietary institutions of higher education that violate the
    90/10 Rule for two consecutive fiscal years will become
    ineligible to participate in Title&#160;IV programs for at least
    two fiscal years and will be required to demonstrate compliance
    with Title&#160;IV eligibility and certification requirements
    for at least two fiscal years prior to resuming Title&#160;IV
    program participation. In addition, the Department of Education
    discloses on its website any proprietary institution of higher
    education that fails to meet the 90/10 requirement, and reports
    annually to Congress the relevant ratios for each proprietary
    institution of higher education.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    HEOA changes in 2008 generally codified the regulatory formula
    for 90/10 rule calculations, but also expanded on the Department
    of Education&#146;s formula in certain respects, including by
    broadening the categories of funds that may be counted as
    non-Title&#160;IV revenue for 90/10 Rule purposes. The HEOA
    provisions were effective on August&#160;14, 2008, and the
    Department of Education issued final regulations implementing
    the 90/10 Rule and certain other HEOA provisions that were
    effective July&#160;1, 2010, but institutions could have, at
    their discretion, implemented the 90/10 Rule regulations on or
    after November&#160;1, 2009. These regulations clarify the
    treatment of certain types of revenue, and require institutions
    to report in their annual financial statement audits not only
    the percentage of revenues derived from Title&#160;IV funds
    during the fiscal year, but also the dollar amounts of the
    numerator and denominator of the 90/10 calculation and specified
    categories of revenue. The regulations also shorten from 90 to
    45&#160;days the time period within which institutions must
    notify the Secretary after the end of a fiscal year in which the
    institution failed to meet the 90/10 Rule requirement.
</DIV>
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    <BR>
    21
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Using the HEOA formula, Strayer University derived approximately
    77% of its cash-basis revenues from Title&#160;IV program funds
    in 2008, and 78% in 2009. Our computation for 2010 has not yet
    been finalized and audited.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The key components of non-Title&#160;IV revenue for Strayer
    University are individual student payments, employer tuition
    reimbursement payments, veteran&#146;s benefits, vocational
    rehabilitation funds, private loans, state grants, and
    scholarships. Certain members of Congress have proposed to
    revise the 90/10 Rule to count DOD tuition assistance and
    veterans education benefits along with Title&#160;IV revenue
    toward the 90% limit.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Incentive
    Compensation</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As a part of an institution&#146;s program participation
    agreement with the Department of Education and in accordance
    with the Higher Education Act, the institution may not provide
    any commission, bonus or other incentive payment based directly
    or indirectly on success in securing enrollments or financial
    aid to any person or entity engaged in any student recruitment,
    admissions or financial aid awarding activity. Failure to comply
    with the incentive payment rule could result in loss of
    certification to participate in federal student financial aid
    programs, limitations on participation in the federal student
    financial aid programs, or financial penalties.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Effective July&#160;1, 2011, the Department of Education
    eliminated 12 &#147;safe harbors&#148; that had been established
    in 2002 to define circumstances under which an institution would
    not run afoul of the incentive payment prohibition. The final
    rules prohibit payments made &#147;in any part,&#148; directly
    or indirectly upon the success of securing enrollments or
    financial aid, apply to all employees at an institution who are
    engaged in or responsible for any student recruitment or
    admission activity, limit &#147;profit-sharing payments,&#148;
    and set rules for third-party contracts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Although there can be no assurance that the Department of
    Education would not find deficiencies in Strayer
    University&#146;s present or former employee compensation and
    third-party contractual arrangements, Strayer University
    believes that its employee compensation and third-party
    contractual arrangements comply with the incentive compensation
    provisions of the Higher Education Act in all material respects.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Return
    of Federal Funds</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the Higher Education Act&#146;s
    <FONT style="white-space: nowrap">return-of-funds</FONT>
    provision, an institution must return Title&#160;IV funds to a
    Title&#160;IV program in a timely manner if a student received
    funds from that program but did not earn them due to the
    student&#146;s withdrawal from the institution. In order to
    determine if funds should be returned, the institution must
    first determine the amount of Title&#160;IV program funds that
    the student earned. If the student attends the institution, but
    withdraws during the first 60% of any period of enrollment or
    payment period, the amount of Title&#160;IV program funds that
    the student earned is equal to a pro rata portion of the funds
    for which the student would otherwise be eligible. Strayer
    University uses the student&#146;s last day of attendance as the
    withdrawal date for purposes of return to Title&#160;IV.
    Effective July&#160;1, 2011, institutions that use the last day
    of attendance are required to measure the last day of attendance
    based on official attendance records, and &#147;attendance&#148;
    for online classes must include participation in an academically
    related activity. Strayer University&#146;s current systems
    allow for measurement on this basis. If the student withdraws
    after the 60% point, then the student has earned 100% of the
    Title&#160;IV program funds. The institution must return to the
    appropriate Title&#160;IV programs, in a specified order, the
    lesser of the unearned Title&#160;IV program funds or the
    institutional charges incurred by the student for the period
    multiplied by the percentage of unearned Title&#160;IV program
    funds. An institution must return the funds no later than
    45&#160;days after the date of the institution determines that a
    student withdrew.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the funds are not returned in a timely manner, an institution
    may be subject to adverse action, including being required to
    submit a letter of credit equal to 25% of the refunds the
    institution should have made in its most recently completed
    fiscal year. Under Department of Education regulations, if
</DIV>
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    <BR>
    22
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    late returns of Title&#160;IV program funds constitute 5% or
    more of students sampled in the institution&#146;s annual
    compliance audit for either of its two most recently completed
    fiscal years, an institution generally must submit an
    irrevocable letter of credit payable to the Secretary of
    Education. In June 2008, the University, in connection with this
    regulation, issued to the Department of Education an irrevocable
    letter of credit in the amount of $1.4&#160;million, which
    expired in June 2009. Strayer University is no longer required
    to maintain a letter of credit in connection with this
    regulation.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Third-Party
    Servicers</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Department of Education regulations permit an institution to
    enter into a written contract with a third-party servicer for
    the administration of any aspect of the institution&#146;s
    participation in Title&#160;IV programs. The third-party
    servicer must, among other obligations, comply with
    Title&#160;IV requirements and be jointly and severally liable
    with the institution to the Secretary of Education for any
    violation by the servicer of any Title&#160;IV provision. An
    institution must report to the Department of Education new
    contracts or any significant modifications to contracts with
    third-party servicers as well as other matters related to
    third-party servicers. Strayer University has written contracts
    with third-party servicers, including Global Financial Aid
    Services, Inc., which performs activities related to Strayer
    University&#146;s participation in Title&#160;IV programs, such
    as certifying Title&#160;IV loan applications, preparing reports
    from Strayer University to the Department of Education, and
    issuing federal grant program payments. The University&#146;s
    agreement with Global Financial Aid Services expires
    September&#160;30, 2011. Strayer University also has a contract
    with Sallie Mae Business Solutions for processing stipends due
    to students and with General Revenue Corporation for loan
    default prevention.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Lender
    Relationships</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As part of an institution&#146;s program participation agreement
    with the Department of Education, the institution must adopt a
    code of conduct pertaining to student loans. Strayer University
    has a code of conduct that it believes complies with the
    provisions of HEOA in all material respects. In addition to the
    code of conduct requirements that apply to institutions, HEOA
    contains provisions that apply to lenders, prohibiting lenders
    from engaging in certain activities as they interact with
    institutions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Prior to the termination of the FFEL Program on June&#160;30,
    2010, Strayer University was subject to rules applicable to
    institutions that make available a list of recommended or
    suggested federal loan lenders for use by potential borrowers.
    Strayer University remains subject to those rules with respect
    to private education loans. Strayer University believes that it
    has complied with applicable regulations in all material
    respects.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Restrictions
    on Adding Locations and Educational Programs</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    State requirements and accrediting agency standards limit the
    ability of Strayer University to establish additional locations
    and programs. Most states require approval before institutions
    can add new programs, campuses or teaching locations. Middle
    States requires institutions that it accredits to notify it in
    advance of implementing new programs or locations, which may
    require additional approval. At its discretion, Middle States
    may also conduct site visits to additional locations to ensure
    that accredited institutions that experience rapid growth in the
    number of additional locations maintain educational quality. All
    new Strayer University campus locations require Middle States
    approval before students are enrolled (see
    &#147;Accreditation&#148; above). In addition, recent amendments
    to the Higher Education Act require Middle States to monitor
    institutions that are undergoing significant enrollment growth.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Higher Education Act requires proprietary institutions of
    higher education to be in full operation for two years before
    qualifying to participate in Title&#160;IV programs. However,
    the applicable regulations in many circumstances permit an
    institution that is already qualified to participate in
    Title&#160;IV programs to establish additional locations that
    are exempt from the two-year rule. These additional locations
    generally may qualify immediately for participation in the
    Title&#160;IV programs,
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    unless the location was acquired from another institution that
    has ceased offering educational programs at that location and
    has Title&#160;IV liabilities that it is not repaying in
    accordance with an agreement to do so, and the acquiring
    institution does not agree, among other matters, to be
    responsible for certain liabilities of the acquired institution.
    The new location must satisfy all other applicable requirements
    for institutional eligibility, including approval of the
    additional location by the relevant state authorizing agency and
    the institution&#146;s accrediting agency. Strayer
    University&#146;s expansion plans assume its continued ability
    to establish new campuses as additional locations of Strayer
    University under such applicable regulations and thereby to
    avoid incurring the two-year delay in participation in
    Title&#160;IV programs. The loss of state authorization or
    accreditation of Strayer University or an existing campus, or
    the failure of Strayer University or a new campus to obtain
    state authorization or accreditation, would render Strayer
    University ineligible to participate in Title&#160;IV programs
    at least in that state or at that location.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Department of Education regulations require institutions to
    report to the Department of Education a new additional location
    at which at least 50% of an eligible program will be offered, if
    the institution wants to disburse Title&#160;IV program funds to
    students enrolled at that location. For an institution like
    Strayer University for which only notice is required, once the
    institution reports the location to the Department of Education,
    the institution may disburse Title&#160;IV program funds to
    eligible students at that location if the location is licensed
    and accredited. Institutions are responsible for knowing whether
    they need approval, and institutions that add locations and
    disburse Title&#160;IV program funds without having obtained any
    necessary approval may be subject to administrative repayments
    and other sanctions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the past, a degree-granting institution such as Strayer
    University was not obligated to obtain Department of Education
    approval of additional programs that lead to an associate,
    bachelor&#146;s, professional or graduate degree at a level for
    which the Department of Education has already granted approval
    (additional non-degree programs in new fields required advance
    approval). However, under new rules adopted by the Department of
    Education, effective July&#160;1, 2011, a proprietary
    institution (but not public or private non-profit colleges and
    universities) must notify the Department of Education of new
    programs if the program has a Classification of Instructional
    Programs (&#147;CIP&#148;) code under the taxonomy of
    instructional program classifications and descriptions developed
    by National Center for Education Statistics (&#147;NCES&#148;)
    that is different from any other program offered by the
    institution, the program has the same CIP code as another
    program offered by the institution but leads to a different
    degree or certificate, or the institution&#146;s accrediting
    agency determines the program to be an additional program.
    Notification must be made at least 90&#160;days before the first
    day of class. The institution may then proceed to offer the
    program, unless the Department of Education advises the
    institution that the additional educational program must be
    approved. If Strayer University were to offer a new program
    without approval after notice from the Department that approval
    was required, the University may be liable for repayment of
    Title&#160;IV aid received by the University or students in
    connection with that program. Strayer does not believe that the
    Department of Education&#146;s regulations will significantly
    affect the University&#146;s plans to add new programs.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Other
    Regulations Governing Title&#160;IV Programs</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Department of Education has enacted a comprehensive set of
    regulations governing an institution&#146;s participation in the
    Title&#160;IV programs. If Strayer University were not to
    continue to comply with these regulations, such non-compliance
    might affect the operations of the University and its ability to
    participate in Title&#160;IV programs.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Compliance
    Reviews</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Strayer University is subject to announced and unannounced
    compliance reviews and audits by various external agencies,
    including the Department of Education, its Office of Inspector
    General, state licensing agencies, guaranty agencies, and
    accrediting agencies. The Higher Education Act and Department of
    Education regulations also require an institution to submit
    annually to the Secretary of
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Education a compliance audit of its administration of the
    Title&#160;IV programs conducted by an independent certified
    public accountant in accordance with Government Auditing
    Standards and applicable audit guides of the Department of
    Education&#146;s Office of Inspector General. In addition, to
    enable the Secretary of Education to make a determination of
    financial responsibility, an institution must submit annually to
    the Secretary of Education audited financial statements prepared
    in accordance with Department of Education regulations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In an August 2010 letter to members of the Senate Health,
    Education, Labor and Pensions (HELP) Committee, the Secretary of
    Education announced plans to increase the number of program
    reviews by 50%, from 200 conducted in 2010 to 300 in 2011. On
    August&#160;5, 2010, the Department of Education notified
    Strayer University that it would conduct a program review of the
    University&#146;s administration of Title&#160;IV programs. The
    Department of Education has conducted its
    <FONT style="white-space: nowrap">on-site</FONT>
    inspection, and the results of the program review are pending.
    We cannot predict when the review will be completed or what the
    final results will be. If the program review finds that we
    failed to comply with Title&#160;IV and its implementing
    regulations, the Department of Education could impose sanctions
    or conditions that could have a material adverse effect on our
    operations and financial condition. The Department of
    Education&#146;s previous program review of Strayer University,
    conducted in 2008, resulted in no material findings.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Potential
    Effect of Regulatory Violations</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If Strayer University fails to comply with the regulatory
    standards governing Title&#160;IV programs, the Department of
    Education could impose one or more sanctions, including
    transferring Strayer University from the advance payment method
    to the reimbursement or cash monitoring system of payment,
    seeking to require repayment of certain Title&#160;IV funds,
    requiring the University to post a letter of credit in favor of
    the Department of Education as a condition for continued
    Title&#160;IV certification, taking emergency action against the
    University, referring the matter for criminal prosecution or
    initiating proceedings to impose a fine or to limit, condition,
    suspend or terminate Strayer University&#146;s participation in
    Title&#160;IV programs. Although there are no such sanctions
    currently in force, if such sanctions or proceedings were
    imposed against Strayer University and resulted in a substantial
    curtailment, or termination, of the University&#146;s
    participation in Title&#160;IV programs or resulted in
    substantial fines or monetary liabilities, Strayer University
    would be materially and adversely affected.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If Strayer University lost its eligibility to participate in
    Title&#160;IV programs, or if Congress reduced the amount of
    available federal student financial aid, the University would
    seek to arrange or provide alternative sources of revenue or
    financial aid for students. Although the University believes
    that one or more private organizations would be willing to
    provide financial assistance to students attending Strayer
    University, there is no assurance that this would be the case,
    and the interest rate and other terms of such student financial
    aid are unlikely to be as favorable as those for Title&#160;IV
    program funds. Strayer University might be required to guarantee
    all or part of such alternative assistance or might incur other
    additional costs in connection with securing alternative sources
    of financial aid. Accordingly, the loss of eligibility of
    Strayer University to participate in Title&#160;IV programs, or
    a reduction in the amount of available federal student financial
    aid, would be expected to have a material adverse effect on
    Strayer University even if it could arrange or provide
    alternative sources of revenue or student financial aid.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition to the actions that may be brought against us as a
    result of our participation in Title&#160;IV programs, we also
    may be subject, from time to time, to complaints and lawsuits
    relating to regulatory compliance brought not only by our
    regulatory agencies, but also by other government agencies and
    third parties.
</DIV>
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    <B><I><FONT style="font-family: 'Times New Roman', Times">Change
    in Ownership Resulting in a Change of Control</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Many states and accrediting agencies require institutions of
    higher education to report or obtain approval of certain changes
    in ownership or other aspects of institutional status, but the
    types of and triggers for such reporting or approval vary among
    states and accrediting agencies. In addition, Strayer
    University&#146;s accrediting agency, Middle States, requires
    institutions that it accredits to inform it in advance of any
    substantive change, including a change that significantly alters
    the ownership or control of the institution. Examples of
    substantive changes requiring advance notice to and approval of
    Middle States include changes in the legal status, ownership or
    form of control of the institution, such as the sale of a
    proprietary institution. Middle States must approve a
    substantive change in advance in order to include the change in
    the institution&#146;s accreditation status. Middle States will
    undertake a site visit to an institution that has undergone a
    change in ownership or control no later than six months after
    the change.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Higher Education Act provides that an institution that
    undergoes a change in ownership resulting in a change of control
    loses its eligibility to participate in the Title&#160;IV
    programs and must apply to the Department of Education in order
    to reestablish such eligibility. An institution is ineligible to
    receive Title&#160;IV program funds during the period prior to
    recertification. The Higher Education Act provides that the
    Department of Education may temporarily, provisionally certify
    an institution seeking approval of a change of ownership and
    control based on preliminary review by the Department of
    Education of a materially complete application received by the
    Department of Education within 10 business days after the
    transaction. The Department of Education may continue such
    temporary, provisional certification on a
    <FONT style="white-space: nowrap">month-to-month</FONT>
    basis until it has rendered a final decision on the
    institution&#146;s application. If the Department of Education
    determines to approve the application after a change in
    ownership and control, it issues a provisional certification,
    which extends for a period expiring not later than the end of
    the third complete award year following the date of provisional
    certification. The Higher Education Act defines one of the
    events that would trigger a change in ownership resulting in a
    change of control as the transfer of the controlling interest of
    the stock of the institution or its parent corporation. For a
    publicly traded corporation, the securities of which are
    required to be registered under the Exchange Act, such as
    Strayer, the Department of Education regulations implementing
    the Higher Education Act define a change in ownership resulting
    in a change of control as occurring when a person acquires
    ownership and control of a corporation such that the corporation
    is required to file a
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    with the Securities and Exchange Commission (SEC) notifying that
    agency of the change of control. The regulations also provide
    that a change in ownership and control of a publicly traded
    corporation occurs if a person who is a controlling stockholder
    of the corporation ceases to be a controlling stockholder. A
    controlling stockholder is a stockholder who holds or controls
    through agreement both 25% or more of the total outstanding
    voting stock of the corporation and more shares of voting stock
    than any other stockholder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The U.S.&#160;Department of Homeland Security, working with the
    U.S.&#160;Department of State, has implemented a mandatory
    electronic reporting system for schools that enroll foreign
    students and exchange visitors. Strayer University currently is
    authorized by the U.S.&#160;Department of Homeland Security to
    admit foreign students for study in the United States subject to
    applicable requirements. In certain circumstances, the
    Department of Homeland Security may require an institution to
    obtain approval for a change in ownership and control.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to federal law providing benefits for veterans and
    reservists, some of the programs offered by Strayer University
    are approved for the enrollment of persons eligible to receive
    Veterans Administration educational benefits by the state
    approving agencies in Alabama, Delaware, Florida, Georgia,
    Kentucky, Maryland, New Jersey, North Carolina, Ohio,
    Pennsylvania, South Carolina, Tennessee, Virginia, and
    Washington,&#160;D.C. In certain circumstances, state approving
    agencies may require an institution to obtain approval for a
    change in ownership and control.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If Strayer University underwent a change of control that
    required approval by any state authority, Middle States or any
    federal agency, and any required regulatory approval were
    significantly delayed,
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    limited or denied, there could be a material adverse effect on
    Strayer University&#146;s ability to offer certain educational
    programs, award certain degrees, diplomas or certificates,
    operate one or more of its locations, admit certain students or
    participate in Title&#160;IV programs, which in turn would
    materially and adversely affect Strayer University&#146;s
    operations. A change that required approval by a state
    regulatory authority, Middle States or a federal agency could
    also delay Strayer University&#146;s ability to establish new
    campuses or educational programs and may have other adverse
    regulatory effects. Furthermore, the suspension from
    Title&#160;IV programs and the necessity of obtaining regulatory
    approvals in connection with a change of control may materially
    limit Strayer University&#146;s flexibility in future financing
    or acquisition transactions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Recent
    or Pending Legislative and Regulatory Activity</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Congress is considering legislation that would make further
    changes in the Higher Education Act and other education-related
    federal laws. The Department of Education recently issued new
    regulations related to program integrity and is considering
    additional regulation to define the term &#147;gainful
    employment.&#148; Some of the proposed changes are noted below.
    These activities may result in legislation, further rulemaking
    affecting participation in Title&#160;IV programs, and other
    governmental action. In addition, Congressional activity may
    adversely affect enrollment in for-profit educational
    institutions. We cannot predict the impact, if any, of these
    recent or pending legislative and regulatory changes on our
    long-term business model, although the uncertainty associated
    with the changes has had a negative impact on the industry as a
    whole.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Congress</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Congress historically has reauthorized the Higher Education
    Act<B>, </B>which is the law governing Title&#160;IV programs,
    approximately every five to six years, but undertook the most
    recent reauthorization through multiple pieces of legislation.
    On July&#160;31, 2008, Congress completed the reauthorization
    process by passing the HEOA, which then President Bush signed
    into law on August&#160;14, 2008. HEOA provisions became
    effective upon enactment, unless otherwise specified in the law.
    HEOA includes numerous new and revised requirements for higher
    education institutions. In October 2009, the Department of
    Education published final regulations to implement HEOA changes
    to Title&#160;IV of the Higher Education Act. Those regulations
    were effective July&#160;1, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition to HEOA, three other laws to amend and reauthorize
    aspects of the Higher Education Act have been enacted over the
    last few years. In February 2006, then President Bush signed the
    Deficit Reduction Act of 2005, which included the Higher
    Education Reconciliation Act of 2005, or HERA. Among other
    measures, HERA reauthorized the Higher Education Act with
    respect to the federal guaranteed student loan programs. In
    September 2007, then President Bush signed the College Cost
    Reduction and Access Act, which increased benefits to students
    under the Title&#160;IV programs and reduced payments to and
    raised costs for lenders that participate in the federal student
    loan programs. In May 2008, then President Bush signed the
    Ensuring Continued Access to Student Loans Act of 2008, or
    ECASLA, which was designed to facilitate student loan
    availability and to increase student access to federal financial
    aid in light of current market conditions. Congress extended
    ECASLA for an additional year, to June&#160;30, 2010. In March
    2010, Congress passed the Student Aid and Fiscal Responsibility
    Act of 2009, which eliminated the FFEL Program and required all
    institutions participating in Title&#160;IV programs to convert
    exclusively to the Direct Loan Program by July&#160;1, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, Congress reviews and determines appropriations for
    Title&#160;IV programs on an annual basis. An elimination of
    certain Title&#160;IV programs, a reduction in federal funding
    levels of such programs, material changes in the requirements
    for participation in such programs, or the substitution of
    materially different programs could reduce the ability of
    certain students to finance their education. This, in turn,
    could lead to lower enrollments at Strayer University or require
    Strayer University to increase its reliance upon alternative
    sources of student financial aid. Given the significant
    percentage of Strayer University&#146;s revenues that are
    derived indirectly from the Title&#160;IV programs, the loss of
    or a
</DIV>
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    significant reduction in Title&#160;IV program funds available
    to Strayer University&#146;s students could have a material
    adverse effect on Strayer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Senate
    Health, Education, Labor and Pensions Committee</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In 2010, the U.S.&#160;Congress increased its focus on
    proprietary education institutions, including regarding
    participation in Title&#160;IV programs and U.S.&#160;Department
    of Defense oversight of tuition assistance for military service
    members. Since June 2010 the HELP Committee has held hearings to
    examine the proprietary education sector. On August&#160;5,
    2010, Strayer University received a letter from Senator Tom
    Harkin, Chairman of the HELP Committee, requesting documents as
    part of a review of matters related to proprietary institutions
    whose students receive Title&#160;IV aid, and the University
    cooperated with and submitted documentation to the Committee.
    Other Committees of the U.S.&#160;Congress have also held
    hearings into, among other things, the standards and procedures
    of accrediting agencies, credit hours and program length, the
    portion of federal student financial aid going to proprietary
    institutions, and the receipt of veteran&#146;s and military
    education benefits by students enrolled at proprietary
    institutions. A number of legislators have variously requested
    the Government Accountability Office (GAO) to review and make
    recommendations regarding, among other things, recruitment
    practices, educational quality, student outcomes, the
    sufficiency of integrity safeguards against waste, fraud and
    abuse in Title&#160;IV programs, and the percentage of
    proprietary institutions&#146; revenue coming from Title&#160;IV
    and other federal funding sources. GAO released two reports on
    for-profit post-secondary education: first, a report in August
    2010 (subsequently revised in November 2010)&#160;that
    concluded, based on a three-month undercover investigation, that
    employees at a non-random sample of 15 proprietary institutions
    (not Strayer University) made deceptive statements to students
    about accreditation, graduation rates, job placement, program
    costs, and financial aid; and second, a report in October 2010
    critical of the Department of Education&#146;s efforts to
    enforce the ban on incentive payments. This increased activity
    is expected to continue and may result in legislation, further
    rulemaking affecting participation in Title&#160;IV programs,
    and other governmental actions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">U.S.
    Department of Education</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As noted above, the Title&#160;IV regulations applicable to
    Strayer University have been subject to frequent revisions, many
    of which have increased the level of scrutiny to which higher
    education institutions are subjected and have raised applicable
    standards. In October 2009, the Department of Education
    published final regulations to implement the HEOA&#146;s
    numerous new and revised requirements for higher education
    institutions. These regulations were effective July&#160;1,
    2010. On October&#160;29, 2010, the Department of Education
    published final regulations regarding program integrity at
    higher education institutions (Program Integrity Regulations).
    Most of the provisions in these rules are effective July&#160;1,
    2011. We filed public comments on July&#160;30, 2010 and
    September&#160;9, 2010 that collectively address issues related
    to incentive compensation, state authorization, substantial
    misrepresentation, and the definition of gainful employment
    under Title&#160;IV. These comments are available at
    <U><FONT style="white-space: nowrap">http://www.regulations.gov/#!documentDetail;D=ED-2010-OPE-0004-0494.1</FONT></U>
    and
    <U><FONT style="white-space: nowrap">http://www.regulations.gov/#!documentDetail;D=ED-2010-OPE-0012-12725</FONT></U>.
    Although litigation challenging some of the Program Integrity
    Regulations has been filed and members of Congress have
    expressed concerns about some of them, we assume for planning
    purposes that the Program Integrity Regulations will take effect
    as scheduled, and we are preparing to comply with them as of
    July&#160;1, 2011.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">State
    Licensure</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the Program Integrity Regulations regarding state
    licensure, a proprietary institution is considered legally
    authorized by a state if the state has a process to review and
    appropriately act on complaints concerning the institution,
    including enforcing applicable state laws, and the institution
    complies with any applicable state approval or licensure
    requirements consistent with the Program Integrity Regulations.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The revised rules specify that an institution is legally
    authorized in a state for Title&#160;IV purposes if it is
    established or licensed as an educational institution by name.
    If an institution offers post-secondary education through
    distance or correspondence education to students in a state in
    which it is not physically located or in which it is otherwise
    subject to state jurisdiction as determined by the state, the
    institution must meet any state requirements for it to be
    legally offering post-secondary distance or correspondence
    education in that state. The final rule also amends the general
    provisions regarding student consumer information. Under this
    revision, the institution must make available for review to any
    enrolled or prospective student upon request, a copy of the
    documents describing the institution&#146;s accreditation and
    its state, federal, or tribal approval or licensing. The
    institution must also provide its students or prospective
    students with contact information for filing complaints with its
    accreditor and with its state approval or licensing entity and
    any other relevant state official or agency that would
    appropriately handle a student&#146;s complaint.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    While these requirements are effective July&#160;1, 2011,
    institutions may request a one-year extension of the effective
    date to July&#160;1, 2012, and if necessary, an additional
    one-year extension to July&#160;1, 2013. To receive an
    extension, an institution must obtain from the state an
    explanation of how a one-year extension will permit the state to
    modify its procedures to comply with the new requirements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Strayer University has implemented a process for reviewing and
    obtaining as necessary the required state licensure and believes
    that the states in which it is physically located will be in
    compliance with the new rules by the effective date.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Incentive
    Compensation</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Institutions participating in the Title&#160;IV programs may not
    pay any commission, bonus, or other incentive payment based
    directly or indirectly on securing enrollments or financial aid
    to personnel engaged in recruitment or admissions or making
    decisions about awarding Title&#160;IV aid. Currently, there are
    12 &#147;safe harbors&#148; relating to payment and compensation
    plans that institutions may practice without fear of violating
    the prohibition. The Program Integrity Regulations remove the
    safe harbors effective July&#160;1, 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The new regulations prohibit incentive compensation to employees
    engaged in any student recruitment or admission activity or in
    making decisions regarding the award of Title&#160;IV funds that
    is based in any part, directly or indirectly, upon success in
    securing enrollments or the award of financial aid. Merit-based
    adjustments to employee compensation may be made if they are not
    based in any part, directly or indirectly, upon success in
    securing enrollments or the award of financial aid.
    Profit-sharing payments may be made as long as they are not
    provided to any person who is engaged in student recruitment or
    admission activity or in making decisions regarding the award of
    funds under Title&#160;IV of the Higher Education Act of 1965,
    as amended (the &#147;Higher Education Act&#148;). The
    regulations also obligate a third-party servicer to refer to the
    Office of Inspector General of the Department of Education any
    information indicating payment of any commission, bonus, or
    other incentive payment based in any part, directly or
    indirectly, upon success in securing enrollments or the award of
    financial aid to any person or entity engaged in any student
    recruitment or admission activity or in making decisions
    regarding the award of Title&#160;IV funds. The Department of
    Education has also stated its intention to revise its internal
    guidance concerning enforcement of the incentive payment rule.
    Although there can be no assurance that the Department of
    Education would not find deficiencies in Strayer
    University&#146;s compensation and third-party contractual
    arrangements, Strayer University believes that its arrangements
    will comply with the incentive compensation provisions of the
    Program Integrity Regulations upon the effective date.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Misrepresentation</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the Higher Education Act, the Department of Education may
    fine, suspend or terminate the participation in Title&#160;IV
    programs by an institution that engages in substantial
    misrepresentation of the nature of its educational program, its
    financial charges, or the employability of its graduates. The
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Program Integrity Regulations set forth the types of activities
    that constitute misrepresentation and describe the adverse
    actions that the Department of Education may take if it finds
    that an institution or a third party that provides educational
    programs, marketing, advertising, recruiting or admissions
    services to the institution engaged in substantial
    misrepresentation. The new rule specifies the types of
    statements that can subject the institution to liability for
    misrepresentation, the nature and form of misleading statements,
    and provides that an institution may not describe the eligible
    institution&#146;s participation in Title&#160;IV programs in a
    manner that suggests approval or endorsement by the
    U.S.&#160;Department of Education of the quality of its
    educational programs.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Gainful
    Employment Reporting and Disclosure</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the Higher Education Act, a proprietary institution
    offering programs of study other than a baccalaureate degree in
    liberal arts (for which there is a limited statutory exception)
    must prepare students for gainful employment in a recognized
    occupation. While the Department of Education has yet to publish
    final rules regarding the definition of gainful employment, the
    Program Integrity Regulations establish new annual reporting
    requirements that are applicable to these programs, with the
    first reporting requirements due October&#160;1, 2011 for the
    <FONT style="white-space: nowrap">2006-2007</FONT>
    (if available),
    <FONT style="white-space: nowrap">2007-2008</FONT>
    and
    <FONT style="white-space: nowrap">2009-2010</FONT>
    federal financial aid award years. For each such program, an
    institution must report specific information regarding the
    program, the students enrolled in the program, and students who
    completed the program, including the amount the student received
    from private educational loans and institutional financing
    plans, as well as information on whether the student
    matriculated to a higher credentialed program at the institution
    or transferred to such a program at another institution.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, for each program subject to the new rule, the
    institution must provide prospective students with several new
    disclosures related to the occupations that the program prepares
    students to enter; the on-time graduation rate; tuition, fees,
    and costs; placement rates; and median loan debt. The
    institution must include the disclosures listed above in
    promotional materials it makes available to prospective
    students, and post them on its website. The Department of
    Education plans to develop a disclosure form that institutions
    will be required to use.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">New
    Programs</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Program Integrity Rules establish requirements intended to
    remain in place until the Department of Education implements
    performance-based standards for approving additional programs
    using gainful employment measures. These regulations require an
    institution to notify the Department of Education of new
    programs (defined in the regulations) that are subject to
    gainful employment requirements. Notification must be made at
    least 90&#160;days before the first day of class. The
    institution may proceed to offer the program, unless the
    Department of Education advises the institution that the
    additional educational program must be approved.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Administration
    of Financial Aid</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Several of the Program Integrity Regulations relate to the
    administration of financial aid, including the areas of the
    definition of online attendance, definition of credit hours,
    measuring satisfactory academic progress, return of federal
    funds when a student withdraws, verification and disbursement.
    Strayer University has reviewed the regulations and its internal
    processes in order to comply with these new requirements.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Definition
    of Gainful Employment in a Recognized Occupation</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Department of Education expects to issue in 2011 final rules
    related to the definition of gainful employment, which will take
    effect on July&#160;1, 2012. Under the proposed rule, in order
    to remain eligible to participate in Title&#160;IV programs,
    proprietary institutions of higher education would be required
    to satisfy at least one of two tests for gainful employment: the
    repayment rate test and the
    <FONT style="white-space: nowrap">debt-to-income</FONT>
    ratio. On September&#160;9, 2010 Strayer University filed
    comments expressing grave
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    concerns about the Department of Education&#146;s proposed rule
    on gainful employment, including the metrics used to calculate
    repayment rates and
    <FONT style="white-space: nowrap">debt-to-income</FONT>
    measures. We have also expressed our concerns to the Department
    of Education regarding preliminary institution-specific
    repayment rate data released by the Department of Education in
    connection with the proposed rule that varied significantly from
    our internal analysis. We filed a Freedom of Information Act
    request with the Department of Education and to date have not
    received responsive information. We cannot predict the substance
    of the final rules related to the definition of gainful
    employment. Under the proposed regulations, if a particular
    program does not meet the definition of &#147;gainful
    employment,&#148; the program could be subject to increased
    disclosure requirements, limits on enrollment growth,
    termination of Title&#160;IV eligibility,
    <FONT style="white-space: nowrap">and/or</FONT> other
    consequences. On February&#160;18, 2011, the U.S. House of
    Representatives, by a vote of
    <FONT style="white-space: nowrap">289-136-1,</FONT>
    passed Amendment No.&#160;214 to the Continuing Resolution, H.R.
    1, which amendment would prohibit the Department of Education
    from using any appropriated funds to implement, administer,
    enforce or issue a final regulation defining gainful employment
    in the Fiscal Year ending September&#160;30, 2011.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Additional
    Information</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We maintain a website at www.strayereducation.com. The
    information on our website is not incorporated by reference in
    this Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    and our web address is included as an inactive textual reference
    only. We make available on our website our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K,</FONT>
    Quarterly Reports on
    <FONT style="white-space: nowrap">Form&#160;10-Q,</FONT>
    Current Reports on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    and amendments to those reports filed or furnished pursuant to
    Section&#160;13(a) or 15(d) of the Exchange Act as soon as
    reasonably practicable after we electronically file such
    material with, or furnish it to, the SEC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    and other reports filed with the SEC can be read or copied at
    the SEC&#146;s Public Reference Room at 100&#160;F&#160;Street,
    NE, Washington,&#160;D.C. 20549. Information on the operation of
    the Public Reference Room can be obtained by calling the SEC at
    <FONT style="white-space: nowrap">1-800-SEC-0330.</FONT>
    The SEC maintains a website that contains reports, proxy and
    information statements, and other information regarding issuers
    that file electronically with the SEC; the website address is
    www.sec.gov.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;1A.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='W80904103'></A><B><FONT style="font-family: 'Times New Roman', Times">Risk
    Factors</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Investing in our common stock involves a high degree of risk.
    You should carefully consider the following risk factors and all
    other information contained in this Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    or in the documents incorporated by reference herein before
    deciding to purchase our common stock. The occurrence of any of
    the following risks could materially harm our business,
    adversely affect the market price of our common stock and could
    cause you to suffer a partial or complete loss of your
    investment. See &#147;Cautionary Notice Regarding
    Forward-Looking Statements.&#148;</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Related to Extensive Regulation of Our Business</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">If we
    fail to comply with the extensive regulatory requirements for
    our business, we could face significant monetary liabilities,
    fines and penalties, including loss of access to federal student
    loans and grants for our students.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As a provider of higher education, we are subject to extensive
    regulation on both the federal and state levels. In particular,
    the Higher Education Act and related regulations subject Strayer
    University and all other higher education institutions that
    participate in the various federal student financial aid
    programs under Title&#160;IV of the Higher Education Act
    (Title&#160;IV programs) to significant regulatory scrutiny.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Higher Education Act mandates specific regulatory
    responsibilities for each of the following components of the
    higher education regulatory triad: (1)&#160;the federal
    government through the U.S.&#160;Department of Education (the
    Department of Education); (2)&#160;the accrediting agencies
    recognized by the U.S.&#160;Secretary of Education (Secretary of
    Education) and (3)&#160;state education regulatory bodies.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The regulations, standards and policies of these regulatory
    agencies frequently change, and changes in, or new
    interpretations of, applicable laws, regulations, standards or
    policies could have a material adverse effect on our
    accreditation, authorization to operate in various states,
    permissible activities, receipt of funds under Title&#160;IV
    programs or costs of doing business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If we are found to be in noncompliance with any of these laws,
    regulations, standards or policies, we could lose our access to
    Title&#160;IV program funds, which would have a material adverse
    effect on our business. In the 2010 fall term, approximately 73%
    of our students participated in one or more Title&#160;IV
    programs. Findings of noncompliance also could result in our
    being required to pay monetary damages, or being subjected to
    fines, penalties, injunctions, restrictions on our access to
    Title&#160;IV program funds or other censure that could have a
    material adverse effect on our business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Rulemaking
    by the U.S. Department of Education could result in regulatory
    changes that may have a material adverse effect on our
    business.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Department of Education issued on October&#160;28, 2010
    final rules that address program integrity issues for
    post-secondary education institutions participating in
    Title&#160;IV programs, most of which will take effect on
    July&#160;1, 2011. The Department of Education expects to issue
    final rules in 2011 related to the definition of gainful
    employment, which will take effect on July&#160;1, 2012. We
    cannot predict the substance of the final rules related to the
    definition of gainful employment. We filed public comments on
    July&#160;30, 2010 and September&#160;9, 2010 that collectively
    address issues related to incentive compensation, state
    authorization, substantial misrepresentation, and the definition
    of gainful employment under Title&#160;IV. We also raised
    concerns about metrics regarding gainful employment and
    preliminary institution-specific repayment rate data released by
    the Department of Education which varied from our internal
    analysis. According to the Department of Education&#146;s data
    release on August&#160;13, 2011, while the proposed rule
    evaluates eligibility on a program by program basis, Strayer
    University, as an institution, did not satisfy the repayment
    rate test. We requested additional information from the
    Department of Education, including through a Freedom of
    Information Act request to understand better their data, but to
    date have received no responsive information. Under the proposed
    regulations, if a particular program does not meet the
    definition of &#147;gainful employment,&#148; the program could
    be subject to increased disclosure requirements, limits on
    enrollment growth, termination of Title&#160;IV eligibility,
    <FONT style="white-space: nowrap">and/or</FONT> other
    consequences. On February&#160;18, 2011, the U.S. House of
    Representatives, by a vote of
    <FONT style="white-space: nowrap">289-136-1,</FONT>
    passed Amendment No.&#160;214 to the Continuing Resolution, H.R.
    1, which amendment would prohibit the Department of Education
    from using any appropriated funds to implement, administer,
    enforce or issue a final regulation defining gainful employment
    in the Fiscal Year ending September&#160;30, 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We cannot predict how the recently released or any other
    resulting regulations will be interpreted, and therefore whether
    the Department of Education would determine we are in compliance
    with these requirements. Compliance with the final rules could
    affect how we conduct our business, and insufficient time or
    lack of sufficient guidance for compliance could have a material
    adverse effect on our business. Uncertainty surrounding the
    final rules, interpretive regulations or guidance by the
    Department of Education may continue for some period of time and
    may adversely affect our business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Congressional
    examination of for-profit post-secondary education could lead to
    legislation or other governmental action that may negatively
    affect the industry.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In 2010, the U.S.&#160;Congress increased its focus on
    for-profit education institutions, including regarding
    participation in Title&#160;IV programs and U.S.&#160;Department
    of Defense oversight of tuition assistance for military service
    members attending for-profit colleges. Since June 2010 the HELP
    Committee has held hearings to examine the proprietary education
    sector. On August&#160;5, 2010, the Company received a letter
    from Senator Tom Harkin, Chairman of the HELP Committee,
    requesting documents as part of a review of matters related to
    proprietary institutions whose students receive Title&#160;IV
    aid, and Strayer University is cooperating with the inquiry.
    Other Committees of the U.S.&#160;Congress have also held
    hearings into, among other things, the standards and procedures
    of
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    accrediting agencies, credit hours and program length, and the
    portion of federal student financial aid going to for-profit
    institutions. A number of legislators have variously requested
    the GAO to review and make recommendations regarding, among
    other things, recruitment practices, educational quality,
    student outcomes, the sufficiency of integrity safeguards
    against waste, fraud and abuse in Title&#160;IV programs, and
    the percentage of proprietary institutions&#146; revenue coming
    from Title&#160;IV and other federal funding sources. GAO
    released two reports critical of for-profit post-secondary
    education, including that employees at a non-random sample of 15
    proprietary institutions (not Strayer University) made deceptive
    statements to students about accreditation, graduation rates,
    job placement, program costs, and financial aid; and criticizing
    of the Department of Education&#146;s efforts to enforce the ban
    on incentive payments. This increased activity is expected to
    continue and may result in legislation, further rulemaking
    affecting participation in Title&#160;IV programs, and other
    governmental actions. In addition, concerns generated by
    Congressional activity may adversely affect enrollment in and
    revenues of for-profit educational institutions. Limitations on
    the amount of federal student financial aid for which our
    students are eligible under Title&#160;IV could materially and
    adversely affect our business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We are
    dependent on the renewal and maintenance of Title&#160;IV
    programs.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Congress historically has reauthorized the Higher Education Act,
    which is the law governing Title&#160;IV programs, approximately
    every five to six years. Congress completed the most recent
    reauthorization through multiple pieces of legislation and may
    reauthorize the Higher Education Act in a piecemeal manner in
    the future. Additionally, Congress determines the funding level
    for each Title&#160;IV program on an annual basis. Any action by
    Congress that significantly reduces funding for Title&#160;IV
    programs or the ability of our school or students to participate
    in these programs could materially harm our business. A
    reduction in government funding levels could lead to lower
    enrollments at our school and require us to arrange for
    alternative sources of financial aid for our students. Lower
    student enrollments or our inability to arrange such alternative
    sources of funding could adversely affect our business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We are
    subject to compliance reviews, which, if they resulted in a
    material finding of non-compliance could affect our ability to
    participate in Title&#160;IV programs.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Because we operate in a highly regulated industry, we are
    subject to compliance reviews and claims of non-compliance and
    related lawsuits by government agencies, accrediting agencies
    and third parties, including claims brought by third parties on
    behalf of the federal government. For example, the Department of
    Education regularly conducts program reviews of educational
    institutions that are participating in Title&#160;IV programs
    and the Office of Inspector General of the Department of
    Education regularly conducts audits and investigations of such
    institutions. In August 2010, the Secretary of Education
    announced plans to increase the number of program reviews by 50%
    to 300 in 2011. On August&#160;5, 2010, the Department of
    Education notified the Company that it would conduct a program
    review of Strayer University&#146;s administration of
    Title&#160;IV programs. The Department of Education has
    conducted its
    <FONT style="white-space: nowrap">on-site</FONT>
    inspection, and the results of the program review are pending.
    We cannot predict when the review will be completed or what the
    results will be. If the program review finds that we are not
    complying with Title&#160;IV and its implementing regulations,
    the Department of Education could impose sanctions or conditions
    that could have a material adverse effect on our operations and
    financial condition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">If we
    fail to maintain our institutional accreditation or if our
    institutional accrediting body loses recognition by the
    Department of Education, we would lose our ability to
    participate in Title&#160;IV programs.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The loss of accreditation by the Middle States, one of the six
    regional accrediting agencies recognized by the Secretary of
    Education would, among other things, render Strayer University
    ineligible to participate in Title&#160;IV programs and would
    have a material adverse effect on our business.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, an adverse action by Middle States other than loss
    of accreditation, such as issuance of a warning, could have a
    material adverse effect on our business. Increased scrutiny of
    accreditors by the Secretary of Education in connection with the
    Department of Education&#146;s recognition process may result in
    increased scrutiny of institutions by accreditors or have other
    consequences. In June 2010, the Department of Education found
    that, because the Middle States Association sought to increase
    control over the Middle States Commission, the accrediting
    agency was no longer &#147;separate and independent,&#148; as
    required for recognition by the Department of Education for
    federal student financial aid purposes. The Department of
    Education required the Middle States Commission to come into
    compliance with that standard by December&#160;15, 2010. The
    Middle States Commission informed accredited institutions in
    January 2011 that it had resolved the controversy with the
    Middle States Association. As far as we are aware, Middle States
    maintains its recognition by the Department of Education and is
    scheduled in Spring 2012 for its next review by NACIQI for
    renewal of recognition, as required for recognition by the
    Department of Education for federal student financial aid
    purposes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">If we
    fail to maintain any of our state authorizations, we would lose
    our ability to operate in that state and to participate in
    Title&#160;IV programs there.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    With respect to each campus, Strayer University is authorized to
    operate and to grant degrees, diplomas or certificates by the
    applicable education agency of the state where the campus is
    located. Such state authorization is required in order for
    students at the campus to be eligible to participate in
    Title&#160;IV programs. The loss of authorization in a state
    would, among other things, render Strayer University ineligible
    to participate in Title&#160;IV programs at least at those state
    campus locations, limit Strayer University&#146;s ability to
    operate in that state and could have a material adverse effect
    on our business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As part of the program integrity regulations effective
    July&#160;1, 2011, the Department of Education has adopted new
    regulations regarding state licensure. Under the new rules, a
    proprietary institution is considered legally authorized by a
    state if the state has a process to review and appropriately act
    on complaints concerning the institution, including enforcing
    applicable state laws, and the institution complies with any
    applicable state approval or licensure requirements consistent
    with the new rules. The revised rules also specify that if an
    institution offers post-secondary education through distance
    education to students in a state in which it is not physically
    located or in which it is otherwise subject to state
    jurisdiction as determined by the state, the institution must
    meet any state requirements for it to be legally offering
    post-secondary distance or correspondence education in that
    state.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Strayer University has implemented a process for obtaining the
    required state licensure and believes that it will be in
    compliance with the new rules by the effective date. However, if
    a state in which Strayer has a physical campus or in which
    students taking online classes reside fails to comply with the
    provisions of the new rule, fails to provide the University with
    legal authorization, or fails to issue the requested information
    to provide the University with an extension under the rule, it
    could have a material adverse affect on our operations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">If we
    fail to obtain recertification by the Department of Education
    when required, we would lose our ability to participate in
    Title&#160;IV programs.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    An institution generally must seek recertification from the
    Department of Education at least every six years and possibly
    more frequently depending on various factors, such as whether it
    is provisionally certified. The Department of Education may also
    review an institution&#146;s continued eligibility and
    certification to participate in Title&#160;IV programs, or scope
    of eligibility and certification, in the event the institution
    undergoes a change in ownership resulting in a change of control
    or expands its activities in certain ways, such as the addition
    of certain types of new programs, or, in certain cases, changes
    to the academic credentials that it offers. In certain
    circumstances, the Department of Education must provisionally
    certify an institution. The Department of Education may withdraw
    our certification if it determines that we are not fulfilling
    material requirements for continued participation in
    Title&#160;IV programs. If the Department of Education does not
    renew or withdraws our certification to participate
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    in Title&#160;IV programs, our students would no longer be able
    to receive Title&#160;IV program funds, which would have a
    material adverse effect on our business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each institution participating in Title&#160;IV programs must
    enter into a Program Participation Agreement with the Department
    of Education. Under the agreement, the institution agrees to
    follow the Department of Education&#146;s rules and regulations
    governing Title&#160;IV programs. On June&#160;4, 2010, Strayer
    University submitted to the Department of Education its fully
    completed recertification application for renewal of its
    participation in Title&#160;IV programs. Because the
    recertification application was submitted more than 90 calendar
    days before September&#160;30, 2010 (the term of the current
    agreement), the University&#146;s eligibility to participate in
    federal student financial aid programs continues on a
    <FONT style="white-space: nowrap">month-to-month</FONT>
    basis while the recertification is pending with the Department
    of Education. We cannot predict when review of that application
    will be completed or what the results will be.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">A
    failure to demonstrate administrative capability or financial
    responsibility may result in the loss of eligibility to
    participate in Title&#160;IV programs.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If we fail to maintain administrative capability as defined by
    the Department of Education, we could lose our eligibility to
    participate in Title&#160;IV programs or have that eligibility
    adversely conditioned, which would have a material adverse
    effect on our business. Furthermore, if we fail to demonstrate
    financial responsibility under the Department of
    Education&#146;s regulations, we could lose our eligibility to
    participate in Title&#160;IV programs or have that eligibility
    adversely conditioned, which would have a material adverse
    effect on our business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Student
    loan defaults could result in the loss of eligibility to
    participate in Title&#160;IV programs.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In general, under the Higher Education Act, an educational
    institution may lose its eligibility to participate in some or
    all Title&#160;IV programs if, for three consecutive federal
    fiscal years, 25% or more of its students who were required to
    begin repaying their student loans in the relevant federal
    fiscal year default on their payment by the end of the next
    federal fiscal year. In addition, an institution may lose its
    eligibility to participate in some or all Title&#160;IV programs
    if its default rate for a federal fiscal year was greater than
    40%.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Beginning with cohort default rate calculations for federal
    fiscal year 2009, the cohort default rate will be calculated by
    determining the rate at which borrowers who become subject to
    their repayment obligation in the relevant federal fiscal year,
    default by the end of the second (rather than next) federal
    fiscal year that follows that fiscal year. The current method of
    calculating rates will remain in effect and will be used to
    determine institutional eligibility until three consecutive
    years of official cohort default rates calculated under the new
    formula are available. In addition, the cohort default rate
    threshold of 25% will be increased to 30% for purposes of
    certain sanctions and requirements related to cohort default
    rates. If we lose eligibility to participate in Title&#160;IV
    programs because of high student loan default rates, it would
    have a material adverse effect on our business. Strayer
    University&#146;s cohort default rates for the 2006, 2007, and
    2008 federal fiscal years, the three most recent years for which
    this information is available, were 3.8%, 6.0%, and 6.7%,
    respectively. The average cohort default rates for proprietary
    institutions nationally were 9.7%, 11.0%, and 11.6% for federal
    fiscal years 2006, 2007, and 2008, respectively.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    school could lose its eligibility to participate in federal
    student financial aid programs or be provisionally certified
    with respect to such participation if the percentage of our
    revenues derived from those programs were too
    high.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A proprietary institution may lose its eligibility to
    participate in the federal student financial aid programs if it
    derives more than 90% of its revenues, on a cash basis, from
    these programs for two consecutive fiscal years. A proprietary
    institution of higher education that violates the 90/10 Rule for
    any fiscal year will be placed on provisional status for two
    fiscal years. Using the formula specified in
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    the Higher Education Opportunity Act, we derived approximately
    78% of our cash-basis revenues from these programs in 2009.
    Certain members of Congress have proposed to revise the 90/10
    Rule to count DOD tuition assistance and veterans education
    benefits, along with Title&#160;IV revenue, toward the 90%
    limit. If we were to violate the 90/10 Rule, the loss of
    eligibility to participate in the federal student financial aid
    programs would have a material adverse effect on our business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    failure to comply with the Department of Education&#146;s
    incentive compensation rules could result in sanctions and other
    liability.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If we pay a bonus, commission or other incentive payment in
    violation of applicable Department of Education rules or if the
    Department or other third parties interpret our compensation
    practices as such, we could be subject to sanctions or other
    liability, which could have a material adverse effect on our
    business. The Department of Education has stated an intention to
    revise its internal enforcement guidance, which may result in
    stiffer administrative penalties for violations of the incentive
    payment rule.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    failure to comply with the Department of Education&#146;s new
    misrepresentation rules could result in sanctions and other
    liability.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Higher Education Act prohibits an institution that
    participate in Title&#160;IV programs from engaging in
    &#147;substantial misrepresentation&#148; of the nature of its
    educational program, its financial charges, or the employability
    of its graduates. The Department of Education&#146;s Program
    Integrity Regulations, effective July&#160;1, 2011, would
    interpret this provision to prohibit any statement on those
    topics, made by the institution or a third party that provides
    educational programs, marketing, advertising, recruiting, or
    admissions services to the institution, that has the likelihood
    or tendency to confuse. In the event of substantial
    misrepresentation, the Department of Education may revoke an
    institution&#146;s program participation agreement, limit the
    institution&#146;s participation in Title&#160;IV programs, deny
    applications from the institution such as to add new programs or
    locations, initiate proceedings to fine the institution or
    limit, suspend, or terminate its eligibility to participate in
    Title&#160;IV programs. If the Department of Education or other
    third parties interpret statements made by us or on our behalf
    to be in violation of the new regulations, we could be subject
    to sanctions and other liability, which could have a material
    adverse effect on our business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We are
    subject to sanctions if we fail to calculate accurately and make
    timely payment of refunds of Title&#160;IV program funds for
    students who withdraw before completing their educational
    program.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Higher Education Act and Department of Education regulations
    require us to calculate refunds of unearned Title&#160;IV
    program funds disbursed to students who withdraw from their
    educational program before completing it. If refunds are not
    properly calculated or timely paid, we may be required to post a
    letter of credit with the Department of Education or be subject
    to sanctions or other adverse actions by the Department of
    Education, which could have a material adverse effect on our
    business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Investigations,
    legislative and regulatory developments and general credit
    market conditions related to the student loan industry may
    result in fewer lenders and loan products and increased
    regulatory burdens and costs.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Higher Education Opportunity Act contains new requirements
    pertinent to relationships between lenders and institutions. In
    2009 the Department of Education promulgated regulations that
    address these relationships, and state legislators have also
    passed or may be considering legislation related to
    relationships between lenders and institutions. These
    developments as well as legislative and regulatory changes such
    as those relating to gainful employment and repayment rates
    creating uncertainty in the industry and general credit market
    conditions may cause some lenders to decide not to provide
    certain loan products and may impose increased administrative
    and regulatory costs. Such
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    actions could reduce demand for
    <FONT style="white-space: nowrap">and/or</FONT>
    availability of private education loans, decrease Strayer
    University&#146;s non-Title&#160;IV revenue and thereby increase
    Strayer University&#146;s 90/10 ratio and have a material
    adverse effect on our business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We
    rely on one or more third parties to administer our
    participation in Title&#160;IV programs and failure to comply
    with applicable regulations by a third-party or by us could
    cause us to lose our eligibility to participate in Title&#160;IV
    programs.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Global Financial Aid Services, Inc. (Global) assists us with
    administration of our participation in Title&#160;IV programs,
    and other third parties assist us with other aspects of our
    participation in the Title&#160;IV programs. Because Strayer
    University is jointly and severally liable to the Department of
    Education for the actions of third-party servicers, failure of
    such servicers to comply with applicable regulations could have
    a material adverse effect on Strayer University, including loss
    of eligibility to participate in Title&#160;IV programs. If any
    of the third party servicers discontinue providing such services
    to us, we may not be able to replace them in a timely,
    cost-efficient, or effective manner, or at all, and we could
    lose our ability to comply with the requirements of the
    Title&#160;IV programs, which could adversely affect our
    enrollment, revenues and results of operations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Related to Our Business</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    growth rate is uncertain, and we may not be able to assess our
    future growth prospects effectively.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We have experienced a period of significant growth since the
    beginning of 2001. Over this period, we opened 75 new campuses
    and our revenue increased 23% between 2000 and 2010 on a
    compound annual basis. We increased our faculty from 430 to over
    2,700. We increased our average annual student enrollment from
    10,600 to 56,000. We increased our annual graduates from 2,200
    to 9,000, and since 2000 we have graduated a total of
    approximately 51,000 students.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our rate of growth depends on a number of factors, including
    many of the regulatory risks discussed above. We recently
    revised our 2011 business model in view of the impact of recent
    activity by the Department of Education and the
    U.S.&#160;Congress, acknowledging two quarters of lower growth
    in enrollments including reductions in new enrollments. In view
    of this, our rate of growth in 2011 is likely to be lower than
    in 2010. Further, until regulatory and legislative matters have
    been clarified, it may be difficult to assess whether there has
    been an impact on our long term growth prospects. We have
    confirmed our intention to continue to invest in new campuses
    and to continue to pursue our strategic goals. However, there
    can be no assurance as to what our growth rate will be or as to
    the steps we may need to take if regulatory and legislative
    matters are not clarified reasonably quickly or favorably.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    strategy of opening new campuses and adding new services is
    dependent on our forecast of the demand for adult-focused
    post-secondary education and on regulatory
    approvals.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Establishing new locations and adding new services require us to
    expend significant resources, including making human capital and
    financial capital investments, incurring marketing expenses and
    reallocating other resources. Since significant growth in
    enrollment in new campuses is required for them to become
    profitable, our willingness to add new campuses depends on our
    ability to predict growth in enrollment. The recent activity by
    the Department of Education and the U.S.&#160;Congress has
    introduced uncertainties into our business model and has slowed
    our pace of opening of new campuses. To open a new location, we
    are required to obtain appropriate federal, state, and
    accrediting agency approvals, which may be conditioned or
    delayed in a manner that could significantly affect our growth
    plans. We cannot assure investors that we will continue to open
    new campus locations or add new services in the future.
</DIV>
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    37
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    future success depends in part upon our ability to recruit and
    retain key personnel.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our success to date has been, and our continuing success will
    be, substantially dependent upon our ability to attract and
    retain highly qualified executive officers, faculty and
    administrators and other key personnel. If we cease to employ
    any of these integral personnel or fail to manage a smooth
    transition to new personnel, our business could suffer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    success depends in part on our ability to update and expand the
    content of existing academic programs and develop new programs
    in a cost-effective manner and on a timely basis.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our success depends in part on our ability to update and expand
    the content of our academic programs, develop new programs in a
    cost-effective manner and meet students&#146; needs in a timely
    manner. Prospective employers of our graduates increasingly
    demand that their entry-level employees possess appropriate
    technological and other skills. The update and expansion of our
    existing programs and the development of new programs may not be
    received favorably by students, prospective employers or the
    online education market. If we cannot respond to changes in
    industry requirements, our business may be adversely affected.
    Even if we are able to develop acceptable new programs, we may
    not be able to introduce these new programs as quickly as
    students require due to regulatory constraints or as quickly as
    our competitors introduce competing new programs.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    financial performance depends in part on our ability to continue
    to develop awareness of the academic programs we offer among
    working adult students.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The continued development of awareness of the academic programs
    we offer among working adult students is critical to the
    continued acceptance and growth of our programs. If we are
    unable to continue to develop awareness of the programs we
    offer, this could limit our enrollments and negatively impact
    our business. The following are some of the factors that could
    prevent us from successfully marketing our programs:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    the emergence of more successful competitors;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    customer dissatisfaction with our services and programs;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    performance problems with our online systems;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    our failure to maintain or expand our brand or other factors
    related to our marketing.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Congressional
    and other governmental activities could damage the reputation of
    Strayer University and limit our ability to attract and retain
    students.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On August&#160;5, 2010, the Company received a letter from
    Senator Tom Harkin, Chairman of the HELP Committee, requesting
    documents as part of a review of matters related to proprietary
    institutions whose students receive Title&#160;IV aid, and
    Strayer University is cooperating with the inquiry. On
    August&#160;13, 2011, the Department of Education released
    preliminary data reflecting its calculation of a repayment rate
    proposed to be used in its gainful employment notice of proposed
    rulemaking. Although the data were preliminary in nature, the
    repayment rate test was neither final nor binding, and the
    proposed rule evaluates eligibility on a program by program
    basis, the data released on August&#160;13, 2011 suggested that
    Strayer University, as an institution, did not satisfy the
    repayment rate test. We requested additional information from
    the Department of Education, including through a Freedom of
    Information Act request to understand better their data, but to
    date have received no responsive information. Under the proposed
    regulations, if a particular program does not meet the
    definition of &#147;gainful employment,&#148; the program could
    be subject to increased disclosure requirements, limits on
    enrollment growth, termination of Title&#160;IV eligibility,
    <FONT style="white-space: nowrap">and/or</FONT> other
    consequences. These and other governmental activities, even if
    resulting in no adverse findings or actions against Strayer,
    singly or cumulatively could affect public perception of
    investor-funded higher education, damage the reputation of
    Strayer University, and limit our ability to attract and retain
    students.
</DIV>
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We
    face strong competition in the post-secondary education
    market.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Post-secondary education in our market area is highly
    competitive. We compete with traditional public and private
    two-year and four-year colleges, other for-profit schools and
    alternatives to higher education, such as employment and
    military service. Public colleges may offer programs similar to
    those of Strayer University at a lower tuition level as a result
    of government subsidies, government and foundation grants,
    tax-deductible contributions and other financial sources not
    available to proprietary institutions. Some of our competitors
    in both the public and private sectors have substantially
    greater financial and other resources than we do. Congress, the
    Department of Education, and other agencies require increasing
    disclosure of information to consumers. While we believe that
    Strayer University provides valuable education to its students,
    we cannot predict the bases on which individual students and
    potential students will choose among the range of educational
    and other options available to them. This strong competition
    could adversely affect our business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Strayer
    University relies on exclusive proprietary rights and
    intellectual property, and competitors may attempt to duplicate
    Strayer programs and methods.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Third parties may attempt to develop competing programs or
    duplicate or copy aspects of Strayer University&#146;s
    curriculum, online library, quality management and other
    proprietary content. Any such attempt, if successful, could
    adversely affect our business. In the ordinary course of its
    business, Strayer develops intellectual property of many kinds
    that is or will be the subject of copyright, trademark, service
    mark, patent, trade secret or other protections. Such
    intellectual property includes but is not limited to
    Strayer&#146;s courseware materials for classes taught online
    and business know-how and internal processes and procedures
    developed to respond to the requirements of its various
    education regulatory agencies.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Seasonal
    and other fluctuations in our operating results could adversely
    affect the trading price of our common stock.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our business is subject to seasonal fluctuations, which cause
    our operating results to fluctuate from quarter to quarter. This
    fluctuation may result in volatility or have an adverse effect
    on the market price of our common stock. We experience, and
    expect to continue to experience, seasonal fluctuations in our
    revenue. Historically, our quarterly revenues and income have
    been lowest in the third quarter (July through September)
    because fewer students are enrolled during the summer months. We
    also incur significant expenses in preparing for our peak
    enrollment in the fourth quarter (October through December),
    including investing in online and campus infrastructure
    necessary to support increased usage. These investments result
    in fluctuations in our operating results which could result in
    volatility or have an adverse effect on the market price of our
    common stock. In addition, the online education market is a
    rapidly evolving market, and we may not be able to forecast
    accurately future enrollment growth and revenues.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Regulatory
    requirements may make it more difficult to acquire
    us.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A change in ownership resulting in a change of control of
    Strayer would trigger a requirement for recertification of
    Strayer University by the Department of Education for purposes
    of participation in federal student financial aid programs, a
    review of Strayer University&#146;s accreditation by Middle
    States and reauthorization of Strayer University by certain
    state licensing and other regulatory agencies. If we underwent a
    change of control that required approval by any state authority,
    Middle States or any federal agency, and any required regulatory
    approval were significantly delayed, limited or denied, there
    could be a material adverse effect on our ability to offer
    certain educational programs, award certain degrees, diplomas or
    certificates, operate one or more of our locations, admit
    certain students or participate in Title&#160;IV programs, which
    in turn could have a material adverse effect on our business.
    These factors may discourage takeover attempts.
</DIV>
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    <BR>
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    <B><I><FONT style="font-family: 'Times New Roman', Times">Capacity
    constraints or system disruptions to Strayer University&#146;s
    computer networks could damage the reputation of Strayer
    University and limit our ability to attract and retain
    students.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The performance and reliability of Strayer University&#146;s
    computer networks, especially the online educational platform,
    is critical to our reputation and ability to attract and retain
    students. Any system error or failure, or a sudden and
    significant increase in traffic, could result in the
    unavailability of Strayer University&#146;s computer networks.
    We cannot assure you that Strayer University, including its
    online educational platform, will be able to expand its program
    infrastructure on a timely basis sufficient to meet demand for
    its programs. Strayer University&#146;s computer systems and
    operations could be vulnerable to interruption or malfunction
    due to events beyond its control, including natural disasters
    and telecommunications failures. Any interruption to Strayer
    University&#146;s computer systems or operations could have a
    material adverse effect on our ability to attract and retain
    students.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Strayer
    University&#146;s computer networks may be vulnerable to
    security risks that could disrupt operations and require it to
    expend significant resources.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Strayer University&#146;s computer networks may be vulnerable to
    unauthorized access, computer hackers, computer viruses and
    other security problems. A user who circumvents security
    measures could misappropriate proprietary information or cause
    interruptions or malfunctions in operations. As a result,
    Strayer University may be required to expend significant
    resources to protect against the threat of these security
    breaches or to alleviate problems caused by these breaches.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    personal information that we collect may be vulnerable to
    breach, theft or loss that could adversely affect our reputation
    and operations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Possession and use of personal information in our operations
    subjects us to risks and costs that could harm our business. We
    collect, use and retain large amounts of personal information
    regarding our students and their families, including social
    security numbers, tax return information, personal and family
    financial data and credit card numbers. We also collect and
    maintain personal information of our employees in the ordinary
    course of our business. Some of this personal information is
    held and managed by certain of our vendors. Although we use
    security and business controls to limit access and use of
    personal information, a third party may be able to circumvent
    those security and business controls, which could result in a
    breach of student or employee privacy. In addition, errors in
    the storage, use or transmission of personal information could
    result in a breach of student or employee privacy. Possession
    and use of personal information in our operations also subjects
    us to legislative and regulatory burdens that could require
    notification of data breaches and restrict our use of personal
    information. We cannot assure you that a breach, loss or theft
    of personal information will not occur. A breach, theft or loss
    of personal information regarding our students and their
    families or our employees that is held by us or our vendors
    could have a material adverse effect on our reputation and
    results of operations and result in liability under state and
    federal privacy statutes and legal actions by state authorities
    and private litigants, and any of which could have a material
    adverse effect on our business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Strayer
    University, with its online programs, operates in a highly
    competitive market with rapid technological changes and it may
    not compete successfully.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Online education is a highly fragmented and competitive market
    that is subject to rapid technological change. Competitors vary
    in size and organization from traditional colleges and
    universities, many of which have some form of online education
    programs, to for-profit schools, corporate universities and
    software companies providing online education and training
    software. We expect the online education and training market to
    be subject to rapid changes in technologies. Strayer
    University&#146;s success will depend on its ability to adapt to
    these changing technologies.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    40
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    not be able successfully to complete or integrate any future
    acquisitions.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As part of our growth strategy, we expect to consider selective
    acquisitions. We cannot assure investors that we will be able to
    complete successfully any acquisitions on favorable terms, or
    that if we do, we will be able to integrate successfully the
    personnel, operations and technologies of any such acquisitions.
    Our failure to complete or integrate successfully future
    acquisitions could disrupt our business and materially and
    adversely affect our profitability and liquidity by distracting
    our management and employees and increasing our expenses. In
    addition, because an acquisition is considered a change in
    ownership and control of the acquired institution under
    applicable regulatory standards, we must seek approval from the
    Department of Education, if the acquired institution
    participates in Title&#160;IV programs, and most applicable
    state agencies and accrediting agencies and possibly other
    regulatory bodies when we acquire an institution. If we were
    unable to obtain such approvals of an institution we acquired,
    depending on the size of that acquisition, that failure could
    have a material adverse effect on our business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;1B.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='W80904104'></A><B><FONT style="font-family: 'Times New Roman', Times">Unresolved
    Staff Comments</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    There are no SEC staff comments on our periodic SEC reports
    which are unresolved.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;2.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='W80904105'></A><B><FONT style="font-family: 'Times New Roman', Times">Properties</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We lease our campus and administrative facilities except for
    five campus facilities which we own. Our campuses are located in
    Alabama, Arkansas, Delaware, Florida, Georgia, Indiana,
    Kentucky, Louisiana, Maryland, Mississippi, New Jersey, North
    Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas,
    Utah, Virginia, West Virginia, Wisconsin, and
    Washington,&#160;D.C., and our corporate headquarters is located
    in Virginia. Our leases generally range from five to
    10&#160;years with one to two renewal options for extended
    terms. As of December&#160;31, 2010, we leased 97 campus and
    administrative facilities consisting of approximately
    1.7&#160;million square feet. The facilities that we own consist
    of approximately 110,000&#160;square feet.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We evaluate current utilization of our facilities and
    anticipated enrollment to determine facility needs. We estimate
    that an additional 100,000&#160;square feet will be leased in
    2011.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;3.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='W80904106'></A><B><FONT style="font-family: 'Times New Roman', Times">Legal
    Proceedings</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    From time to time, the Company is involved in litigation and
    other legal proceedings arising out of the ordinary course of
    its business. On October&#160;15, 2010, a putative securities
    class action styled <I>Kinnett&#160;v. Strayer Education, Inc.,
    et al</I>., was filed in the United States District Court for
    the Middle District of Florida. On January&#160;3, 2011, a
    shareholder derivative complaint styled <I>Vakharloskaya&#160;v.
    Silberman et al., </I>was filed in Florida state court in
    Hillsborough County, Florida. The Company believes these
    lawsuits to be without merit and will contest them vigorously.
    While the outcome of any legal proceedings cannot be predicted
    with certainty, the Company does not presently expect that this
    matter will have a material effect on its financial condition or
    results of operations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;4.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='W80904107'></A><B><FONT style="font-family: 'Times New Roman', Times">[Removed
    and Reserved]</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    41
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='W80904108'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PART&#160;II</FONT></B>
</DIV>

</A>
<A name='W80904109'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;5.&#160;&#160;Market
    for Registrant&#146;s Common Equity, Related Stockholder Matters
    and Issuer Purchases of Equity Securities</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our common stock is traded on the NASDAQ Stock Market under the
    symbol &#147;STRA.&#148; The following table sets forth, for the
    periods indicated, the high, low, and closing sale prices of our
    common stock, as reported on the NASDAQ Stock Market.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="56%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Cash<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Dividends<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>High</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Low</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Close</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Declared</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>2010</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    First Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    248.45
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    190.72
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    243.52
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Second Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    262.44
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    205.42
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    207.89
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Third Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    244.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    139.96
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    174.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Fourth Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    181.99
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    124.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    152.22
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>2009</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    First Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    237.70
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    143.53
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    179.87
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Second Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    222.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    156.97
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    218.11
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Third Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    223.99
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    195.48
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    217.68
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Fourth Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    231.36
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    188.52
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    212.52
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of February&#160;1, 2011, there were 13,269,670&#160;shares
    of common stock outstanding, and approximately 67 holders of
    record. In addition, there are approximately 13,000
    institutional and other holders of common stock whose shares are
    held in nominee accounts by brokers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We have established a policy of declaring quarterly cash
    dividends on our common stock. Consistent with this policy, we
    have paid common stock dividends on a quarterly basis for over
    nine years. We announced in October 2010 that, commencing with
    our fourth quarter dividend paid on December&#160;10, 2010, we
    were increasing our annual dividend by 33% to $4.00 per share
    from $3.00 per share. This increase in annual dividends resulted
    in a quarterly dividend payment of $1.00 per share. We paid
    $44.5&#160;million in dividends in 2010. Whether to declare
    dividends and the amount of dividends to be paid in the future
    will be reviewed periodically by our Board of Directors in light
    of our earnings, cash flow, financial condition, capital needs,
    investment opportunities and regulatory considerations. There is
    no requirement or assurance that common dividends will continue
    to be paid.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Peer
    Group Performance Graph</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following performance graph compares the cumulative
    stockholder return on our common stock since December&#160;31,
    2005 with The NASDAQ Stock Market (U.S.) Index and a
    self-determined peer group consisting of Apollo Group, Inc.
    (APOL), Career Education Corporation (CECO), Corinthian
    Colleges, Inc. (COCO), DeVry, Inc. (DV), and ITT Educational
    Services, Inc. (ESI). At present, there is no comparative index
    for the education industry. This graph is not deemed to be
    &#147;soliciting material&#148; or to be filed with the SEC or
    subject to the SEC&#146;s proxy rules or to the liabilities of
    Section&#160;18 of the Securities Exchange Act, and the graph
    shall not be deemed to be incorporated by reference into any of
    our prior or subsequent filings under the Securities Act or the
    Securities Exchange Act.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    42
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Comparison
    of 60 Month Cumulative Total Return*<BR>
    Among Strayer Education, Inc.<BR>
    The NASDAQ Stock Market (U.S.) Index and a Peer Group</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="w80904w8090401.gif" alt="(PERFORMANCE GRAPH)">
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="46%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Name</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>12/31/05</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>12/31/06</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>12/31/07</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>12/31/08</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>12/31/09</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>12/31/10</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Strayer Education, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    113
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    182
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    229
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    227
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    162
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    NASDAQ Stock Market (U.S.)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    110
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    120
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    72
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    103
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    120
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Peer Group
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    101
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    145
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    153
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    146
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    104
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">*&#160;
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">The comparison assumes $100 was
    invested on December&#160;31, 2005 in our common stock, the
    NASDAQ Stock Market (U.S.) Index and the peer companies selected
    by us.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Note: Peer group consists of Apollo Group, Inc., Career
    Education Corporation, Corinthian Colleges, Inc., DeVry, Inc.
    and ITT Educational Services, Inc.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    There were no sales by us of unregistered securities during the
    year ended December&#160;31, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In November 2003, our Board of Directors authorized us to
    repurchase shares of common stock in open market purchases from
    time to time at the discretion of our management, depending on
    market conditions and other corporate considerations. Our Board
    of Directors amended the program on various dates, increasing
    the repurchase amount authorized and extending the expiration
    date. At December&#160;31, 2010, approximately
    $107.7&#160;million of our share repurchase authorization was
    remaining for repurchases through the end of 2011. All of our
    share repurchases were effected in compliance with
    <FONT style="white-space: nowrap">Rule&#160;10b-18</FONT>
    under the Exchange Act. Many repurchases were made in accordance
    with a share repurchase plan adopted by us under
    <FONT style="white-space: nowrap">Rule&#160;10b5-1</FONT>
    under the Exchange Act, and we continue to have such a plan in
    place. This share repurchase plan and our overall share
    repurchase program may be modified, suspended or terminated at
    any time by us without notice.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    43
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A summary of our share repurchases since the inception of the
    plan is as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="52%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Total<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Average<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>dollar price<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Cost of share<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>shares<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>paid per<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>repurchases<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>repurchased</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>share</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(millions)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2003
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32,350
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    99.57
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2004
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    346,444
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    106.13
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2005
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    410,071
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    92.59
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2006
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    349,066
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2007
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    260,818
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    146.05
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    603,382
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    180.86
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    109.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    451,613
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    177.34
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    80.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    687,340
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    168.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    115.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,141,084
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    145.12
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    455.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A summary of our share repurchases during the three months ended
    December&#160;31, 2010 is as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="49%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Total<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Average<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Remaining<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>dollar price<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>authorization<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>shares<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>paid per<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>under the plan<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>repurchased<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>share</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(millions)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    October
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37,744
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    171.23
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    130.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    November
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    257,950
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    138.89
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    107.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    December
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    107.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    295,694
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    143.02
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    107.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 4%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;&#160;&#160;&#160;&#160;All shares repurchased were
    part of a publicly announced plan.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;6.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='W80904110'></A><B><FONT style="font-family: 'Times New Roman', Times">Selected
    Financial Data</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table sets forth, for the periods and at the dates
    indicated, selected consolidated financial and operating data.
    The financial information has been derived from our consolidated
    financial statements. The information set forth below is
    qualified by reference to and should be read in conjunction with
    our consolidated financial statements and notes thereto and
    &#147;Management&#146;s Discussion and Analysis of Financial
    Condition and Results of Operations&#148; and other information
    included elsewhere or incorporated by reference in this Annual
    Report on
    <FONT style="white-space: nowrap">Form&#160;10-K.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    44
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="45%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom">
    <B>(In thousands, except per share, enrollment and campus
    data)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Income Statement Data:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Revenues
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    263,648
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    318,012
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    396,275
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    511,961
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    636,732
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Costs and expenses:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Instruction and educational support
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    91,120
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    108,852
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    130,836
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    166,604
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    205,212
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Marketing and admissions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    52,269
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    60,760
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    76,162
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    93,336
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    114,164
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    General and administration
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40,723
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50,843
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62,426
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    79,667
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    101,585
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Income from operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    79,536
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    97,557
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    126,851
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    172,354
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    215,771
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Investment and other income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,542
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,495
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,527
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,408
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,228
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Income before income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    84,078
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    104,052
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    131,378
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    173,762
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    216,999
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Provision for income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31,771
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    39,115
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50,570
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    68,684
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    85,739
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    52,307
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    64,937
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    80,808
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    105,078
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    131,260
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Net income per share:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Basic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3.69
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4.56
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5.77
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    7.67
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    9.78
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Diluted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3.61
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4.47
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5.67
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    7.60
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    9.70
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Weighted average shares outstanding:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Basic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,187
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,248
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,015
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,703
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,426
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Diluted<SUP style="font-size: 85%; vertical-align: top">(a)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,492
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,517
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,242
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,825
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,535
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Other Data:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Depreciation and amortization
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    7,059
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,523
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,761
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    13,937
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    17,309
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Stock-based compensation expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,049
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,207
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,127
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,954
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,987
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Capital expenditures
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    13,183
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    14,869
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    20,657
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    30,431
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    46,015
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash dividends per common share (paid):
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Regular
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.31
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.63
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2.25
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3.25
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Special
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Average
    enrollment<SUP style="font-size: 85%; vertical-align: top">(b)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27,554
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32,087
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38,449
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47,142
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56,002
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Campuses<SUP style="font-size: 85%; vertical-align: top">(c)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    60
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    71
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    84
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Full-time
    employees<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,097
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,301
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,488
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,811
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,099
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="51%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>At December&#160;31,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" align="center" valign="bottom">
    <B>(In thousands)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Balance Sheet Data:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash, cash equivalents and marketable securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    128,426
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    171,335
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    107,331
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    116,516
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    76,493
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Working
    capital<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    122,204
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    131,734
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    112,679
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    105,735
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62,205
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    270,844
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    343,778
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    324,563
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    385,805
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    412,767
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Long-term liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,689
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,922
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,663
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,745
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,644
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    99,317
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    155,271
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    148,482
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    195,985
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    236,763
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total stockholders&#146; equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    171,527
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    188,507
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    176,081
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    189,820
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    176,004
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 9pt">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">Diluted weighted average shares
    outstanding include common shares issued and outstanding, and
    the dilutive impact of restricted stock and outstanding stock
    options using the Treasury Stock Method.
    </FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 9pt">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">Reflects average student enrollment
    for the four academic terms for each year indicated.
    </FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 9pt">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">Reflects number of campuses
    offering classes during the fourth quarter of each year
    indicated.
    </FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 9pt">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">Reflects full-time employees
    including full-time faculty as of December 31 of each year.
    </FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 9pt">(e)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">Working capital is calculated by
    subtracting current liabilities from current assets.
    </FONT></TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    45
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;7.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='W80904111'></A><B><FONT style="font-family: 'Times New Roman', Times">Management&#146;s
    Discussion and Analysis of Financial Condition and Results of
    Operations</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>You should read the following discussion in conjunction with
    &#147;Selected Historical Financial and Other Information,&#148;
    our consolidated financial statements and the notes thereto, the
    &#147;Cautionary Notice Regarding Forward-Looking
    Statements,&#148; Item&#160;1A entitled &#147;Risk Factors&#148;
    and the other information appearing elsewhere, or incorporated
    by reference, in this Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K.</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Background
    and Overview</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are an education services holding company that owns Strayer
    University. Strayer University is an institution of higher
    education which offers undergraduate and graduate degree
    programs at 89 campuses (including three new campuses opened for
    the 2011 winter term and two new campuses opened for the 2011
    spring term) in Alabama, Arkansas, Delaware, Florida, Georgia,
    Indiana, Kentucky, Louisiana, Maryland, Mississippi, New Jersey,
    North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee,
    Texas, Utah, Virginia, West Virginia, Wisconsin, and
    Washington,&#160;D.C., and worldwide via the Internet. We plan
    to open a total of eight new campuses in 2011, including the
    five that have already been opened.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As set forth below, average enrollment, full-time tuition rates,
    revenues, income from operations, net income, and diluted net
    income per share have all increased in each of the last three
    years.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="61%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Average enrollment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38,449
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47,142
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56,002
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    % Change from prior year
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Full-time tuition (per course)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,355
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,435
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,515
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    % Change from prior year
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Revenues (in thousands)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    396,275
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    511,961
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    636,732
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    % Change from prior year
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Income from operations (in thousands)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    126,851
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    172,354
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    215,771
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    % Change from prior year
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net income (in thousands)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    80,808
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    105,078
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    131,260
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    % Change from prior year
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Diluted net income per share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5.67
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    7.60
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    9.70
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    % Change from prior year
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Strayer University derives approximately 97% of its revenue from
    tuition collected from its students. The academic year of the
    University is divided into four quarters, which approximately
    coincide with the four quarters of the calendar year. Students
    make payment arrangements for the tuition for each course prior
    to the beginning of the quarter. When students register for
    courses, tuition is recorded as unearned tuition, and is
    recognized in the quarter of instruction. If a student withdraws
    from a course prior to completion, the University refunds a
    portion of the tuition depending on when the withdrawal occurs.
    Tuition revenue is shown net of any refunds, withdrawals,
    corporate discounts, employee tuition discounts and
    scholarships. The University also derives revenue from other
    sources such as textbook-related income, application fees,
    commencement fees, placement test fees, withdrawal fees, loan
    administration fees, and other income, which are all recognized
    when earned.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    At the time of registration, unearned tuition (a liability) is
    recorded for academic services to be provided and a tuition
    receivable is recorded for the portion of the tuition not paid
    up front in cash. Because the University&#146;s academic
    quarters coincide with the calendar quarters, tuition receivable
    at the end of any calendar quarter largely represents student
    tuition due for the following academic quarter. Based upon past
    experience and judgment, the University establishes an allowance
    for doubtful accounts with respect to accounts receivable not
    included in unearned tuition. Any uncollected account more than
    six months past due is charged against the allowance. Our bad
    debt expense as a percentage of revenues for the years ended
    December&#160;31, 2008, 2009, and 2010 was 3.2%, 4.1% and 3.8%,
    respectively.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    46
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Strayer University&#146;s expenses consist of instruction and
    educational support expenses, marketing and admissions expenses,
    and general and administration expenses. Instruction and
    educational support expenses generally contain items of expense
    directly attributable to the educational activity of the
    University. This expense category includes salaries and benefits
    of faculty and academic administrators. Instruction and
    educational support expenses also include costs of educational
    supplies and facilities, including rent for campus facilities,
    certain costs of establishing and maintaining computer
    laboratories and all other physical plant and occupancy costs,
    with the exception of costs attributable to the corporate
    offices.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Marketing and admissions expenses include salaries and benefits
    of personnel engaged in admissions, retention, marketing and
    business development, as well as costs of advertising and
    production of marketing materials.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    General and administration expenses include salaries and
    benefits of management and employees engaged in student
    services, accounting, human resources, compliance and other
    corporate functions, along with the occupancy costs attributable
    to such functions. Bad debt expense is also included as a
    general and administration expense.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Investment and other income consists primarily of earnings and
    realized gains or losses on investments.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Critical
    Accounting Policies and Estimates</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;Management&#146;s Discussion and Analysis of Financial
    Condition and Results of Operations&#148; discusses our
    consolidated financial statements, which have been prepared in
    accordance with accounting principles generally accepted in the
    United States of America. The preparation of these consolidated
    financial statements requires management to make estimates and
    judgments that affect the reported amounts of assets,
    liabilities, revenues and expenses and the related disclosures
    of contingent assets and liabilities. On an ongoing basis,
    management evaluates its estimates and judgments related to its
    allowance for uncollectible accounts, income tax provisions,
    valuation of deferred tax assets, forfeiture rates for
    stock-based compensation plans and accrued expenses. Management
    bases its estimates and judgments on historical experience and
    various other factors and assumptions that are believed to be
    reasonable under the circumstances, the results of which form
    the basis for making judgments regarding the carrying values of
    assets and liabilities that are not readily apparent from other
    sources. Actual results may differ from these estimates under
    different assumptions or conditions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Management believes that the following critical accounting
    policies are its more significant judgments and estimates used
    in the preparation of its consolidated financial statements.
    Tuition revenue is deferred at the time of registration and is
    recognized as income, net of any refunds or withdrawals, in the
    respective quarter of instruction. Advance registrations for the
    next quarter are recorded as unearned tuition. We record
    estimates for our allowance for uncollectible accounts for
    tuition receivable from students. If the financial condition of
    our students were to deteriorate, resulting in impairment of
    their ability to make required payments for tuition payable to
    us, additional allowances may be required. We record estimates
    for our accrued expenses and income tax liabilities. We
    periodically review our assumed forfeiture rates for stock-based
    awards and adjust them as necessary. Should actual results
    differ from our estimates, revisions to our accrued expenses,
    stock-based compensation expense, and income tax liabilities may
    be required.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">New
    Campuses</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our goal is to serve the demand for post-secondary adult
    education nationwide by opening new campuses every year. A new
    campus typically requires up to $1&#160;million in upfront
    capital costs for leasehold improvements, furniture and
    fixtures, and computer equipment. In the first year of
    operation, assuming a mid-year opening, we expect to incur
    operating losses of approximately $1&#160;million including
    depreciation related to the upfront capital costs. A new campus
    is typically expected to begin
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    47
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    generating operating income on a quarterly basis in four to six
    quarters of operation, which is generally upon reaching an
    enrollment level of about 300 students. Our new campus notional
    model assumes an increase of average enrollment by
    <FONT style="white-space: nowrap">100-150</FONT>
    students per year until reaching a level of about 1,000
    students. Given the potential internal rate of return achieved
    with each new campus opening new campuses is an important part
    of our strategy. We believe we have sufficient capital resources
    from cash, cash equivalents, marketable securities, cash
    generated from operating activities and availability on our
    credit facility (discussed below) to continue to open new
    campuses for at least the next 12&#160;months.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We plan to open eight new campuses in 2011 including five
    already opened. We opened 13 new campuses in 2010 and 11 in
    2009. See &#147;New Campuses Opened&#148; table in Item&#160;1
    for information regarding the locations of these new campuses.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Global
    Online Operations Centers</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We have two Global Online Operations Centers to accommodate the
    demand among students who neither live nor work near a physical
    campus location. One operations center is located in Chantilly,
    Virginia and the other is located in Salt Lake City, Utah.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Results
    of Operations</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In 2010, we generated $636.7&#160;million in revenue, a 24%
    increase compared to 2009, primarily as a result of average
    enrollment growth of 19% and a 5% tuition increase which
    commenced in January 2010. Income from operations was
    $215.8&#160;million in 2010, an increase of 25% compared to
    2009. Net income in 2010 was $131.3&#160;million, an increase of
    25% compared to 2009. Earnings per diluted share was $9.70 in
    2010 compared to $7.60 in 2009, an increase of 28%.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table sets forth certain income statement data as
    a percentage of revenues for the periods indicated:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="64%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Revenues
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Costs and expenses:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Instruction and educational support
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Marketing and admissions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    General and administration
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Income from operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Investment and other income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Income before income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Provision for income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.4
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.6
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Effective tax rate
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38.5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    39.5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    39.5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Year
    Ended December&#160;31, 2010 Compared To Year Ended
    December&#160;31, 2009</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Enrollment.</I>&#160;&#160;Average enrollment increased 19%
    to 56,002 students for the year ended December&#160;31, 2010
    from 47,142 students for the same period in 2009. This growth is
    principally due to new campus openings, growth in our mature
    markets and an increase in the number of students in markets
    outside of commuting distance to a Strayer University physical
    campus through the University&#146;s online programs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Revenues.</I>&#160;&#160;Revenues increased 24% to
    $636.7&#160;million in 2010 from $512.0&#160;million in 2009
    principally due to a 19% increase in the average enrollment and
    a 5% tuition increase which commenced in January 2010.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    48
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Instruction and educational support
    expenses.</I>&#160;&#160;Instruction and educational support
    expenses increased $38.6&#160;million, or 23%, to
    $205.2&#160;million in 2010 from $166.6&#160;million in 2009.
    This increase was principally due to direct costs necessary to
    support the increase in student enrollments including faculty
    compensation, related academic staff salaries, and campus
    facility costs which increased $13.6&#160;million,
    $8.3&#160;million, and $6.7&#160;million, respectively. These
    costs as a percentage of revenues decreased to 32.2% in 2010
    from 32.5% in 2009, largely attributable to campus facility
    costs growing at a lower rate than tuition revenue.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Marketing and admissions expenses.</I>&#160;&#160;Marketing
    and admissions expenses increased $20.9&#160;million, or 22%, to
    $114.2&#160;million in 2010 from $93.3&#160;million in 2009.
    This increase was principally due to the increased cost of
    advertising in new markets and the addition of admissions
    personnel, particularly at new campuses and for online programs,
    which increased $14.0&#160;million and $5.1&#160;million,
    respectively. These expenses as a percentage of revenues
    decreased to 17.9% in 2010 from 18.2% in 2009, largely due to
    personnel costs growing at a lower rate than tuition revenue.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>General and administration expenses.</I>&#160;&#160;General
    and administration expenses increased $21.9&#160;million, or
    27%, to $101.6&#160;million in 2010 from $79.7&#160;million in
    2009. The increase is largely attributable to increased employee
    compensation and related expenses, higher bad debt expense, and
    other administrative expenses (e.g., professional services,
    travel, etc.) which increased by $7.0&#160;million,
    $3.4&#160;million and $6.6&#160;million, respectively. These
    expenses as a percentage of revenues increased to 16.0% in 2010
    from 15.6% in 2009, largely attributable to employee
    compensation and other administrative expenses growing faster
    than tuition revenues.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Income from operations.</I>&#160;&#160;Income from operations
    increased $43.4&#160;million, or 25%, to $215.8&#160;million in
    2010 from $172.4&#160;million in 2009, because of the factors
    discussed above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Investment and other income.</I>&#160;&#160;Investment and
    other income decreased $0.2&#160;million to $1.2&#160;million in
    2010 from $1.4&#160;million in 2009. This decrease was
    principally due to lower yields from our investments partly
    offset by a higher average cash balance and a $0.4&#160;million
    gain on the sale of marketable securities in 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Provision for income taxes.</I>&#160;&#160;Income tax expense
    increased $17.0&#160;million, or 25%, to $85.7&#160;million in
    2010 from $68.7&#160;million in 2009, primarily due to the
    increase in income before taxes attributable to the factors
    discussed above. Our effective tax rate was 39.5% for 2010 and
    2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Net income.</I>&#160;&#160;Net income increased
    $26.2&#160;million, or 25%, to $131.3&#160;million in 2010 from
    $105.1&#160;million in 2009 because of the factors discussed
    above.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Year
    Ended December&#160;31, 2009 Compared To Year Ended
    December&#160;31, 2008</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Enrollment.</I>&#160;&#160;Average enrollment increased 23%
    to 47,142 students for the year ended December&#160;31, 2009
    from 38,449 students for the same period in 2008. This growth is
    principally due to new campus openings, stable growth in our
    mature markets and the rapid growth in markets outside of
    commuting distance to a Strayer University physical campus
    through the University&#146;s online programs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Revenues.</I>&#160;&#160;Revenues increased 29% to
    $512.0&#160;million in 2009 from $396.3&#160;million in 2008
    principally due to a 23% increase in the average enrollment and
    a 5% tuition increase which commenced in January 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Instruction and educational support
    expenses.</I>&#160;&#160;Instruction and educational support
    expenses increased $35.8&#160;million, or 27%, to
    $166.6&#160;million in 2009 from $130.8&#160;million in 2008.
    This increase was principally due to direct costs necessary to
    support the increase in student enrollments including faculty
    compensation, related academic staff salaries, and campus
    facility costs which increased $10.7&#160;million,
    $9.4&#160;million, and $8.5&#160;million, respectively. These
    costs as a percentage of revenues decreased to 32.5% in 2009
    from 33.0% in 2008 largely attributable to faculty costs growing
    at a lower rate than tuition revenue.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    49
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Marketing and admissions expenses.</I>&#160;&#160;Marketing
    and admissions expenses increased $17.1&#160;million, or 23%, to
    $93.3&#160;million in 2009 from $76.2&#160;million in 2008. This
    increase was principally due to the increased cost of
    advertising in new markets and the addition of admissions
    personnel, particularly at new campuses and for online programs,
    which increased $12.8&#160;million and $3.2&#160;million,
    respectively. These expenses as a percentage of revenues
    decreased from 19.2% in 2008 to 18.2% in 2009 largely
    attributable to personnel costs growing at a lower rate than
    tuition revenue.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>General and administration expenses.</I>&#160;&#160;General
    and administration expenses increased $17.3&#160;million, or
    28%, to $79.7&#160;million in 2009 from $62.4&#160;million in
    2008. The increase is largely attributable to higher bad debt
    expense and increased employee compensation and related expenses
    at both corporate and campus locations, which increased by
    $8.1&#160;million and $4.2&#160;million, respectively. General
    and administration expenses as a percentage of revenues
    decreased slightly to 15.6% in 2009 from 15.8% in 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Income from operations.</I>&#160;&#160;Income from operations
    increased $45.5&#160;million, or 36%, to $172.4&#160;million in
    2009 from $126.9&#160;million in 2008, because of the factors
    discussed above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Investment and other income.</I>&#160;&#160;Investment and
    other income decreased $3.1&#160;million to $1.4&#160;million in
    2009 from $4.5&#160;million in 2008. This decrease was
    principally due to lower yields from our investments in a
    short-term tax-exempt bond fund and money market funds, and a
    lower average cash balance, as well as the recording of a gain
    on the sale of marketable securities of $0.8&#160;million
    recognized in 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Provision for income taxes.</I>&#160;&#160;Income tax expense
    increased $18.1&#160;million, or 36%, to $68.7&#160;million from
    $50.6&#160;million in 2008 in 2009 primarily due to the increase
    in income before taxes attributable to the factors discussed
    above. In addition, the effective tax rate increased to 39.5% in
    2009, compared to 38.5% in 2008, resulting primarily from lower
    income from tax-exempt securities in 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Net income.</I>&#160;&#160;Net income increased
    $24.3&#160;million, or 30%, to $105.1&#160;million in 2009 from
    $80.8&#160;million in 2008 because of the factors discussed
    above.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Seasonality</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our quarterly results of operations tend to vary significantly
    within a year because of student enrollment patterns. Enrollment
    generally is highest in the fourth quarter, or fall term, and
    lowest in the third quarter, or summer term. In 2010, enrollment
    by term was as follows:
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">2010
    Enrollment by Term</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="77%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Term</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Enrollment</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Winter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    55,106
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Spring
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    55,970
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Summer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    52,221
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Fall
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    60,711
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Average
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56,002
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    50
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table sets forth our revenues on a quarterly basis
    for the years ended December&#160;31, 2008, 2009 and 2010:
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Quarterly
    Revenues</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>(dollars in thousands)</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="37%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Three Months Ended</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Amount</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Percent</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Amount</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Percent</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Amount</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Percent</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    March 31
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    97,074
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    124,478
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    157,901
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June 30
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    97,928
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    125,931
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    159,283
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    September 30
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    86,993
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    114,351
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    147,597
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    December 31
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    114,280
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    147,201
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    171,951
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total for Year
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    396,275
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    511,961
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    636,732
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Costs generally are not affected by the seasonal factors as much
    as enrollment and revenue, and do not vary significantly on a
    quarterly basis.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Liquidity
    and Capital Resources</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    At December&#160;31, 2010, we had cash, cash equivalents and
    marketable securities of $76.5&#160;million compared to
    $116.5&#160;million at December&#160;31, 2009. Cash, cash
    equivalents, and marketable securities at December&#160;31, 2010
    included $12.4&#160;million invested in a short-term investment
    grade, tax-exempt bond fund which we have subsequently sold.
    Most of our excess cash is invested in money market funds.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We had no debt at December&#160;31, 2010 or at December&#160;31,
    2009. On January&#160;3, 2011, we entered into a new
    $100&#160;million unsecured revolving credit facility, which
    replaces our $15&#160;million revolving credit facility. The
    maximum amount of borrowings available under the new revolving
    credit facility is $100&#160;million, including a letter of
    credit subfacility of $50&#160;million. The new revolving credit
    facility matures in three years.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Borrowings under the new revolving credit facility bear interest
    at LIBOR or a base rate plus 1.75%, although higher margins up
    to 2.25% may apply based on our then ratio of consolidated total
    debt to EBITDA (earnings before interest, taxes, depreciation
    and amortization, and other non-cash charges). Unused portions
    of the new revolving credit facility carry an annual
    availability fee of 0.30%, which may increase to 0.40% based on
    our then ratio of consolidated total debt to EBITDA. The new
    revolving credit facility contains customary affirmative,
    negative and financial maintenance covenants, representations,
    warranties, events of default and remedies upon default
    including acceleration, and borrowing conditions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For the year ended December&#160;31, 2010, we generated
    $162.8&#160;million net cash from operating activities compared
    to $141.8&#160;million for the same period in 2009. Capital
    expenditures were $46.0&#160;million for the year ended
    December&#160;31, 2010 compared to $30.4&#160;million for the
    same period in 2009. Capital expenditures for the year ending
    December&#160;31, 2011 are expected to be in the range of 5-6%
    of 2011 revenues inclusive of the expected openings of eight new
    campuses. For the year ended December&#160;31, 2010, we paid
    $44.5&#160;million in regular cash dividends and invested
    $115.5&#160;million to repurchase common shares in the open
    market.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Commencing in the fourth quarter of 2010, we increased our
    annual cash dividend to $4.00 per share from $3.00 per share, or
    to $1.00 per share quarterly from $0.75 per share.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In 2010, bad debt expense as a percentage of revenue was 3.8%
    compared to 4.1% for the same period in 2009. Days sales
    outstanding, adjusted to exclude tuition receivable related to
    future quarters, was 13&#160;days at the end of the fourth
    quarter 2010 compared to 14&#160;days at the end of the fourth
    quarter 2009.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    51
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Currently, we invest our cash in bank overnight deposits, money
    market funds and a short-term tax-exempt bond fund. We believe
    that existing cash, cash equivalents, and marketable securities,
    cash generated from operating activities, and if necessary, cash
    borrowed under the credit facility, will be sufficient to meet
    our requirements for at least the next 12&#160;months.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The table below sets forth our cash and cash equivalents and
    marketable securities as of December&#160;31, 2008, 2009 and
    2010:
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Cash and
    Marketable Securities<BR>
    (in millions)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="68%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>At December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    56.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    64.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    64.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Marketable securities (short-term bond fund)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    52.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    107.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    116.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    76.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="67%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Investment and other income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Contractual
    Obligations</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The table below sets forth our contractual commitments
    associated with operating leases as of December&#160;31, 2010:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="43%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Payments Due By Period (in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Within<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>More than<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>1&#160;Year</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>1-3&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>3-5&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>5&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Operating leases
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    252,871
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    34,933
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    69,707
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    60,972
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    87,259
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Impact of
    Inflation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Inflation has not had a significant impact on our historical
    operations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Off-Balance
    Sheet Arrangements</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of December&#160;31, 2010, we do not have any off-balance
    sheet arrangements as defined by Item&#160;303(a)(4) of the
    Securities Exchange Commission
    <FONT style="white-space: nowrap">Regulation&#160;S-K.</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;7A.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='W80904112'></A><B><FONT style="font-family: 'Times New Roman', Times">Quantitative
    and Qualitative Disclosures about Market Risk</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are subject to the impact of interest rate changes and may be
    subject to changes in the market values of our current and
    future investments. We invest our excess cash in bank overnight
    deposits, money market funds and marketable securities. We have
    not used derivative financial instruments in its investment
    portfolio.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Earnings from investments in bank overnight deposits, money
    market mutual funds and marketable securities may be adversely
    affected in the future should interest rates change. Our future
    investment income may fall short of expectations due to changes
    in interest rates or we may suffer losses in principal if forced
    to sell securities that have declined in market value due to
    changes in interest rates. As of December&#160;31, 2010, a 10%
    increase or decrease in interest rates will not have a material
    impact on our future earnings, fair values or cash flows related
    to investments in cash equivalents or interest earning
    marketable securities.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    52
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;8.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='W80904113'></A><B><FONT style="font-family: 'Times New Roman', Times">Financial
    Statements and Supplementary Data</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">INDEX TO
    CONSOLIDATED FINANCIAL STATEMENTS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="95%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><U>Page</U></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Strayer Education, Inc.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Report of Independent Registered Public Accounting Firm
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    54
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Consolidated Balance Sheets as of December&#160;31, 2009 and 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    55
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Consolidated Statements of Income for each of the three years in
    the period ended December&#160;31, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Consolidated Statements of Comprehensive Income for each of the
    three years in the period ended December 31, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Consolidated Statements of Stockholders&#146; Equity for each of
    the three years in the period ended December&#160;31, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    57
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Consolidated Statements of Cash Flows for each of the three
    years in the period ended December&#160;31, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    58
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Notes to Consolidated Financial Statements
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    59
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="white-space: nowrap">Schedule&#160;II-Valuation</FONT>
    and Qualifying Accounts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    71
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All other schedules are omitted because they are not applicable
    or the required information is included in the consolidated
    financial statements or notes thereto.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    53
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='W80904300'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Report of
    Independent Registered Public Accounting Firm</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To Board of Directors and Stockholders
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Strayer Education, Inc.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In our opinion, the consolidated financial statements listed in
    the accompanying index present fairly, in all material respects,
    the financial position of Strayer Education, Inc. and its
    subsidiaries (the &#147;Company&#148;) at December&#160;31, 2010
    and 2009, and the results of their operations and their cash
    flows for each of the three years in the period ended
    December&#160;31, 2010 in conformity with accounting principles
    generally accepted in the United States of America. In addition,
    in our opinion, the financial statement schedule listed in the
    accompanying index  presents fairly, in all material respects,
    the information set forth therein when read in conjunction with
    the related consolidated financial statements. Also in our
    opinion, the Company maintained, in all material respects,
    effective internal control over financial reporting as of
    December&#160;31, 2010, based on criteria established in
    <I>Internal Control&#160;&#151; Integrated Framework </I>issued
    by the Committee of Sponsoring Organizations of the Treadway
    Commission (COSO). The Company&#146;s management is responsible
    for these financial statements and financial statement schedule,
    for maintaining effective internal control over financial
    reporting and for its assessment of the effectiveness of
    internal control over financial reporting, included in
    Management&#146;s Report on Internal Control Over Financial
    Reporting appearing under Item&#160;9A. Our responsibility is to
    express opinions on these financial statements, on the financial
    statement schedule, and on the Company&#146;s internal control
    over financial reporting based on our integrated audits. We
    conducted our audits in accordance with the standards of the
    Public Company Accounting Oversight Board (United States). Those
    standards require that we plan and perform the audits to obtain
    reasonable assurance about whether the financial statements are
    free of material misstatement and whether effective internal
    control over financial reporting was maintained in all material
    respects. Our audits of the financial statements included
    examining, on a test basis, evidence supporting the amounts and
    disclosures in the financial statements, assessing the
    accounting principles used and significant estimates made by
    management, and evaluating the overall financial statement
    presentation. Our audit of internal control over financial
    reporting included obtaining an understanding of internal
    control over financial reporting, assessing the risk that a
    material weakness exists, and testing and evaluating the design
    and operating effectiveness of internal control based on the
    assessed risk. Our audits also included performing such other
    procedures as we considered necessary in the circumstances. We
    believe that our audits provide a reasonable basis for our
    opinions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A company&#146;s internal control over financial reporting is a
    process designed to provide reasonable assurance regarding the
    reliability of financial reporting and the preparation of
    financial statements for external purposes in accordance with
    generally accepted accounting principles. A company&#146;s
    internal control over financial reporting includes those
    policies and procedures that (i)&#160;pertain to the maintenance
    of records that, in reasonable detail, accurately and fairly
    reflect the transactions and dispositions of the assets of the
    company; (ii)&#160;provide reasonable assurance that
    transactions are recorded as necessary to permit preparation of
    financial statements in accordance with generally accepted
    accounting principles, and that receipts and expenditures of the
    company are being made only in accordance with authorizations of
    management and directors of the company; and (iii)&#160;provide
    reasonable assurance regarding prevention or timely detection of
    unauthorized acquisition, use, or disposition of the
    company&#146;s assets that could have a material effect on the
    financial statements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Because of its inherent limitations, internal control over
    financial reporting may not prevent or detect misstatements.
    Also, projections of any evaluation of effectiveness to future
    periods are subject to the risk that controls may become
    inadequate because of changes in conditions, or that the degree
    of compliance with the policies or procedures may deteriorate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    PricewaterhouseCoopers LLP
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    McLean, Virginia
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    February&#160;22, 2011
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    54
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">


    <B><FONT style="font-family: 'Times New Roman', Times">STRAYER
    EDUCATION, INC.<BR>
    <A name='W80904301'> <!-- XBRL,bs -->CONSOLIDATED BALANCE SHEETS<BR>
    (in thousands, except share and per share data)</FONT></B></A>
</DIV>
<!-- XBRL,body -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="76%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="9" align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>ASSETS</B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Current assets:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    63,958
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    64,107
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Marketable securities available for sale, at fair value
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    52,558
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,386
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Tuition receivable, net of allowances for doubtful accounts of
    $6,175 and $7,935 in 2009 and 2010, respectively
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    165,142
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    199,600
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Other current assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,317
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,231
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total current assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    289,975
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    286,324
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Property and equipment, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    84,675
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    116,063
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Deferred income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,316
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,374
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Restricted cash
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,339
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,506
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    385,805
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    412,767
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD colspan="9">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="9" align="center" valign="bottom">
    <B>LIABILITIES AND STOCKHOLDERS&#146; EQUITY</B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Current liabilities:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Accounts payable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    21,261
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    31,280
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Accrued expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,794
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,512
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Income taxes payable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,100
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    934
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Unearned tuition
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    149,804
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    181,112
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Other current liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    281
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    281
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total current liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    184,240
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    224,119
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Long-term liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,745
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,644
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    195,985
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    236,763
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Commitments and contingencies
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Stockholders&#146; equity:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Common stock, par value $.01; 20,000,000&#160;shares authorized;
    13,957,596 and 13,316,822&#160;shares issued and outstanding as
    of December&#160;31, 2009 and 2010, respectively
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    140
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    133
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Additional paid-in capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,157
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,206
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Retained earnings
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    188,218
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    174,625
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Accumulated other comprehensive income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    305
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total stockholders&#146; equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    189,820
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    176,004
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total liabilities and stockholders&#146; equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    385,805
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    412,767
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- /XBRL,bs -->
<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The accompanying notes are an integral part of these
    consolidated financial statements.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    55
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">


    <B><FONT style="font-family: 'Times New Roman', Times">STRAYER
    EDUCATION, INC.<BR>
    <A name='W80904302'> <!-- XBRL,in -->CONSOLIDATED STATEMENTS OF
    INCOME<BR>
    (in thousands, except per share data)</FONT></B>
</DIV>
</A>
<!-- XBRL,body -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="68%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom">
    <B>For the Year Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Revenues
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    396,275
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    511,961
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    636,732
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Costs and expenses:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Instruction and educational support
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    130,836
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    166,604
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    205,212
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Marketing and admissions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    76,162
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    93,336
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    114,164
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    General and administration
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62,426
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    79,667
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    101,585
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Income from operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    126,851
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    172,354
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    215,771
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Investment and other income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,527
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,408
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,228
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Income before income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    131,378
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    173,762
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    216,999
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Provision for income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50,570
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    68,684
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    85,739
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    80,808
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    105,078
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    131,260
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net income per share:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Basic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5.77
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    7.67
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    9.78
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Diluted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5.67
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    7.60
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    9.70
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Weighted average shares outstanding:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Basic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,015
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,703
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,426
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Diluted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,242
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,825
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,535
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- /XBRL,in -->
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">


    <B><FONT style="font-family: 'Times New Roman', Times">STRAYER
    EDUCATION, INC.<BR>
    <A name='W80904303'> <!-- XBRL,in -->CONSOLIDATED STATEMENTS OF
    COMPREHENSIVE INCOME<BR>
    (in thousands)</FONT></B>
</DIV>
</A>
<!-- XBRL,body -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="69%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom">
    <B>For the Year Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    80,808
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    105,078
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    131,260
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other comprehensive income:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Unrealized (losses) gains on investments, net of taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (260
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    384
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (265
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Comprehensive income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    80,548
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    105,462
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    130,995
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- /XBRL,in -->
<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The accompanying notes are an integral part of these
    consolidated financial statements.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    56
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">


    <B><FONT style="font-family: 'Times New Roman', Times">STRAYER
    EDUCATION, INC.<BR>
    <A name='W80904304'> <!-- XBRL,se -->CONSOLIDATED STATEMENTS OF
    STOCKHOLDERS&#146; EQUITY<BR>
    (in thousands, except share data)</FONT></B>
</DIV>
</A>
<!-- XBRL,body -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="37%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Accumulated<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Additional<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Other<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Common Stock</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Paid-in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Retained<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Comprehensive<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Shares</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Par Value</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Capital</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Earnings</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(Loss) Income</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Balance, December&#160;31, 2007
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,426,634
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    144
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    87,080
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    101,102
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    181
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    188,507
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 19pt">
    Exercise of stock options
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    223,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,631
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,633
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 19pt">
    Tax benefit from exercise of stock options and vesting of
    restricted shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,033
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,033
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 19pt">
    Repurchase of common stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (603,382
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (6
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (109,119
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (109,125
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 19pt">
    Restricted stock grants, net of forfeitures
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42,937
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 19pt">
    Stock-based compensation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,561
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,561
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 19pt">
    Common stock dividends
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (23,076
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (23,076
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 19pt">
    Change in net unrealized losses on marketable securities, net of
    income tax
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (260
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (260
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 19pt">
    Net income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    80,808
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    80,808
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Balance, December&#160;31, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,089,189
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    141
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,185
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    158,834
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (79
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    176,081
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 19pt">
    Exercise of stock options
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    60,417
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,026
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,027
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 19pt">
    Tax benefit from exercise of stock options and vesting of
    restricted shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,011
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,011
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 19pt">
    Repurchase of common stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (451,613
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (36,016
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (44,067
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (80,088
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 19pt">
    Restricted stock grants, net of forfeitures
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    259,603
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 19pt">
    Stock-based compensation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,954
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,954
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 19pt">
    Common stock dividends
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (31,627
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (31,627
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 19pt">
    Change in net unrealized gains on marketable securities, net of
    income tax
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    384
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    384
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 19pt">
    Net income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    105,078
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    105,078
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Balance, December&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,957,596
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    140
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,157
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    188,218
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    305
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    189,820
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 19pt">
    Exercise of stock options
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,667
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    452
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    452
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 19pt">
    Tax benefit from exercise of stock options and vesting of
    restricted shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,808
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,808
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 19pt">
    Repurchase of common stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (687,340
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (7
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (15,198
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (100,312
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (115,517
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 19pt">
    Restricted stock grants, net of forfeitures
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    39,899
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 19pt">
    Stock-based compensation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,987
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,987
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 19pt">
    Common stock dividends
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (44,541
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (44,541
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 19pt">
    Change in net unrealized losses on marketable securities, net of
    income tax
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    ( 265
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (265
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 19pt">
    Net income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    131,260
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    131,260
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Balance, December&#160;31, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,316,822
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    133
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,206
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    174,625
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    40
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    176,004
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- /XBRL,se -->
<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The accompanying notes are an integral part of these
    consolidated financial statements.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    57
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">


    <B><FONT style="font-family: 'Times New Roman', Times">STRAYER
    EDUCATION, INC.<BR>
    <A name='W80904305'> <!-- XBRL,cf -->CONSOLIDATED STATEMENTS OF CASH
    FLOWS<BR>
    (in thousands)</FONT></B>
</DIV>
</A>
<!-- XBRL,body -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="65%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>For the Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash flows from operating activities:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    80,808
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    105,078
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    131,260
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Adjustments to reconcile net income to net cash provided by
    operating activities:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Loss on disposal of assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    248
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Amortization of gain on sale of assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (281
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (281
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (281
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Amortization of deferred rent
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (525
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (108
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    275
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Gain on sale of marketable securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (785
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (406
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Depreciation and amortization
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,761
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,937
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,309
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Deferred income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    226
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,564
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    353
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Stock-based compensation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,561
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,954
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,987
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Changes in assets and liabilities:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Tuition receivable, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (30,807
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (33,684
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (34,458
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Other current assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,217
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (232
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,153
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Other assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (43
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (896
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (258
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Accounts payable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,955
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,056
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,428
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Accrued expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,264
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,227
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,718
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Income taxes payable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,745
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,645
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,358
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Excess tax benefits from stock-based payment arrangements
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (18,033
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,011
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,808
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Unearned tuition
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,396
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34,932
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31,308
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Deferred lease incentives
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,547
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    471
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    905
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Net cash provided by operating activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    88,572
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    141,772
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    162,821
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash flows from investing activities:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Purchases of property and equipment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (20,657
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (30,431
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (46,015
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Purchases of marketable securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (50,969
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,085
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (559
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Proceeds from the sale of marketable securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    76,785
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40,700
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Net cash provided by (used in) investing activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,159
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (31,516
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5,874
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash flows from financing activities:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Regular common dividends paid
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (23,076
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (31,627
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (44,541
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Special common dividends paid
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (28,853
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Proceeds from exercise of stock options
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,633
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,027
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    452
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Excess tax benefits from stock-based payment arrangements
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,033
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,011
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,808
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Repurchase of common stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (109,125
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (80,088
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (115,517
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Net cash used in financing activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (132,388
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (102,677
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (156,798
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Net (decrease) increase in cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (38,657
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,579
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    149
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash and cash equivalents&#160;&#151; beginning of year
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    95,036
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56,379
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    63,958
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash and cash equivalents&#160;&#151; end of year
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    56,379
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    63,958
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    64,107
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Non-cash transactions:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Purchases of property and equipment included in accounts payable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    811
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,917
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,508
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
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<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The accompanying notes are an integral part of these
    consolidated financial statements.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    58
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">


    <B><FONT style="font-family: 'Times New Roman', Times">STRAYER
    EDUCATION, INC.<BR>
    <A name='W80904306'>NOTES&#160;TO CONSOLIDATED FINANCIAL
    STATEMENTS</FONT></B>
</DIV>
</A>
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">1.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Nature of
    Operations</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Strayer Education, Inc. (the &#147;Company&#148;), a Maryland
    corporation, conducts its operations through its wholly owned
    subsidiary, Strayer University (the &#147;University&#148;). The
    University is an accredited institution of higher education that
    provides undergraduate and graduate degrees in various fields of
    study through 89 campuses (including three campuses opened for
    the 2011 winter term and two opened for the 2011 spring term) in
    Alabama, Arkansas, Delaware, Florida, Georgia, Indiana,
    Kentucky, Louisiana, Maryland, Mississippi, New Jersey, North
    Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas,
    Utah, Virginia, West Virginia, Wisconsin, and
    Washington,&#160;D.C., and worldwide via the Internet. With the
    Company&#146;s focus on the student, regardless of whether he or
    she chooses to take classes at a physical campus or online, it
    has only one reporting segment.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">2.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Significant
    Accounting Policies</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In June 2009, the Financial Accounting Standards Board (the
    &#147;FASB&#148;) issued Statement of Financial Accounting
    Standards No.&#160;168, <I>The FASB Accounting Standards
    Codification and the Hierarchy of Generally Accepted Accounting
    Principles</I>, which was primarily codified into Accounting
    Standards Codification (&#147;ASC&#148;) Topic 105, Generally
    Accepted Accounting Standards. This standard is the single
    source of authoritative non-governmental U.S.&#160;generally
    accepted accounting principles, superseding existing FASB,
    American Institute of Certified Public Accountants, Emerging
    Issues Task Force, and related accounting literature. Also
    included is relevant Securities and Exchange Commission guidance
    organized using the same topical structure in separate sections.
    This guidance is effective for financial statements issued for
    reporting periods that ended after September&#160;15, 2009. This
    guidance impacts the Company&#146;s consolidated financial
    statements and related disclosures as all references to
    authoritative literature reflect the newly adopted codification.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Principles
    of Consolidation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The consolidated financial statements include the accounts of
    the Company and its subsidiaries, the University and Education
    Loan Processing, Inc. The University is the only subsidiary that
    is currently active. All inter-company accounts and transactions
    have been eliminated in the consolidated financial statements.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Cash and
    Cash Equivalents</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Cash and cash equivalents consist of cash invested in bank
    overnight deposits and money market mutual funds. The Company
    places its cash and temporary cash investments with various
    financial institutions. The Company considers all highly liquid
    instruments purchased with a maturity of three months or less at
    the date of purchase to be cash equivalents.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Marketable
    Securities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company invested some of its excess cash in a diversified,
    short-term, investment grade, tax-exempt bond fund. As of
    December&#160;31, 2010, the Company had $12.4&#160;million, as
    determined by the quoted market price, invested in this fund,
    which has since been liquidated. The investment is considered
    <FONT style="white-space: nowrap">&#147;available-for-sale&#148;</FONT>
    as it is not held for trading and will not be held to maturity,
    in accordance with the Investments&#160;&#151; Debt and Equity
    Securities Topic, ASC&#160;320. The Company records the net
    unrealized gains and losses for changes in fair value as a
    component of accumulated other comprehensive income in
    stockholders&#146; equity. Realized gains and losses from the
    sale of marketable securities are based on the specific
    identification method. Accounting Standards Codification
    <FONT style="white-space: nowrap">820-10</FONT>
    &#147;Fair Value Measurement&#148; (ASC
    <FONT style="white-space: nowrap">820-10)</FONT>
    establishes a framework for measuring fair value, establishes a
    fair value hierarchy based upon the observability of inputs used
    to measure fair value, and expands disclosures about fair value
    measurements.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    59
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">STRAYER
    EDUCATION, INC.<BR>
    NOTES&#160;TO CONSOLIDATED FINANCIAL
    STATEMENTS&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under
    <FONT style="white-space: nowrap">ASC&#160;820-10,</FONT>
    fair value of an investment is the price that would be received
    to sell an asset or to transfer a liability in an orderly
    transaction between market participants at the measurement date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The hierarchy gives the highest priority to investments with
    readily available quoted prices in an active market and the
    lowest priority to unobservable inputs which require a higher
    degree of judgment when measuring fair value, with Level&#160;1
    investments using quoted prices in active markets for identical
    assets or liabilities as of the measurement date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    At December&#160;31, 2010, all of the Company&#146;s investments
    were classified as Level&#160;1. Items not subject to fair value
    reporting include cash and cash equivalents and restricted cash
    totaling $64.6&#160;million.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Revenues</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company&#146;s educational programs are offered on a
    quarterly basis. Approximately 97% of the Company&#146;s
    revenues during the year ended December&#160;31, 2010 consisted
    of tuition revenue. Tuition revenue is recognized in the quarter
    of instruction. Tuition revenue is shown net of any refunds,
    withdrawals, corporate discounts, scholarships and employee
    tuition discounts. At the time of registration, a liability
    (unearned tuition) is recorded for academic services to be
    provided and a tuition receivable is recorded for the portion of
    the tuition not paid upfront in cash. Revenues also include
    textbook-related income, application fees, placement test fees,
    withdrawal fees, loan administration fees and other income,
    which are all recognized when incurred.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Concentration
    of Credit Risk</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company places its cash and temporary cash investments in
    money market mutual funds and bank overnight deposits with
    various financial institutions. Cash and cash equivalent
    balances are in excess of the FDIC insurance limit. The Company
    has not experienced any losses on its cash and cash equivalents.
    The Company has also invested its excess cash in a diversified,
    short-term, investment grade, tax-exempt bond fund that is
    classified under &#147;Marketable Securities.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Tuition receivables are not collateralized; however, credit risk
    is minimized as a result of the diverse nature of the
    University&#146;s student base. The University establishes an
    allowance for doubtful tuition accounts based upon historical
    trends and other information.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Property
    and Equipment</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Property and equipment are stated at cost less accumulated
    depreciation and amortization. In accordance with the Property,
    Plant and Equipment Topic, ASC&#160;360, the carrying values of
    the Company&#146;s assets are re-evaluated when events or
    changes in circumstances indicate that the carrying amount of an
    asset may not be recoverable. If it is determined that an
    impairment loss has occurred based on expected undiscounted
    future cash flows, then a loss is recognized using a fair-value
    based model. Through 2010, no such impairment loss had occurred.
    Depreciation and amortization of property and equipment is
    calculated using the straight-line method over the estimated
    useful lives ranging from 3 to 40&#160;years. Depreciation and
    amortization amounted to $10.8&#160;million, $13.9&#160;million
    and $17.3&#160;million for the years ended December&#160;31,
    2008, 2009, and 2010 respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Construction in progress includes costs of computer software
    developed for internal use, and is accounted for in accordance
    with the Internal-Use Software Topic,
    <FONT style="white-space: nowrap">ASC&#160;350-40.</FONT>
    Computer software development costs that are incurred in the
    preliminary project stage are expensed as incurred. During the
    development stage direct consulting costs, payroll and
    payroll-related costs for employees that are directly associated
    with the project are capitalized and will be amortized over the
    estimated useful life of the software once placed into operation.
</DIV>
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    <BR>
    60
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">STRAYER
    EDUCATION, INC.<BR>
    NOTES&#160;TO CONSOLIDATED FINANCIAL
    STATEMENTS&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Purchases of property and equipment and changes in accounts
    payable for each of the three years in the period ended
    December&#160;31, 2010 in the Consolidated Statements of Cash
    Flows have been adjusted to exclude non-cash purchases of
    property and equipment transactions during that period.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Income
    Taxes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company provides for deferred income taxes based on
    temporary differences between financial statement and income tax
    bases of assets and liabilities using enacted tax rates in
    effect in the year in which the differences are expected to
    reverse.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fair Value Measurements and Disclosures Topic, ASC&#160;740,
    requires the company to determine whether uncertain tax
    positions should be recognized within the Company&#146;s
    financial statements. As a result of the implementation of
    ASC&#160;740, no material adjustment in the liability for
    unrecognized income tax benefits was recognized. The amount of
    unrecognized tax benefits at the adoption date of
    January&#160;1, 2007 and at December&#160;31, 2010 was
    immaterial. The Company recognizes interest and penalties
    related to uncertain tax positions in income tax expense. As of
    December&#160;31, 2010, the amount of accrued interest and
    penalties related to uncertain tax positions was immaterial. The
    tax years
    <FONT style="white-space: nowrap">2008-2010</FONT>
    remain open to examination by the major taxing jurisdictions in
    which the Company is subject.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Advertising
    Costs</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company expenses advertising costs in the quarter incurred,
    except for costs associated with the production of television
    commercials which are expensed when the commercial is first
    aired.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Long-Term
    Liabilities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    At December&#160;31, 2010, the Company has no borrowings under
    its credit facility. Most of the Company&#146;s long-term
    liabilities are for lease incentives related to the opening of
    new campuses, the straight-lining of rent expense and a deferred
    gain related to the sale and lease back of a campus facility. In
    conjunction with the opening of some new campuses and other
    facilities, the Company was reimbursed by the lessors for
    improvements made to those leased properties. In accordance with
    the Operating Leases Subtopic,
    <FONT style="white-space: nowrap">ASC&#160;840-20,</FONT>
    these reimbursements were capitalized as leasehold improvements
    and a long-term liability established. The leasehold
    improvements and the long-term liability are amortized on a
    straight-line basis over the corresponding lease terms, which
    range from five to ten years. In accordance with
    <FONT style="white-space: nowrap">ASC&#160;840-20,</FONT>
    the Company records rent expense on a straight-line basis over
    the initial term of a lease. The difference between the rent
    payment and the straight-line rent expense is recorded as a
    long-term liability. The Company also records the non-current
    portion of the gain related to the sale and lease back of a
    campus facility as a long-term liability. (See Note&#160;7 below
    for more information.)
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Authorized
    Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company has authorized 20,000,000&#160;shares of common
    stock, par value $.01, of which 13,957,596 and
    13,316,822&#160;shares were issued and outstanding as of
    December&#160;31, 2009 and 2010, respectively. The Company also
    has authorized 8,000,000&#160;shares of preferred stock, none of
    which has been issued or outstanding since 2004. Before any
    preferred stock may be issued in the future, the Board of
    Directors would need to establish the preferences, conversion or
    other rights, voting powers, restrictions, limitations as to
    dividends, qualifications, and the terms or conditions of the
    redemption of the preferred stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Stock-Based
    Compensation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As required by the Stock Compensation Topic, ASC&#160;718, the
    Company measures and recognizes compensation expense for all
    share-based payment awards made to employees and directors,
    including
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    61
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">STRAYER
    EDUCATION, INC.<BR>
    NOTES&#160;TO CONSOLIDATED FINANCIAL
    STATEMENTS&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    employee stock options and employee stock purchases related to
    the Company&#146;s Employee Stock Purchase Plan, based on
    estimated fair values. Stock-based compensation expense
    recognized in the Consolidated Statements of Income for each of
    the three years in the period ended December 31 2010, is based
    on awards ultimately expected to vest and, therefore, has been
    adjusted for estimated forfeitures. The Company is required to
    estimate forfeitures at the time of grant and revise, if
    necessary, the estimate in subsequent periods if actual
    forfeitures differ from those estimates. The forfeiture rate
    used is based on historical experience.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Net
    Income Per Share</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Basic earnings per share is computed by dividing net income by
    the weighted average number of shares of common stock
    outstanding during the periods. Diluted earnings per share
    reflects the potential dilution that could occur assuming
    conversion or exercise of all dilutive unexercised stock options
    and restricted stock. The dilutive effect of stock awards was
    determined using the treasury stock method. Under the treasury
    stock method, all of the following are assumed to be used to
    repurchase shares of the Company&#146;s common stock:
    (1)&#160;the proceeds received from the exercise of stock
    options, (2)&#160;the amount of compensation cost associated
    with the stock awards for future service not yet recognized by
    the Company, and (3)&#160;the amount of tax benefits that would
    be recorded in additional paid-in capital when the stock awards
    become deductible for income tax purposes. Stock options are not
    included in the computation of diluted earnings per share when
    the stock option exercise price of an individual grant exceeds
    the average market price for the period. At December&#160;31,
    2010, the Company had no issued and outstanding stock options
    that were excluded from the calculation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Set forth below is a reconciliation of shares used to calculate
    basic and diluted earnings per share (in thousands).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="76%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Weighted average shares outstanding used to compute basic
    earnings per share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,015
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,703
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,426
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Incremental shares issuable upon the assumed exercise of stock
    options
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    63
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    49
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Unvested restricted stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    164
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    73
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    73
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Shares used to compute diluted earnings per share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,242
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,825
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,535
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Use of
    Estimates</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The preparation of financial statements in conformity with
    accounting principles generally accepted in the United States of
    America requires management to make estimates and assumptions
    that affect the reported amounts of assets and liabilities at
    the date of the financial statements and the reported amounts of
    expenses during the period reported. The most significant
    management estimates included allowances for uncollectible
    accounts, accrued expenses, forfeiture rates for stock-based
    awards, and the provision for income taxes. Actual results could
    differ from those estimates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Comprehensive
    Income</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Comprehensive income consists of net income and unrealized gains
    (losses) on investments in marketable securities, net of income
    taxes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Recent
    Accounting Pronouncements</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In June 2008, the FASB issued paragraph&#160;ASC
    <FONT style="white-space: nowrap">260-45-61A</FONT>
    of the Earnings Per Share Topic. This paragraph requires certain
    share-based payment awards that entitle holders to receive
    non-forfeitable dividends before they vest to be treated as
    participating securities in basic and diluted EPS calculations.
    <FONT style="white-space: nowrap">ASC&#160;260-45-61A</FONT>
    is effective for the first fiscal year beginning after
    December&#160;15, 2008. The adoption of
    <FONT style="white-space: nowrap">ASC&#160;260-45-61A,</FONT>
    effective January&#160;1, 2009, did not have a material effect
    on the Company&#146;s consolidated financial statements.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    62
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">STRAYER
    EDUCATION, INC.<BR>
    NOTES&#160;TO CONSOLIDATED FINANCIAL
    STATEMENTS&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In May 2009, the FASB issued ASC&#160;855, the Subsequent Events
    Topic, which establishes general accounting and disclosure
    guidelines for events that occur after the balance sheet date
    but before financial statements are issued or available to be
    issued. The Company adopted the provisions of ASC 855 effective
    June&#160;15, 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In June 2009, the FASB issued <I>The FASB Accounting Standards
    Codification and the Hierarchy of Generally Accepted Accounting
    Principles&#160;&#151; a replacement of FASB Statement
    No.&#160;162 </I>(SFAS&#160;168). Under the new FASB ASC,
    SFAS&#160;168 is now the Generally Accepted Accounting
    Principles Topic (ASC 105). The ASC becomes the single,
    authoritative source for US accounting and reporting standards
    and supersedes all previously issued FASB statements and related
    accounting literature references for reporting purposes. The
    Company adopted the provisions of ASC&#160;105 for reporting
    periods ending after September&#160;15, 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In October 2009, the FASB issue Accounting Standards Update
    <FONT style="white-space: nowrap">No.&#160;2009-13,</FONT>
    <I>Revenue Recognition (Topic 605): Multiple-Deliverable Revenue
    Arrangements&#160;&#151; a consensus of the FASB Emerging Issues
    Task Force </I>(ASU
    <FONT style="white-space: nowrap">2009-13),</FONT>
    which provides guidance on the recognition of multiple elements
    within a revenue transaction. ASU
    <FONT style="white-space: nowrap">2009-13</FONT> is
    effective for the first annual reporting period beginning on or
    after June&#160;15, 2010. The Company believes the adoption of
    ASU <FONT style="white-space: nowrap">2009-13</FONT>
    will not have a material impact on its financial condition,
    results of operations and disclosures.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">3.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Investments&#160;&#151;
    Marketable Securities</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The cost and fair value for investments in marketable securities
    as of December&#160;31, 2009 and 2010 are as follows (in
    thousands):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="78%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cost
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    52,253
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    12,346
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Gross unrealized gain
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    305
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Fair value
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    52,558
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    12,386
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company has invested some of its excess cash in a
    diversified, no load, short-term, investment grade, tax-exempt
    bond fund. At December&#160;31, 2010, the 1,192 issues in this
    fund had an average credit rating of AA, an average maturity of
    1.3&#160;years, an average duration of 1.2&#160;years, and an
    average yield to maturity of 1.0%.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">4.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Property
    and Equipment</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The composition of property and equipment as of
    December&#160;31, 2009 and 2010 is as follows (in thousands):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="61%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Estimated useful life<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(years)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Land
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    7,138
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    7,138
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Buildings and improvements
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,590
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,533
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    5-40
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Furniture and equipment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    79,713
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    96,776
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    5-7
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Leasehold improvements
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30,198
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34,377
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    3-10
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Construction in progress
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,665
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34,769
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    143,304
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    190,593
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Accumulated depreciation and amortization
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (58,629
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (74,530
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    84,675
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    116,063
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    63
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">STRAYER
    EDUCATION, INC.<BR>
    NOTES&#160;TO CONSOLIDATED FINANCIAL
    STATEMENTS&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Construction in progress included costs associated with the
    construction of new campuses and corporate headquarters and the
    development of information technology applications. In 2009 and
    2010, the Company recorded leasehold improvements of
    $0.4&#160;million and $0.7&#160;million, respectively, which
    were reimbursed by lessors as lease incentives. In 2009, the
    Company wrote-off $1.7&#160;million in fixed assets that were
    fully depreciated and no longer in service. No assets were
    written off in 2010.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">5.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Restricted
    Cash</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In 2003, as part of commencing operations in Pennsylvania, the
    Company was required to maintain a &#147;minimum protective
    endowment&#148; of at least $500,000 in an interest-bearing
    account. These funds are required as long as the Company
    operates its campuses in the state. The Company accounts for
    these funds as a long-term asset.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">6.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Stock
    Options and Restricted Stock</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A total of 3,000,000&#160;shares have been approved by the
    Company&#146;s stockholders for grants under the Company&#146;s
    1996 equity compensation plan (the &#147;Plan&#148;). The Plan
    provides for the grant of options intended to qualify as
    incentive stock options, and also provides for the grant of
    non-qualifying options and restricted stock to employees,
    officers and directors of the Company at the discretion of the
    Board of Directors. Vesting provisions are also at the
    discretion of the Board of Directors. Options may be granted at
    option prices based at or above the fair market value of the
    shares at the date of grant. The maximum term of the options
    granted under the Plan is 10&#160;years.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In October 2010, the Company&#146;s Board of Directors approved
    grants of 23,502&#160;shares of restricted stock. These shares,
    which vest over a four year period, were awarded to certain
    employees pursuant to the Plan. The Company&#146;s stock price
    closed at $127.65 on the date of these restricted stock grants.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In April 2010, the Company&#146;s Board of Directors approved
    grants of 3,018&#160;shares of restricted stock. These shares,
    which vest over a
    <FONT style="white-space: nowrap">three-year</FONT>
    period, were awarded to various non-employee members of the
    Company&#146;s Board of Directors, as part of the Company&#146;s
    annual director compensation program. The Company&#146;s stock
    price closed at $248.75 on the date of these restricted stock
    grants.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In February 2010, the Company&#146;s Board of Directors approved
    grants of 25,219&#160;shares of restricted stock to certain
    employees. These shares, which vest over a
    <FONT style="white-space: nowrap">three-year</FONT>
    period, were granted to certain employees pursuant to the
    Company&#146;s annual equity compensation program. The
    Company&#146;s stock price closed at $206.39 on the date of
    these restricted stock grants.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In February 2006, the Company&#146;s Board of Directors approved
    cash payments to the holders of vested stock options in an
    amount equivalent to the Company&#146;s common stock dividends.
    These cash payments were remitted on the same dates as the
    Company&#146;s dividends and amounted to $0.6&#160;million in
    2008. The Company discontinued this form of compensation in
    2009. Dividends paid on unvested restricted stock are reimbursed
    to the Company if the recipient terminates his or her employment
    prior to vesting in the award.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    64
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">STRAYER
    EDUCATION, INC.<BR>
    NOTES&#160;TO CONSOLIDATED FINANCIAL
    STATEMENTS&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Restricted
    Stock</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The table below sets forth the restricted stock activity for the
    years ended December&#160;31, 2008, 2009 and 2010:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="71%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Weighted-average<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>shares</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>grant price</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Balance, December&#160;31, 2007
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    225,642
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    103.97
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Grants
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    45,153
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    163.13
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Vested shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (146,484
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    101.79
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Forfeitures
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,216
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    115.73
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Balance, December&#160;31, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    122,095
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    124.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Grants
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    259,912
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    216.67
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Vested shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (28,970
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    90.78
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Forfeitures
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (309
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    162.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Balance, December&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    352,728
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    194.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Grants
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51,739
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    173.09
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Vested shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (51,187
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    106.68
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Forfeitures
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (11,840
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    176.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Balance, December&#160;31, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    341,440
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    204.89
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Stock
    Options</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The table below sets forth the stock option activity for the
    years ended December&#160;31, 2008, 2009 and 2010 and other
    stock option information at December&#160;31, 2010:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="44%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Weighted-<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>average<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Aggregate<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>remaining<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>intrinsic<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Weighted-average<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>contractual<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>value<SUP style="font-size: 85%; vertical-align: top">(1)<BR>

    </SUP></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>shares</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>exercise price</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>life (yrs.)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Balance, December&#160;31, 2007
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    390,084
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    71.35
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    38,710
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Grants
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Exercises
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (223,000
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47.68
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Forfeitures
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Balance, December&#160;31, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    167,084
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    102.98
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    18,618
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Grants
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Exercises
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (60,417
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    99.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Forfeitures
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Balance, December&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    106,667
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    104.81
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,489
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Grants
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Exercises
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (6,667
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    67.84
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Forfeitures
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Balance, December&#160;31, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    107.28
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,494
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Vested, December&#160;31, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    107.28
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,494
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Exercisable, December&#160;31, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    107.28
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,494
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 06 -->

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">The aggregate intrinsic value in
    the table above represents the total pre-tax intrinsic value
    (the difference between the Company&#146;s closing stock price
    on December 31 of each year and the exercise price, multiplied
    by the number of
    <FONT style="white-space: nowrap">in-the-money</FONT>
    options) that would have been received by the option holders had
    all option holders exercised their options on December 31 of
    that year. The amount of aggregate intrinsic value will change
    based on the fair market value of the Company&#146;s stock.
    </FONT></TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    65
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">STRAYER
    EDUCATION, INC.<BR>
    NOTES&#160;TO CONSOLIDATED FINANCIAL
    STATEMENTS&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The number of shares exercisable as of December&#160;31, 2008,
    2009 and 2010 are as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="74%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Weighted-average<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>shares</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>exercise price</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Exercisable, December&#160;31, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,667
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    64.22
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Exercisable, December&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    106,667
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    104.81
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Exercisable, December&#160;31, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    107.28
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table summarizes information regarding share-based
    payment arrangements for the years ended December&#160;31, 2008,
    2009 and 2010 (in thousands):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="73%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" nowrap align="center" valign="bottom">
    <B>For the year ended<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Proceeds from stock options exercised
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,633
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,027
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    452
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Excess tax benefits related to share-based payment arrangements
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    18,033
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,011
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,808
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Intrinsic value of stock options
    exercised<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    28,581
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,032
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,184
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 06 -->

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 9pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">Intrinsic value of stock options
    exercised is estimated by taking the difference between the
    Company&#146;s closing stock price on the date of exercise and
    the exercise price, multiplied by the number of options
    exercised for each option holder and then aggregated.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Valuation
    and Expense Information Under Stock Compensation Topic
    ASC&#160;718</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    At December&#160;31, 2010, total stock-based compensation cost
    which has not yet been recognized was $49.0&#160;million, all
    for unvested restricted stock. This cost is expected to be
    recognized over the next 75&#160;months on a weighted-average
    basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table sets forth the amount of stock-based
    compensation expense recorded in each of the expense line items
    (in thousands):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="69%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Instruction and educational support
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,218
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,774
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,319
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Marketing and admissions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    867
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    127
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    191
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    General and administration
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,042
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,053
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,477
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Stock-based compensation expense included in operating expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,127
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,954
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,987
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Tax benefit
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,227
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,329
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,735
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Stock-based compensation expense, net of tax
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,900
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,625
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    7,252
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"><!-- TABLE 05 -->

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">7.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Long-Term
    Liabilities</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Lease
    Incentives</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In conjunction with the opening of new campuses during 2009 and
    2010, the Company recorded reimbursements by the lessors for
    improvements made to the leased properties in the amount of
    $0.4&#160;million and $0.7&#160;million, respectively. In
    accordance with the Operating Leases Topic,
    <FONT style="white-space: nowrap">ASC&#160;840-20,</FONT>
    these reimbursements were capitalized as leasehold improvements
    and a long-term liability established.
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    66
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">STRAYER
    EDUCATION, INC.<BR>
    NOTES&#160;TO CONSOLIDATED FINANCIAL
    STATEMENTS&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The leasehold improvements and the long-term liability will be
    amortized on a straight-line basis over the corresponding lease
    terms, which range from five to 10&#160;years. As of
    December&#160;31, 2009 and 2010, the Company had deferred lease
    incentives of $3.7&#160;million and $3.2&#160;million,
    respectively.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Deferred
    Rent</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In accordance with
    <FONT style="white-space: nowrap">ASC&#160;840-20,</FONT>
    the Company records rent expense on a straight-line basis over
    the initial term of a lease. The difference between the rent
    payment and the straight-line rent expense is recorded as a
    long-term liability. As of December&#160;31, 2009 and 2010, the
    Company had deferred rent associated with its lease obligations
    of $6.2&#160;million and $7.9&#160;million, respectively.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Sale of
    Campus Building and Deferred Gain</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In June 2007, the Company sold its Loudoun, Virginia campus
    building for $5.8&#160;million. The Company is leasing back most
    of the campus building over a
    <FONT style="white-space: nowrap">10-year</FONT>
    period. In conjunction with this sale and lease back
    transaction, the Company realized a gain of $2.8&#160;million
    before tax, which is deferred and recognized over the
    <FONT style="white-space: nowrap">10-year</FONT>
    lease term. The non-current portion of this gain, which is
    recorded as a long-term liability, was $1.8&#160;million and
    $1.5&#160;million, at December&#160;31, 2009 and 2010,
    respectively.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">8.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Other
    Employee Benefit Plans</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company has a 401(k) plan covering all eligible employees of
    the Company. Effective January&#160;1, 2011, participants may
    contribute up to $16,500 of their base compensation annually.
    Employee contributions are voluntary. Discretionary
    contributions were made by the Company matching 100% of employee
    deferrals up to 3% of the employee&#146;s annual salary and
    matching an additional 50% of employee deferrals between 3% and
    5% of annual salary. The Company&#146;s contributions, which
    vest immediately, totaled $1.4&#160;million, $1.8&#160;million
    and $2.3&#160;million for the years ended December&#160;31,
    2008, 2009, and 2010, respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In May 1998, the Company adopted the Strayer Education, Inc.
    Employee Stock Purchase Plan (&#147;ESPP&#148;). Under the ESPP,
    eligible employees may purchase shares of the Company&#146;s
    common stock, subject to certain limitations, at 90% of its
    market value at the date of purchase. Purchases are limited to
    10% of an employee&#146;s eligible compensation. The aggregate
    number of shares of common stock that may be made available for
    purchase by participating employees under the ESPP is
    2,500,000&#160;shares. Shares purchased in the open market for
    employees for the years ended December&#160;31, 2008, 2009, and
    2010 were as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="67%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="7%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Average price<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Shares purchased</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>per share</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,208
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    175.86
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,084
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    180.34
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,836
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    168.86
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">9.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Stock
    Repurchase Plan</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As announced on November&#160;3, 2003, the Company&#146;s Board
    of Directors initially authorized the Company to repurchase up
    to an aggregate of $15&#160;million in value of common stock
    through December&#160;31, 2004 in open market purchases from
    time to time at the discretion of the Company&#146;s management
    depending on market conditions and other corporate
    considerations. The Company&#146;s Board of Directors amended
    the program on various dates, increasing the repurchase amount
    authorized and extending the expiration date. At
    December&#160;31, 2010, approximately $107.7&#160;million of the
    Company&#146;s share repurchase authorization was remaining for
    repurchases through December&#160;31,
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    67
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">STRAYER
    EDUCATION, INC.<BR>
    NOTES&#160;TO CONSOLIDATED FINANCIAL
    STATEMENTS&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    2011. All of the Company&#146;s share repurchases were effected
    in compliance with
    <FONT style="white-space: nowrap">Rule&#160;10b-18</FONT>
    under the Securities Exchange Act of 1934, as amended. This
    stock repurchase plan may be modified, suspended or terminated
    at any time by the Company without notice.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A summary of the Company&#146;s stock repurchase activity for
    the years ended December&#160;31, 2008, 2009, and 2010, all of
    which was part of a publicly announced plan, is set forth in the
    table below:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="35%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="14%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="15%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="18%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Amount available for<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of shares<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Average price paid<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>future repurchases<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>repurchased</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>per share</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(in millions)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    603,382
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    180.86
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    70.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    451,613
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    177.34
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    90.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    687,340
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    168.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    107.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,742,335
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    174.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Repurchases of common stock are recorded as a reduction to
    additional paid-in capital. To the extent additional paid-in
    capital has been reduced to zero through stock repurchases,
    retained earnings is then reduced.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">10.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Commitments
    and Contingencies</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The University participates in various federal student financial
    assistance programs which are subject to audit. Management
    believes that the potential effects of audit adjustments, if
    any, for the periods currently under audit will not have a
    material adverse effect on the Company&#146;s consolidated
    financial position, results of operations or cash flows.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of December&#160;31, 2010, the Company had 97 long-term,
    non-cancelable operating leases for campuses and other
    administrative locations. Rent expense was $19.7&#160;million,
    $26.2&#160;million, and $32.6&#160;million for the years ended
    December&#160;31, 2008, 2009, and 2010, respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The rents on the Company&#146;s leases are subject to annual
    increases. The minimum rental commitments for the Company as of
    December&#160;31, 2010 are as follows (in thousands):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="82%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Minimum<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>rental<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>commitments</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    34,933
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2012
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35,484
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2013
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34,223
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2014
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31,980
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2015
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28,992
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Thereafter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    87,259
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    252,871
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    At December&#160;31, 2010, the Company had available a
    $15&#160;million revolving credit facility. There have been no
    borrowings by the Company under this facility. On
    January&#160;3, 2011, this facility was replaced with a new
    $100&#160;million revolving credit facility. See Note&#160;13
    below for more information.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    From time to time, the Company is involved in litigation and
    other legal proceedings arising out of the ordinary course of
    its business. On October&#160;15, 2010, a putative securities
    class action was filed in the United States District Court for
    the Middle District of Florida. The Company believes the lawsuit
    is without merit and will contest the lawsuit vigorously. While
    the outcome of any legal proceedings
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    68
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">STRAYER
    EDUCATION, INC.<BR>
    NOTES&#160;TO CONSOLIDATED FINANCIAL
    STATEMENTS&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    cannot be predicted with certainty, the Company does not expect
    any matter will have a material effect on its financial
    condition or results of operations.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">11.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Income
    Taxes</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The income tax provision for the years ended December&#160;31,
    2008, 2009 and 2010 is summarized below (in thousands):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="69%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Current:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Federal
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    41,670
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    57,690
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    70,967
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    State
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,744
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,256
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,815
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total current
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50,414
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    70,946
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    85,782
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Deferred:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Federal
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    89
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,697
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (71
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    State
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    67
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (565
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total deferred
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    156
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,262
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (43
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total provision for income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    50,570
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    68,684
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    85,739
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The tax effects of the principal temporary differences that give
    rise to the Company&#146;s deferred tax assets are as follows as
    of December&#160;31, 2009 and 2010 (in thousands):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="80%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Tuition receivable and student loans
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,436
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,130
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Accrued vacation payable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    522
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    601
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Deferred gain on sale of property
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    111
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    111
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Unrealized gains on marketable securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    198
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    186
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Current net deferred tax asset
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,267
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,028
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Student loans
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Property and equipment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,576
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5,631
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Deferred leasing costs
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,420
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,013
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Stock-based compensation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,754
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,369
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Deferred gain on sale of property
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    717
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    606
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Long-term net deferred tax asset
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,316
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,374
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Net deferred tax asset
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    12,583
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    12,402
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    69
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">STRAYER
    EDUCATION, INC.<BR>
    NOTES&#160;TO CONSOLIDATED FINANCIAL
    STATEMENTS&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A reconciliation between the Company&#146;s statutory tax rate
    and the effective tax rate for the years ended December&#160;31,
    2008, 2009, and 2010 is as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="81%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Statutory federal rate
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    State income taxes, net of federal benefits
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Non-taxable interest income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.9
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.3
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Effective tax rate
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38.5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    39.5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    39.5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Cash payments for income taxes were $40.6&#160;million in 2008,
    $59.0&#160;million in 2009, and $81.6&#160;million in 2010.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">12.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Summarized
    Quarterly Financial Data (Unaudited)</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Quarterly financial information for 2009 and 2010 is as follows
    (in thousands except per share data):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="58%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="15" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Quarter</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>First</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Second</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Third</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fourth</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Revenues
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    124,478
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    125,931
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    114,351
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    147,201
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Income from operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47,611
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    45,079
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27,260
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    52,404
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29,053
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,666
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31,859
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net income per share:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Basic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2.09
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.22
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2.34
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Diluted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2.07
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.21
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2.32
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="58%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="15" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Quarter</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>First</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Second</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Third</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fourth</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Revenues
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    157,901
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    159,283
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    147,597
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    171,951
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Income from operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    59,926
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    58,691
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38,249
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    58,905
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36,379
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35,657
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,341
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35,883
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net income per share:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Basic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2.68
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2.63
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.73
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2.74
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Diluted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2.65
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2.60
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.72
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2.73
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">13.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Subsequent
    Event</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On January&#160;3, 2011, the Company entered into an unsecured
    New Revolving Credit Facility (the &#147;New Credit
    Facility&#148;). The maximum amount of borrowings available
    under the New Credit Facility is $100&#160;million, including a
    letter of credit subfacility of $50&#160;million. The New Credit
    Facility matures in three years. Borrowings under the New Credit
    Facility bear interest at LIBOR or a base rate plus 1.75%,
    although higher margins up to 2.25% may apply based on the
    Company&#146;s then ratio of consolidated total debt to EBITDA
    (earnings before interest, taxes, depreciation and amortization,
    and other non-cash charges). Unused portions of the New Credit
    Facility carry an annual availability fee of 0.30%, which may
    increase to 0.40% based on the Company&#146;s then ratio of
    consolidated total debt to EBITDA. The New Credit Facility
    contains customary affirmative, negative and financial
    maintenance covenants, representations, warranties, events of
    default and remedies upon default including acceleration, and
    borrowing conditions. The New Credit Facility replaces the
    Company&#146;s existing $15&#160;million revolving credit
    facility.
</DIV>
<!-- /XBRL,ns -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    70
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<!-- XBRL -->
<!-- XBRL,ns -->
<DIV style="display: none">
Schedule
</DIV>
<BR>
<!-- XBRL,n -->
<DIV style="display: none">
Valuation and Qualifying Accounts
</DIV>
<BR>
<!-- XBRL,body -->
<A name='W80904307'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">STRAYER
    EDUCATION, INC.<BR>
    Schedule&#160;II&#160;&#151; Valuation and Qualifying
    Accounts<BR>
    (in thousands)</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="57%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Bad debt<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Balance<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Additions<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Balance<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>expense as<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>beginning<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>charged<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>end of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>a % of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Description</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>of period</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>to expense</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Deductions</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>period</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>revenue</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Deduction from asset account:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Allowance for doubtful accounts:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Year ended December&#160;31, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,175
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24,216
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (22,456
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    7,935
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.8
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Year ended December&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,776
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    20,808
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (19,409
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,175
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.1
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Year ended December&#160;31, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,206
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    12,707
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (11,137
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,776
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.2
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- /XBRL,ns -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;9.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='W80904114'></A><B><FONT style="font-family: 'Times New Roman', Times">Changes
    in and Disagreements With Accountants on Accounting and
    Financial Disclosure</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    None.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;9A.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='W80904115'></A><B><FONT style="font-family: 'Times New Roman', Times">Controls
    and Procedures</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company&#146;s Chief Executive Officer and Chief Financial
    Officer have evaluated the effectiveness of the Company&#146;s
    disclosure controls and procedures as of December&#160;31, 2010.
    Based upon such review, the Chief Executive Officer and Chief
    Financial Officer have concluded that the Company had in place,
    as of December&#160;31, 2010, effective controls and procedures
    designed to ensure that information required to be disclosed by
    the Company (including consolidated subsidiaries) in the reports
    it files or submits under the Securities Exchange Act of 1934,
    as amended, and the rules thereunder, is recorded, processed,
    summarized and reported within the time periods specified in the
    Commission&#146;s rules and forms. Disclosure controls and
    procedures include, without limitation, controls and procedures
    designed to ensure that information required to be disclosed by
    an issuer in reports it files or submits under the Securities
    Exchange Act is accumulated and communicated to the
    Company&#146;s management, including its principal executive
    officer or officers and principal financial officer or officers,
    or persons performing similar functions, as appropriate to allow
    timely decisions regarding required disclosure.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Management&#146;s
    Report on Internal Control Over Financial Reporting</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company&#146;s management is responsible for establishing
    and maintaining adequate internal control over financial
    reporting, as such term is defined in Exchange Act
    <FONT style="white-space: nowrap">Rule&#160;13a-15(f).</FONT>
    A company&#146;s internal control over financial reporting is a
    process designed to provide reasonable assurance regarding the
    reliability of financial reporting and the preparation of
    financial statements for external purposes in accordance with
    generally accepted accounting principles. A company&#146;s
    internal control over financial reporting includes those
    policies and procedures that (i)&#160;pertain to the maintenance
    of records that, in reasonable detail, accurately and fairly
    reflect the transactions and dispositions of the assets of the
    company; (ii)&#160;provide reasonable assurance that
    transactions are recorded as necessary to permit preparation of
    financial statements in accordance with generally accepted
    accounting principles, and that receipts and expenditures are
    being made only in accordance with authorizations of management
    and directors of the company; and (iii)&#160;provide reasonable
    assurance regarding prevention or timely detection of
    unauthorized acquisition, use or disposition of the
    company&#146;s assets that could have a material effect on the
    financial statements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Because of its inherent limitations, internal control over
    financial reporting may not prevent or detect misstatements.
    Also, projections of any evaluation of effectiveness to future
    periods are subject to the risk that controls may become
    inadequate because of changes in conditions, or that the degree
    of compliance with the policies or procedures may deteriorate.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    71
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the supervision and with the participation of the
    Company&#146;s principal executive officer and principal
    financial officer, the Company&#146;s management assessed the
    effectiveness of the registrant&#146;s internal control over
    financial reporting, as of December&#160;31, 2010 based on the
    framework in <I>Internal Control&#160;&#151; Integrated
    Framework </I>issued by the Committee of Sponsoring
    Organizations of the Treadway Commission. Based on our
    assessment under the framework in <I>Internal
    Control&#160;&#151; Integrated Framework</I>, our management
    concluded that our internal control over financial reporting was
    effective as of December&#160;31, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The effectiveness of the Company&#146;s internal control over
    financial reporting as of December&#160;31, 2010 has been
    audited by PricewaterhouseCoopers LLP, an independent registered
    public accounting firm, as stated in their report which appears
    herein.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Changes
    in Internal Controls over Financial Reporting</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company&#146;s Chief Executive Officer and Chief Financial
    Officer have evaluated any changes in the Company&#146;s
    internal control over financial reporting that occurred during
    the quarter ended December&#160;31, 2010, and have concluded
    that there was no change during such quarter that has materially
    affected, or is reasonably likely to materially affect, the
    Company&#146;s internal control over financial reporting.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;9B.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='W80904116'></A><B><FONT style="font-family: 'Times New Roman', Times">Other
    Information</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    None
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    72
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='W80904117'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PART&#160;III</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;10.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='W80904118'></A><B><FONT style="font-family: 'Times New Roman', Times">Directors,
    Executive Officers and Corporate Governance</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table sets forth certain information with respect
    to the Company&#146;s directors, executive officers, and
    significant employees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="51%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="46%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Name</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Age</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Position</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Directors:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Robert S. Silberman
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    53
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Chairman of the Board and Chief Executive Officer
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    David A. Coulter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    63
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Presiding Independent Director
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Dr.&#160;Charlotte F. Beason
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    63
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Director
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    William E. Brock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    80
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Director
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Robert R. Grusky
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    53
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Director
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Robert L. Johnson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    64
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Director
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Todd A. Milano
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    58
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Director
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    G. Thomas Waite,&#160;III
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    59
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Director
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    J. David Wargo
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    57
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Director
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="7" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Executive Officers and Significant&#160;Employees:
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Karl McDonnell
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    44
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    President and Chief Operating Officer
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Mark C. Brown
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    51
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Executive Vice President and Chief Financial Officer
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Dr.&#160;Sondra F. Stallard
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    61
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    President, Strayer University
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Dr.&#160;Michael Plater
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    54
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Provost and Chief Academic Officer
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Randi Reich Cosentino
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    37
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Senior Vice Provost&#160;&#151;&#160;Academic Administration
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Catherine R. Guttman-McCabe
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    42
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Senior Vice President and General Counsel, Strayer University
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Sonya G. Udler
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    43
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Senior Vice President&#160;&#151;&#160;Corporate Communications
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Directors</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Mr.&#160;Robert S. Silberman </I>has been Chairman of the
    Board since February 2003 and Chief Executive Officer since
    March 2001. From 1995 to 2000, Mr.&#160;Silberman served in a
    variety of senior management positions at CalEnergy Company,
    Inc., including as President and Chief Operating Officer. From
    1993 to 1995, Mr.&#160;Silberman was Assistant to the Chairman
    and Chief Executive Officer of International Paper Company. From
    1989 to 1993, Mr.&#160;Silberman served in several senior
    positions in the U.S.&#160;Department of Defense, including as
    Assistant Secretary of the Army. Mr.&#160;Silberman has been a
    Director of Strayer since March 2001. He serves on the Board of
    Directors of Covanta Holding Company. He also serves on the
    Board of Trustees of the Phillips Exeter Academy and on the
    Board of Visitors of The Johns Hopkins University School of
    Advanced International Studies. Mr.&#160;Silberman is a member
    of the Council on Foreign Relations. Mr.&#160;Silberman holds a
    bachelor&#146;s degree in history from Dartmouth College and a
    master&#146;s degree in international policy from The Johns
    Hopkins University.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Mr.&#160;David A. Coulter </I>is serving as the Presiding
    Independent Director of the Strayer Education, Inc. Board of
    Directors, on which he has served since 2002. He is currently
    Managing Director and Senior Advisor at Warburg Pincus, LLC. He
    was Vice Chairman of J.P.&#160;Morgan Chase&#160;&#038; Co. from
    December 2000 to December 2005. Prior to joining
    J.P.&#160;Morgan Chase, Mr.&#160;Coulter led the West Coast
    operations of the Beacon Group, a private investment and
    strategic advisory firm, and prior to that, Mr.&#160;Coulter
    served as the Chairman and Chief Executive Officer of the
    BankAmerica Corporation.
</DIV>
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    Mr.&#160;Coulter is a member of the Board of Directors of
    Sterling Financial Corporation, Webster Bank, Aeolus Re, and
    MBIA, Inc. In the past five years, Mr.&#160;Coulter has also
    served on the Board of Directors of The Irvine Company,
    PG&#038;E Corporation and First Data Corporation.
    Mr.&#160;Coulter also serves on the Board of Trustees of
    Carnegie Mellon University. In addition to serving as the
    Presiding Independent Director, he is also Chair of the
    Company&#146;s Nominating Committee and is a member of the
    Compensation Committee of the Board. Mr.&#160;Coulter holds a
    bachelor&#146;s degree in mathematics and economics and a
    master&#146;s degree in industrial administration, both from
    Carnegie Mellon University.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Dr.&#160;Charlotte F. Beason </I>has been Executive Director
    of the Kentucky Board of Nursing since 2005. From 2004 to 2005,
    she was a consultant in education and health care
    administration. From 2000 to 2003, Dr.&#160;Beason was Chair and
    Vice Chair of the Commission on Collegiate Nursing Education (an
    autonomous agency accrediting baccalaureate and graduate
    programs in nursing); she is an evaluator for the Commission on
    Collegiate Nursing Education. From 1988 to 2004, Dr.&#160;Beason
    was with the Department of Veterans Affairs, first as Director
    of Health Professions Education Service and the Health
    Professional Scholarship Program, and then as Program Director,
    Office of Nursing Services. Dr.&#160;Beason has served on the
    Board since 1996 and is a member of the Nominating Committee of
    the Board. She is also Chairwoman of the Strayer University
    Board of Trustees. Dr.&#160;Beason holds a bachelor&#146;s
    degree in nursing from Berea College, a master&#146;s degree in
    psychiatric nursing from Boston University and a doctorate in
    clinical psychology and public practice from Harvard University.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Mr.&#160;William E. Brock </I>is the Founder and Chairman of
    the Brock Offices, a firm specializing in international trade,
    investment and human resources. From 1985 to 1987,
    Mr.&#160;Brock served in the President&#146;s Cabinet as the
    U.S.&#160;Secretary of Labor, and from 1981 to 1985, as the
    U.S.&#160;Trade Representative. Elected Chairman of the
    Republican National Committee from 1977 to 1981, Mr.&#160;Brock
    previously served as a Member of Congress and, subsequently, as
    U.S.&#160;Senator for the State of Tennessee. Mr.&#160;Brock
    serves as a Counselor and Trustee of the Center for Strategic
    and International Studies, and as a member of the Board of
    Directors of On Assignment, Inc., Health Extras, Inc., and
    ResCare, Inc. Mr.&#160;Brock has been a member of the Board
    since 2001 and is a member of the Compensation Committee of the
    Board. He holds a bachelor&#146;s degree in commerce from
    Washington and Lee University.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Mr.&#160;Robert R. Grusky </I>is the Founder and Managing
    Member of Hope Capital Management, LLC, an investment manager,
    since 2000. He co-founded New Mountain Capital, LLC, a private
    equity firm, in 2000 and was a Principal and Member from 2000 to
    2005, and has been a Senior Advisor since then. From 1998 to
    2000, Mr.&#160;Grusky served as President of RSL Investments
    Corporation. From 1985 to 1997, with the exception of 1990 to
    1991 when he was on a leave of absence to serve as a White House
    Fellow and Assistant for Special Projects to the Secretary of
    Defense, Mr.&#160;Grusky served in a variety of capacities at
    Goldman, Sachs&#160;&#038; Co., first in its Mergers&#160;&#038;
    Acquisitions Department and then in its Principal Investment
    Area. He serves on the Board of Directors of AutoNation, Inc.
    and AutoZone, Inc. In the past five years, he has also served on
    the Board of Directors of National Medical Health Card Systems,
    Inc. Mr.&#160;Grusky has served on the Board since 2001, and is
    Chair of the Audit Committee of the Board. He holds a
    bachelor&#146;s degree in history from Union College and a
    master&#146;s degree in business administration from Harvard
    University.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Mr.&#160;Robert L. Johnson </I>is the Founder and Chairman of
    The RLJ Companies, which owns or holds interests in businesses
    operating in hotel real estate investment, private equity,
    consumer financial services, asset management, insurance
    services, automobile dealerships, sports and entertainment, and
    video lottery terminal gaming. Mr.&#160;Johnson is the founder
    of Black Entertainment Television (BET), a subsidiary of Viacom
    and the leading
    <FONT style="white-space: nowrap">African-American</FONT>
    operated media and entertainment company in the United States,
    and served as its Chief Executive Officer until January 2006. In
    2002, Mr.&#160;Johnson became the first
    <FONT style="white-space: nowrap">African-American</FONT>
    majority owner of a major sports franchise, the Charlotte
    Bobcats of the NBA. From 1976 to 1979, he served as Vice
    President of Governmental Relations for the National
    Cable&#160;&#038; Telecommunications Association (NCTA).
    Mr.&#160;Johnson also served as Press Secretary for the
    Honorable Walter E. Fauntroy, Congressional Delegate from the
    District of Columbia. He also serves on the following boards: KB
    Home, Lowe&#146;s Companies, Inc., International
</DIV>
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    Management Group, NBA Board of Governors, Deutsche Bank Advisory
    Committee, The Business Council, and the Smithsonian
    Institution&#146;s National Museum of African American History
    and Culture. Mr.&#160;Johnson has served on the Board since
    2003, and is a member of the Nominating Committee of the Board.
    He holds a bachelor&#146;s degree in social studies from the
    University of Illinois and a master&#146;s degree in
    international affairs from the Woodrow Wilson School of Public
    and International Affairs at Princeton University.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Mr.&#160;Todd A. Milano </I>has been President and Chief
    Executive Officer of Central Pennsylvania College since 1989.
    Mr.&#160;Milano has served on the Board since 1996 and is Chair
    of the Compensation Committee of the Board and is also a member
    of the Strayer University Board of Trustees. Mr.&#160;Milano
    holds a bachelor&#146;s degree in industrial management from
    Purdue University.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Mr.&#160;G. Thomas Waite,&#160;III </I>has been Treasurer and
    Chief Financial Officer of the Humane Society of the United
    States since 1997 and Controller since 1993. In 1992,
    Mr.&#160;Waite was the Director of Commercial Management of The
    National Housing Partnership. Mr.&#160;Waite has served on the
    Board since 1996, is a member of the Audit Committee of the
    Board and is a former member of the Strayer University Board of
    Trustees. Mr.&#160;Waite holds a bachelor&#146;s degree in
    commerce from the University of Virginia and is a Certified
    Public Accountant.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Mr.&#160;J. David Wargo </I>has been President of Wargo and
    Company, Inc., an investment management company, since 1993.
    Mr.&#160;Wargo is a co-founder and was a Member of New Mountain
    Capital, LLC, from January 2000 to 2008, and has been a Senior
    Advisor since then. From 1989 to 1992, Mr.&#160;Wargo was a
    Managing Director and Senior Analyst of The Putnam Companies, a
    Boston-based investment management company. From 1985 to 1989,
    Mr.&#160;Wargo was a partner and held other positions at Marble
    Arch Partners. Mr.&#160;Wargo is a Director of Liberty Global,
    Inc. and Discovery Communications, Inc. In the past five years,
    he also served on the board of OpenTV Corporation and Fun
    Technologies, Inc. Mr.&#160;Wargo has served on the Board since
    2001 and is a member of the Audit Committee of the Board.
    Mr.&#160;Wargo holds a bachelor&#146;s degree in physics and a
    master&#146;s degree in nuclear engineering, both from the
    Massachusetts Institute of Technology. He also holds a
    master&#146;s degree in management science from the Sloan School
    of Management, Massachusetts Institute of Technology.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Executive
    Officers and Significant Employees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Mr.&#160;Karl McDonnell </I>joined Strayer Education in July
    2006 as President and Chief Operating Officer. Previously, he
    served as Chief Operating Officer of InteliStaf Healthcare,
    Inc., one of the nation&#146;s largest privately-held healthcare
    staffing firms, from 2003 to 2005. Prior to his tenure at
    InteliStaf, he served as Vice President of the Investment
    Banking Division at Goldman, Sachs&#160;&#038; Co.
    Mr.&#160;McDonnell has held senior management positions with
    several Fortune 100&#160;companies, including The Walt Disney
    Company. Mr.&#160;McDonnell holds a bachelor&#146;s degree in
    political science and American history from Virginia Wesleyan
    College and a master&#146;s degree in business administration
    from Duke University.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Mr.&#160;Mark C. Brown </I>is Executive Vice President and
    Chief Financial Officer, having joined Strayer in 2001.
    Mr.&#160;Brown was previously the Chief Financial Officer of the
    Kantar Group, the information and consultancy division of WPP
    Group, a multi-national communications services company. Prior
    to that, for nearly 12&#160;years, Mr.&#160;Brown held a variety
    of management positions at PepsiCo, Inc., including Director of
    Corporate Planning for Pepsi Bottling Group and Business Unit
    Chief Financial Officer for Pepsi-Cola International.
    Mr.&#160;Brown is a Certified Public Accountant who started his
    career with PricewaterhouseCoopers, LLP. Mr.&#160;Brown holds a
    bachelor&#146;s degree in accounting from Duke University and a
    master&#146;s degree in business administration from Harvard
    University.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Dr.&#160;Sondra F. Stallard </I>is the University President
    and joined Strayer University in September 2007. For the
    previous 11&#160;years, she was Dean of the School of Continuing
    and Professional Studies at the University of Virginia (UVA).
    Prior to that, she served in a series of leadership positions at
    UVA, including Director of Corporate and Foundation Relations at
    the business school, Director of Development for the school of
    engineering, and Director of the Office of Equal Opportunity
</DIV>
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    Programs. Concurrently, she held faculty appointments throughout
    her <FONT style="white-space: nowrap">32-year</FONT>
    career at UVA. Dr.&#160;Stallard holds a bachelor&#146;s degree
    in history and government from West Virginia University
    Institute of Technology, a master&#146;s degree in history from
    Morehead State University, and a Ph.D. in education from the
    University of Virginia.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Dr.&#160;Michael A. Plater </I>is the Provost and Chief
    Academic Officer and joined Strayer University in March 2010.
    Prior to joining Strayer, Dr.&#160;Plater was the Dean of the
    College of Arts and Sciences at North Carolina A&#038;T State
    University, where he managed a faculty and staff of
    approximately 400&#160;people in 13 academic departments, and
    five affiliated academic programs. Previous to joining North
    Carolina A&#038;T, Dr.&#160;Plater was at Brown University as
    the Associate Dean of the Graduate School. Before joining Brown,
    Dr.&#160;Plater taught &#147;capstone&#148; Business
    Policy/Strategic Management classes in the M.B.A. program and
    the introductory undergraduate management course at the
    University of Florida. He received a bachelor&#146;s degree in
    economics from Harvard University, a master&#146;s degree in
    business administration from the University of Pennsylvania, and
    a Ph.D. from the College of William and Mary.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Ms.&#160;Randi Reich Cosentino </I>is Senior Vice
    President&#160;&#151; Academic Administration.
    Ms.&#160;Cosentino has been with the University since 2001 and
    has served as Director of Online Operations, Director of
    Business Processes, Director of New Campus Openings, and as an
    Adjunct Faculty Member. Prior to joining Strayer,
    Ms.&#160;Cosentino co-founded and managed business and strategic
    development for Mascot Network, an application service provider
    serving the higher education market. Ms.&#160;Cosentino also
    served several years in city government with the City of New
    York as the Assistant Director in the Mayor&#146;s Office of
    Transportation. Ms.&#160;Cosentino holds a bachelor&#146;s
    degree in psychology and political science from the University
    of Pennsylvania and a master&#146;s degree in business
    administration from Harvard University.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Ms.&#160;Catherine R. Guttman-McCabe </I>is Senior Vice
    President and Deputy General Counsel of the Company and General
    Counsel of Strayer University. Ms.&#160;Guttman-McCabe joined
    Strayer in 2007 and has fifteen years of experience in higher
    education law. Prior to joining Strayer, Ms.&#160;Guttman-McCabe
    served as Associate General Counsel of Georgetown University,
    Counsel of Cortiva Institute, and was an Associate at
    Hogan&#160;&#038; Hartson in the firm&#146;s education and
    employment practice groups. Ms.&#160;Guttman-McCabe holds a
    bachelor&#146;s degree in political science from Swarthmore
    College and a juris doctorate from Harvard Law School.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Ms.&#160;Sonya G. Udler </I>is Senior Vice President,
    Corporate Communications. Ms.&#160;Udler joined Strayer in 2002,
    and brings more than 20&#160;years of public relations and
    marketing communications experience to Strayer. For the two
    years prior to joining Strayer, she served as a public relations
    and media strategies consultant. She previously served as Senior
    Vice President at Young&#160;&#038; Associates, Inc., a public
    relations agency, where she developed communications strategies
    and media programs for Bell Atlantic, Siemens, Verizon and other
    leading technology companies. Ms.&#160;Udler holds a
    bachelor&#146;s degree in journalism from the University of
    Maryland.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Additional information responsive to this item is hereby
    incorporated by reference from the sections titled
    &#147;Election of Directors,&#148; &#147;Board Structure,&#148;
    &#147;Code of Ethics&#148; and &#147;Section&#160;16(a)
    Beneficial Ownership Reporting Compliance&#148; contained in the
    Company&#146;s Proxy Statement, which will be filed no later
    than 120&#160;days following December&#160;31, 2010.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;11.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='W80904119'></A><B><FONT style="font-family: 'Times New Roman', Times">Executive
    Compensation</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The information required by this Item is hereby incorporated by
    reference from the sections entitled &#147;Compensation
    Discussion and Analysis&#148; and the related tables and
    narrative thereto, &#147;Director Compensation&#148; and the
    related tables thereto, &#147;Compensation Committee Interlocks
    and Insider Participation&#148; and &#147;Compensation Committee
    Report&#148; to be contained in the Company&#146;s Proxy
    Statement, which will be filed no later than 120&#160;days
    following December&#160;31, 2010.
</DIV>
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<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;12.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='W80904120'></A><B><FONT style="font-family: 'Times New Roman', Times">Security
    Ownership of Certain Beneficial Owners and Management</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The information required by this Item is hereby incorporated by
    reference from the i section entitled &#147;Beneficial Ownership
    of Common Stock&#148; to be contained in the Company&#146;s
    Proxy Statement, which will be filed no later than 120&#160;days
    following December&#160;31, 2010.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;13.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='W80904121'></A><B><FONT style="font-family: 'Times New Roman', Times">Certain
    Relationships and Related Transactions</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The information required by this Item is hereby incorporated by
    reference from the sections entitled &#147;Board Structure&#148;
    and &#147;Certain Transactions with Related Parties&#148; to be
    contained in the Company&#146;s Proxy Statement, which will be
    filed no later than 120&#160;days following December&#160;31,
    2010.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;14.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='W80904122'></A><B><FONT style="font-family: 'Times New Roman', Times">Principal
    Accounting Fees and Services</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The information required by this Item is hereby incorporated by
    reference from the section entitled
    &#147;Proposal&#160;2&#160;&#151; Ratification of Appointment of
    Independent Registered Public Accounting Firm&#148; to be
    contained in the Company&#146;s Proxy Statement, which will be
    filed no later than 120&#160;days following December&#160;31,
    2010.
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='W80904123'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PART&#160;IV</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;15.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='W80904124'></A><B><FONT style="font-family: 'Times New Roman', Times">Exhibits
    and Financial Statement Schedules</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">(A)(1)
    Financial Statements</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All required financial statements of the registrant are set
    forth under Item&#160;8 of this report on
    <FONT style="white-space: nowrap">Form&#160;10-K.</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">(A)(2)
    Financial Statement Schedule</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The required financial statement schedule of the registrant is
    set forth under Item&#160;8 of this report on
    <FONT style="white-space: nowrap">Form&#160;10-K.</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">(A)(3)
    Exhibits</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The exhibits required to be filed as a part of this Annual
    Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    are listed in the Exhibit&#160;Index attached hereto and are
    incorporated herein by reference.
</DIV>
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    <BR>
    78
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='W80904125'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of Section&#160;13 or 15(d) of the
    Securities Exchange Act of 1934, the registrant has duly caused
    this Report to be signed on its behalf by the undersigned,
    thereunto duly authorized.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    STRAYER EDUCATION, INC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Robert
    S. Silberman</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Robert S. Silberman
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Chairman of the Board and
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Chief Executive Officer
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Date:&#160;&#160; February&#160;22, 2011
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">POWER OF
    ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    KNOW ALL MEN BY THESE PRESENTS, that each person whose signature
    appears below constitutes and appoints Robert S. Silberman and
    Mark C. Brown, and each of them individually, as his true and
    lawful attorneys-in-fact and agents, with full power of
    substitution and resubstitution, for him and his name, place and
    stead in any and all capacities, to sign the report and any and
    all amendments to this report, and to file the same, with all
    exhibits thereto, and other documents in connection therewith,
    with the Securities and Exchange Commission, granting unto said
    attorneys-in-fact and agents, full power and authority to
    perform each and every act and thing requisite and necessary to
    be done in and about the premises, as fully to all intents and
    purposes as he might or could do in person, hereby ratifying and
    confirming all that said attorneys-in-fact and agents, or their
    substitutes, may lawfully do or cause to be done by virtue
    thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Exchange Act of
    1934, this Report has been signed below by the following persons
    on behalf of the registrant in the capacities and on the date
    indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="4%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="34%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="39%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><U>SIGNATURES</U></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><U>TITLE</U></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><U>DATE</U></B>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    S. Silberman</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>(Robert
    S. Silberman)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairman of the Board and Chief<BR>
    Executive Officer (Principal Executive<BR>
    Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    February 22, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Mark
    C. Brown</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>(Mark
    C. Brown)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chief Financial Officer (Principal<BR>
    Financial and Accounting Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    February 22, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Charlotte
    F. Beason</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>(Charlotte
    F. Beason)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    February 22, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;William
    E. Brock</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>(William
    E. Brock)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    February 22, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;David
    A. Coulter</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>(David
    A. Coulter)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    February 22, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    R. Grusky</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>(Robert
    R. Grusky)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    February 22, 2011
</TD>
</TR>
</TABLE>
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    <BR>
    79
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="4%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="34%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="39%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><U>SIGNATURES</U></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><U>TITLE</U></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><U>DATE</U></B>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    L. Johnson</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>(Robert
    L. Johnson)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    February 22, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Todd
    A. Milano</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>(Todd
    A. Milano)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    February 22, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;G.
    Thomas Waite,&#160;III</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>(G.
    Thomas Waite,&#160;III)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    February 22, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;J.
    David Wargo</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>(J.
    David Wargo)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    February 22, 2011
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
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    <BR>
    80
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;Index</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="85%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Exhibit Number</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Description</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended Articles of Incorporation and
    Articles&#160;Supplementary of the Company (incorporated by
    reference to Exhibit&#160;3.01 of the Company&#146;s Annual
    Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    (File
    <FONT style="white-space: nowrap">No.&#160;000-21039)</FONT>
    filed with the Commission on March&#160;28, 2002).
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Bylaws of the Company (incorporated by
    reference to Exhibit&#160;3.1 of the Company&#146;s Current
    Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Commission on November&#160;4, 2010).
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Specimen Stock Certificate (incorporated by reference to
    Exhibit&#160;4.01 of Amendment No.&#160;3 to the Company&#146;s
    Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    (File
    <FONT style="white-space: nowrap">No.&#160;333-3967)</FONT>
    filed with the Commission on July&#160;16, 1996).
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Revolving Credit Agreement, dated January&#160;3, 2011, among
    the Company, SunTrust Bank, as Administrative Agent, and the
    other lenders and agents party thereto (incorporated by
    reference to Exhibit&#160;10.1 of Company&#146;s Current Report
    on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Commission on January&#160;7, 2011).
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .2&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Agreement, dated as of April&#160;6, 2001, between
    Strayer Education, Inc. and Robert S. Silberman (incorporated by
    reference to Exhibit&#160;10.03 of the Company&#146;s Annual
    Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    (File
    <FONT style="white-space: nowrap">No.&#160;000-21039)</FONT>
    filed with the Commission on March&#160;28, 2002).
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .3&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    1996 Amended Stock Option Plan (incorporated by reference to
    Exhibits&#160;B, C&#160;&#038; D of the Company&#146;s Proxy
    Statement (File
    <FONT style="white-space: nowrap">No.&#160;000-21039)</FONT>
    filed with the Commission on April&#160;3, 2006).
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    21
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Subsidiaries of Registrant (incorporated by reference to
    Exhibit&#160;21.01 of the Company&#146;s Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    (File
    <FONT style="white-space: nowrap">No.&#160;000-21039)</FONT>
    filed with the Commission on March&#160;28, 2002).
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of PricewaterhouseCoopers LLP.
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    24
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Power of Attorney (included in signature page hereto).
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    31
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certification of Chief Executive Officer pursuant to
    <FONT style="white-space: nowrap">Rule&#160;13a-14(a)</FONT>
    of the Securities Act.
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    31
</TD>
<TD nowrap align="left" valign="top">
    .2*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certification of Chief Financial Officer pursuant to
    <FONT style="white-space: nowrap">Rule&#160;13a-14(a)</FONT>
    of the Securities Act.
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    32
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certification of Chief Executive Officer pursuant to
    18&#160;U.S.C. Section&#160;1350, as adopted pursuant to
    Section&#160;906 of the Sarbanes-Oxley Act of 2002.
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    32
</TD>
<TD nowrap align="left" valign="top">
    .2*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certification of Chief Financial Officer pursuant to
    18&#160;U.S.C. Section&#160;1350, as adopted pursuant to
    Section&#160;906 of the Sarbanes-Oxley Act of 2002.
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    101
</TD>
<TD nowrap align="left" valign="top">
    .INS
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    XBRL Instance Document
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    101
</TD>
<TD nowrap align="left" valign="top">
    .SCH
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    XBRL Schema Document
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    101
</TD>
<TD nowrap align="left" valign="top">
    .CAL
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    XBRL Calculation Linkbase Document
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    101
</TD>
<TD nowrap align="left" valign="top">
    .LAB
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    XBRL Labels Linkbase Document
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    101
</TD>
<TD nowrap align="left" valign="top">
    .PRE
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    XBRL Presentation Linkbase Document
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    101
</TD>
<TD nowrap align="left" valign="top">
    .DEF
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    XBRL Definition Linkbase Document
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed herewith.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    &#134; </TD>
    <TD></TD>
    <TD valign="bottom">
    Denotes management contract or compensation plan or arrangement.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    81
</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>w80904exv23w1.htm
<DESCRIPTION>EX-23.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;23.1</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CONSENT
    OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We hereby consent to the incorporation by reference in the
    Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-8</FONT>
    <FONT style="white-space: nowrap">(No.&#160;333-71182</FONT>
    and
    <FONT style="white-space: nowrap">No.&#160;333-71104)</FONT>
    of Strayer Education, Inc. of our report dated February&#160;22,
    2011 relating to the financial statements, financial statement
    schedule and the effectiveness of internal control over
    financial reporting, which appears in this
    <FONT style="white-space: nowrap">Form&#160;10-K.</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    PricewaterhouseCoopers LLP
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    McLean, Virginia
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    February&#160;22, 2011
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>3
<FILENAME>w80904exv31w1.htm
<DESCRIPTION>EX-31.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv31w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;31.1</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><U><FONT style="font-family: 'Times New Roman', Times">CERTIFICATION</FONT></U></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    I, Robert S. Silberman, certify that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    1.&#160;&#160;</TD>
    <TD align="left">
    I have reviewed this annual report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    of Strayer Education, Inc. (the &#147;registrant&#148;);
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    2.&#160;&#160;
</TD>
    <TD align="left">    Based on my knowledge, this report does not contain any untrue
    statement of a material fact or omit to state a material fact
    necessary to make the statements made, in light of the
    circumstances under which such statements were made, not
    misleading with respect to the period covered by this report;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    3.&#160;&#160;
</TD>
    <TD align="left">    Based on my knowledge, the financial statements, and other
    financial information included in this report, fairly present in
    all material respects the financial condition, results of
    operations and cash flows of the registrant as of, and for, the
    periods presented in this report;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    4.&#160;&#160;
</TD>
    <TD align="left">    The registrant&#146;s other certifying officer and I are
    responsible for establishing and maintaining disclosure controls
    and procedures (as defined in Exchange Act
    <FONT style="white-space: nowrap">Rules&#160;13a-15(e)</FONT>
    and
    <FONT style="white-space: nowrap">15d-15(e))</FONT>
    and internal control over financial reporting (as defined in
    Exchange Act Rules
    <FONT style="white-space: nowrap">13a-15(f)</FONT>
    and
    <FONT style="white-space: nowrap">15d-15(f))</FONT>
    for the registrant and have:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (a)&#160;
</TD>
    <TD align="left">
    Designed such disclosure controls and procedures, or caused such
    disclosure controls and procedures to be designed under our
    supervision, to ensure that material information relating to the
    registrant, including its consolidated subsidiaries, is made
    known to us by others within those entities, particularly during
    the period in which this report is being prepared;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (b)&#160;
</TD>
    <TD align="left">
    Designed such internal control over financial reporting, or
    caused such internal control over financial reporting to be
    designed under our supervision, to provide reasonable assurance
    regarding the reliability of financial reporting and the
    preparation of financial statements for external purposes in
    accordance with generally accepted accounting principles;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (c)&#160;
</TD>
    <TD align="left">
    Evaluated the effectiveness of the registrant&#146;s disclosure
    controls and procedures and presented in this report our
    conclusions about the effectiveness of the disclosure controls
    and procedures, as of the end of the period covered by this
    report based on such evaluation;&#160;and
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (d)&#160;
</TD>
    <TD align="left">
    Disclosed in this report any change in the registrant&#146;s
    internal control over financial reporting that occurred during
    the registrant&#146;s most recent fiscal quarter (the
    registrant&#146;s fourth fiscal quarter in the case of an annual
    report) that has materially affected, or is reasonably likely to
    materially affect, the registrant&#146;s internal control over
    financial reporting;&#160;and
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    5.&#160;&#160;</TD>
    <TD align="left">
    The registrant&#146;s other certifying officer and I have
    disclosed, based on our most recent evaluation of internal
    control over financial reporting, to the registrant&#146;s
    auditors and the audit committee of the registrant&#146;s board
    of directors (or persons performing the equivalent functions):
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (a)&#160;
</TD>
    <TD align="left">
    All significant deficiencies and material weaknesses in the
    design or operation of internal control over financial reporting
    which are reasonably likely to adversely affect the
    registrant&#146;s ability to record, process, summarize and
    report financial information;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (b)&#160;
</TD>
    <TD align="left">
    Any fraud, whether or not material, that involves management or
    other employees who have a significant role in the
    registrant&#146;s internal control over financial reporting.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Date:&#160;&#160;February&#160;22, 2011
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Robert
    S. Silberman</DIV>
</DIV>

<DIV style="font-size: 2pt; margin-left: 49%; width: 36%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Robert S. Silberman
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Chairman and Chief Executive Officer
</DIV>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>4
<FILENAME>w80904exv31w2.htm
<DESCRIPTION>EX-31.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv31w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;31.2</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><U><FONT style="font-family: 'Times New Roman', Times">CERTIFICATION</FONT></U></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    I, Mark C. Brown, certify that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.&#160;&#160;I have reviewed this annual report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    of Strayer Education, Inc. (the &#147;registrant&#148;);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    2.&#160;&#160;
</TD>
    <TD align="left">    Based on my knowledge, this report does not contain any untrue
    statement of a material fact or omit to state a material fact
    necessary to make the statements made, in light of the
    circumstances under which such statements were made, not
    misleading with respect to the period covered by this report;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    3.&#160;&#160;
</TD>
    <TD align="left">    Based on my knowledge, the financial statements, and other
    financial information included in this report, fairly present in
    all material respects the financial condition, results of
    operations and cash flows of the registrant as of, and for, the
    periods presented in this report;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    4.&#160;&#160;
</TD>
    <TD align="left">    The registrant&#146;s other certifying officer and I are
    responsible for establishing and maintaining disclosure controls
    and procedures (as defined in Exchange Act
    <FONT style="white-space: nowrap">Rules&#160;13a-15(e)</FONT>
    and
    <FONT style="white-space: nowrap">15d-15(e))</FONT>
    and internal control over financial reporting (as defined in
    Exchange Act Rules
    <FONT style="white-space: nowrap">13a-15(f)</FONT>
    and
    <FONT style="white-space: nowrap">15d-15(f))</FONT>
    for the registrant and have:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (a)&#160;
</TD>
    <TD align="left">
    Designed such disclosure controls and procedures, or caused such
    disclosure controls and procedures to be designed under our
    supervision, to ensure that material information relating to the
    registrant, including its consolidated subsidiaries, is made
    known to us by others within those entities, particularly during
    the period in which this report is being prepared;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (b)&#160;
</TD>
    <TD align="left">
    Designed such internal control over financial reporting, or
    caused such internal control over financial reporting to be
    designed under our supervision, to provide reasonable assurance
    regarding the reliability of financial reporting and the
    preparation of financial statements for external purposes in
    accordance with generally accepted accounting principles;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (c)&#160;
</TD>
    <TD align="left">
    Evaluated the effectiveness of the registrant&#146;s disclosure
    controls and procedures and presented in this report our
    conclusions about the effectiveness of the disclosure controls
    and procedures, as of the end of the period covered by this
    report based on such evaluation;&#160;and
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (d)&#160;
</TD>
    <TD align="left">
    Disclosed in this report any change in the registrant&#146;s
    internal control over financial reporting that occurred during
    the registrant&#146;s most recent fiscal quarter (the
    registrant&#146;s fourth fiscal quarter in the case of an annual
    report) that has materially affected, or is reasonably likely to
    materially affect, the registrant&#146;s internal control over
    financial reporting;&#160;and
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    5.&#160;&#160;</TD>
    <TD align="left">
    The registrant&#146;s other certifying officer and I have
    disclosed, based on our most recent evaluation of internal
    control over financial reporting, to the registrant&#146;s
    auditors and the audit committee of the registrant&#146;s board
    of directors (or persons performing the equivalent functions):
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (a)&#160;
</TD>
    <TD align="left">
    All significant deficiencies and material weaknesses in the
    design or operation of internal control over financial reporting
    which are reasonably likely to adversely affect the
    registrant&#146;s ability to record, process, summarize and
    report financial information;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (b)&#160;
</TD>
    <TD align="left">
    Any fraud, whether or not material, that involves management or
    other employees who have a significant role in the
    registrant&#146;s internal control over financial reporting.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Date:&#160;&#160;February&#160;22, 2011
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Mark
    C. Brown</DIV>
</DIV>

<DIV style="font-size: 2pt; margin-left: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Mark C. Brown
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Executive Vice President and
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Chief Financial Officer
</DIV>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>5
<FILENAME>w80904exv32w1.htm
<DESCRIPTION>EX-32.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv32w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;32.1</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><U><FONT style="font-family: 'Times New Roman', Times">CERTIFICATION
    PURSUANT TO RULE&#160;13b&#160;&#151; 14(b) OF THE SECURITIES
    EXCHANGE ACT<BR>
    AND 18&#160;U.S.C. SECTION&#160;1350, AS ADOPTED PURSUANT TO
    SECTION&#160;906 OF THE<BR>
    SARBANES&#160;&#151; OXLEY ACT OF 2002</FONT></U></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In connection with the Annual Report of Strayer Education, Inc.
    (the &#147;Company&#148;) on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2010 as filed with the
    Securities and Exchange Commission on the date hereof (the
    &#147;Report&#148;),&#160;I, Robert S. Silberman, Chairman and
    Chief Executive Officer of the Company, certify, pursuant to
    18&#160;U.S.C. &#167;1350, as adopted pursuant to &#167;906 of
    the Sarbanes-Oxley Act of 2002, that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;The Report fully complies with the requirements of
    section&#160;13(a) or 15(d) of the Securities Exchange Act of
    1934;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;The information contained in the Report fairly
    presents, in all material respects, the financial condition and
    results of operations of the Company.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Robert
    S. Silberman</DIV>
</DIV>

<DIV style="font-size: 2pt; margin-right: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Robert S. Silberman
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Chairman and Chief Executive Officer
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    February&#160;22, 2011
</DIV>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>6
<FILENAME>w80904exv32w2.htm
<DESCRIPTION>EX-32.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv32w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

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    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;32.2</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><U><FONT style="font-family: 'Times New Roman', Times">CERTIFICATION
    PURSUANT TO RULE&#160;13b&#160;&#151; 14(b) OF THE SECURITIES
    EXCHANGE ACT<BR>
    AND 18&#160;U.S.C. SECTION&#160;1350, AS ADOPTED PURSUANT TO
    SECTION&#160;906 OF THE<BR>
    SARBANES&#160;&#151; OXLEY ACT OF 2002</FONT></U></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In connection with the Annual Report of Strayer Education, Inc.
    (the &#147;Company&#148;) on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2010 as filed with the
    Securities and Exchange Commission on the date hereof (the
    &#147;Report&#148;),&#160;I, Mark C. Brown, Executive Vice
    President and Chief Financial Officer of the Company, certify,
    pursuant to 18&#160;U.S.C. &#167;1350, as adopted pursuant to
    &#167;906 of the Sarbanes-Oxley Act of 2002, that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;The Report fully complies with the requirements of
    section&#160;13(a) or 15(d) of the Securities Exchange Act of
    1934;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;The information contained in the Report fairly
    presents, in all material respects, the financial condition and
    results of operations of the Company.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Mark
    C. Brown </DIV>
</DIV>

<DIV style="font-size: 2pt; margin-right: 49%; width: 36%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Mark C. Brown
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Executive Vice President and
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Chief Financial Officer
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    February&#160;22, 2011
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<DOCUMENT>
<TYPE>EX-101.INS
<SEQUENCE>7
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<DESCRIPTION>EX-101 INSTANCE DOCUMENT
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       Strayer Education, Inc. (the &amp;#8220;Company&amp;#8221;), a Maryland
       corporation, conducts its operations through its wholly owned
       subsidiary, Strayer University (the &amp;#8220;University&amp;#8221;). The
       University is an accredited institution of higher education that
       provides undergraduate and graduate degrees in various fields of
       study through 89 campuses (including three campuses opened for
       the 2011 winter term and two opened for the 2011 spring term) in
       Alabama, Arkansas, Delaware, Florida, Georgia, Indiana,
       Kentucky, Louisiana, Maryland, Mississippi, New Jersey, North
       Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas,
       Utah, Virginia, West Virginia, Wisconsin, and
       Washington,&amp;#160;D.C., and worldwide via the Internet. With the
       Company&amp;#8217;s focus on the student, regardless of whether he or
       she chooses to take classes at a physical campus or online, it
       has only one reporting segment.
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       In June 2009, the Financial Accounting Standards Board (the
       &amp;#8220;FASB&amp;#8221;) issued Statement of Financial Accounting
       Standards No.&amp;#160;168, &lt;i&gt;The FASB Accounting Standards
       Codification and the Hierarchy of Generally Accepted Accounting
       Principles&lt;/i&gt;, which was primarily codified into Accounting
       Standards Codification (&amp;#8220;ASC&amp;#8221;) Topic 105, Generally
       Accepted Accounting Standards. This standard is the single
       source of authoritative non-governmental U.S.&amp;#160;generally
       accepted accounting principles, superseding existing FASB,
       American Institute of Certified Public Accountants, Emerging
       Issues Task Force, and related accounting literature. Also
       included is relevant Securities and Exchange Commission guidance
       organized using the same topical structure in separate sections.
       This guidance is effective for financial statements issued for
       reporting periods that ended after September&amp;#160;15, 2009. This
       guidance impacts the Company&amp;#8217;s consolidated financial
       statements and related disclosures as all references to
       authoritative literature reflect the newly adopted codification.
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       The consolidated financial statements include the accounts of
       the Company and its subsidiaries, the University and Education
       Loan Processing, Inc. The University is the only subsidiary that
       is currently active. All inter-company accounts and transactions
       have been eliminated in the consolidated financial statements.
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   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Cash and
       Cash Equivalents&lt;/font&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       Cash and cash equivalents consist of cash invested in bank
       overnight deposits and money market mutual funds. The Company
       places its cash and temporary cash investments with various
       financial institutions. The Company considers all highly liquid
       instruments purchased with a maturity of three months or less at
       the date of purchase to be cash equivalents.
   &lt;/div&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Marketable
       Securities&lt;/font&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The Company invested some of its excess cash in a diversified,
       short-term, investment grade, tax-exempt bond fund. As of
       December&amp;#160;31, 2010, the Company had $12.4&amp;#160;million, as
       determined by the quoted market price, invested in this fund,
       which has since been liquidated. The investment is considered
       &lt;font style="white-space: nowrap"&gt;&amp;#8220;available-for-sale&amp;#8221;&lt;/font&gt;
       as it is not held for trading and will not be held to maturity,
       in accordance with the Investments&amp;#160;&amp;#8212; Debt and Equity
       Securities Topic, ASC&amp;#160;320. The Company records the net
       unrealized gains and losses for changes in fair value as a
       component of accumulated other comprehensive income in
       stockholders&amp;#8217; equity. Realized gains and losses from the
       sale of marketable securities are based on the specific
       identification method. Accounting Standards Codification
       &lt;font style="white-space: nowrap"&gt;820-10&lt;/font&gt;
       &amp;#8220;Fair Value Measurement&amp;#8221; (ASC
       &lt;font style="white-space: nowrap"&gt;820-10)&lt;/font&gt;
       establishes a framework for measuring fair value, establishes a
       fair value hierarchy based upon the observability of inputs used
       to measure fair value, and expands disclosures about fair value
       measurements.
   Under
       &lt;font style="white-space: nowrap"&gt;ASC&amp;#160;820-10,&lt;/font&gt;
       fair value of an investment is the price that would be received
       to sell an asset or to transfer a liability in an orderly
       transaction between market participants at the measurement date.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The hierarchy gives the highest priority to investments with
       readily available quoted prices in an active market and the
       lowest priority to unobservable inputs which require a higher
       degree of judgment when measuring fair value, with Level&amp;#160;1
       investments using quoted prices in active markets for identical
       assets or liabilities as of the measurement date.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       At December&amp;#160;31, 2010, all of the Company&amp;#8217;s investments
       were classified as Level&amp;#160;1. Items not subject to fair value
       reporting include cash and cash equivalents and restricted cash
       totaling $64.6&amp;#160;million.
   &lt;/div&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Revenues&lt;/font&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The Company&amp;#8217;s educational programs are offered on a
       quarterly basis. Approximately 97% of the Company&amp;#8217;s
       revenues during the year ended December&amp;#160;31, 2010 consisted
       of tuition revenue. Tuition revenue is recognized in the quarter
       of instruction. Tuition revenue is shown net of any refunds,
       withdrawals, corporate discounts, scholarships and employee
       tuition discounts. At the time of registration, a liability
       (unearned tuition) is recorded for academic services to be
       provided and a tuition receivable is recorded for the portion of
       the tuition not paid upfront in cash. Revenues also include
       textbook-related income, application fees, placement test fees,
       withdrawal fees, loan administration fees and other income,
       which are all recognized when incurred.
   &lt;/div&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Concentration
       of Credit Risk&lt;/font&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The Company places its cash and temporary cash investments in
       money market mutual funds and bank overnight deposits with
       various financial institutions. Cash and cash equivalent
       balances are in excess of the FDIC insurance limit. The Company
       has not experienced any losses on its cash and cash equivalents.
       The Company has also invested its excess cash in a diversified,
       short-term, investment grade, tax-exempt bond fund that is
       classified under &amp;#8220;Marketable Securities.&amp;#8221;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       Tuition receivables are not collateralized; however, credit risk
       is minimized as a result of the diverse nature of the
       University&amp;#8217;s student base. The University establishes an
       allowance for doubtful tuition accounts based upon historical
       trends and other information.
   &lt;/div&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Property
       and Equipment&lt;/font&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       Property and equipment are stated at cost less accumulated
       depreciation and amortization. In accordance with the Property,
       Plant and Equipment Topic, ASC&amp;#160;360, the carrying values of
       the Company&amp;#8217;s assets are re-evaluated when events or
       changes in circumstances indicate that the carrying amount of an
       asset may not be recoverable. If it is determined that an
       impairment loss has occurred based on expected undiscounted
       future cash flows, then a loss is recognized using a fair-value
       based model. Through 2010, no such impairment loss had occurred.
       Depreciation and amortization of property and equipment is
       calculated using the straight-line method over the estimated
       useful lives ranging from 3 to 40&amp;#160;years. Depreciation and
       amortization amounted to $10.8&amp;#160;million, $13.9&amp;#160;million
       and $17.3&amp;#160;million for the years ended December&amp;#160;31,
       2008, 2009, and 2010 respectively.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       Construction in progress includes costs of computer software
       developed for internal use, and is accounted for in accordance
       with the Internal-Use Software Topic,
       &lt;font style="white-space: nowrap"&gt;ASC&amp;#160;350-40.&lt;/font&gt;
       Computer software development costs that are incurred in the
       preliminary project stage are expensed as incurred. During the
       development stage direct consulting costs, payroll and
       payroll-related costs for employees that are directly associated
       with the project are capitalized and will be amortized over the
       estimated useful life of the software once placed into operation.
   &lt;/div&gt;
   &lt;!-- XBRL Pagebreak Begin --&gt;
   &lt;/div&gt;
   &lt;!-- END PAGE WIDTH --&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="margin-left: 0%"&gt;
   &lt;!-- BEGIN PAGE WIDTH --&gt;
   &lt;div align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
   &lt;b&gt;
   &lt;font style="font-family: 'Times New Roman', Times"&gt;
   &lt;/font&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;!-- XBRL Pagebreak End --&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       Purchases of property and equipment and changes in accounts
       payable for each of the three years in the period ended
       December&amp;#160;31, 2010 in the Consolidated Statements of Cash
       Flows have been adjusted to exclude non-cash purchases of
       property and equipment transactions during that period.
   &lt;/div&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Income
       Taxes&lt;/font&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The Company provides for deferred income taxes based on
       temporary differences between financial statement and income tax
       bases of assets and liabilities using enacted tax rates in
       effect in the year in which the differences are expected to
       reverse.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The Fair Value Measurements and Disclosures Topic, ASC&amp;#160;740,
       requires the company to determine whether uncertain tax
       positions should be recognized within the Company&amp;#8217;s
       financial statements. As a result of the implementation of
       ASC&amp;#160;740, no material adjustment in the liability for
       unrecognized income tax benefits was recognized. The amount of
       unrecognized tax benefits at the adoption date of
       January&amp;#160;1, 2007 and at December&amp;#160;31, 2010 was
       immaterial. The Company recognizes interest and penalties
       related to uncertain tax positions in income tax expense. As of
       December&amp;#160;31, 2010, the amount of accrued interest and
       penalties related to uncertain tax positions was immaterial. The
       tax years
       &lt;font style="white-space: nowrap"&gt;2008-2010&lt;/font&gt;
       remain open to examination by the major taxing jurisdictions in
       which the Company is subject.
   &lt;/div&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Advertising
       Costs&lt;/font&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The Company expenses advertising costs in the quarter incurred,
       except for costs associated with the production of television
       commercials which are expensed when the commercial is first
       aired.
   &lt;/div&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Long-Term
       Liabilities&lt;/font&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       At December&amp;#160;31, 2010, the Company has no borrowings under
       its credit facility. Most of the Company&amp;#8217;s long-term
       liabilities are for lease incentives related to the opening of
       new campuses, the straight-lining of rent expense and a deferred
       gain related to the sale and lease back of a campus facility. In
       conjunction with the opening of some new campuses and other
       facilities, the Company was reimbursed by the lessors for
       improvements made to those leased properties. In accordance with
       the Operating Leases Subtopic,
       &lt;font style="white-space: nowrap"&gt;ASC&amp;#160;840-20,&lt;/font&gt;
       these reimbursements were capitalized as leasehold improvements
       and a long-term liability established. The leasehold
       improvements and the long-term liability are amortized on a
       straight-line basis over the corresponding lease terms, which
       range from five to ten years. In accordance with
       &lt;font style="white-space: nowrap"&gt;ASC&amp;#160;840-20,&lt;/font&gt;
       the Company records rent expense on a straight-line basis over
       the initial term of a lease. The difference between the rent
       payment and the straight-line rent expense is recorded as a
       long-term liability. The Company also records the non-current
       portion of the gain related to the sale and lease back of a
       campus facility as a long-term liability. (See Note&amp;#160;7 below
       for more information.)
   &lt;/div&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Authorized
       Stock&lt;/font&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The Company has authorized 20,000,000&amp;#160;shares of common
       stock, par value $.01, of which 13,957,596 and
       13,316,822&amp;#160;shares were issued and outstanding as of
       December&amp;#160;31, 2009 and 2010, respectively. The Company also
       has authorized 8,000,000&amp;#160;shares of preferred stock, none of
       which has been issued or outstanding since 2004. Before any
       preferred stock may be issued in the future, the Board of
       Directors would need to establish the preferences, conversion or
       other rights, voting powers, restrictions, limitations as to
       dividends, qualifications, and the terms or conditions of the
       redemption of the preferred stock.
   &lt;/div&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Stock-Based
       Compensation&lt;/font&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       As required by the Stock Compensation Topic, ASC&amp;#160;718, the
       Company measures and recognizes compensation expense for all
       share-based payment awards made to employees and directors,
       including
   employee stock options and employee stock purchases related to
       the Company&amp;#8217;s Employee Stock Purchase Plan, based on
       estimated fair values. Stock-based compensation expense
       recognized in the Consolidated Statements of Income for each of
       the three years in the period ended December 31 2010, is based
       on awards ultimately expected to vest and, therefore, has been
       adjusted for estimated forfeitures. The Company is required to
       estimate forfeitures at the time of grant and revise, if
       necessary, the estimate in subsequent periods if actual
       forfeitures differ from those estimates. The forfeiture rate
       used is based on historical experience.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Net
       Income Per Share&lt;/font&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       Basic earnings per share is computed by dividing net income by
       the weighted average number of shares of common stock
       outstanding during the periods. Diluted earnings per share
       reflects the potential dilution that could occur assuming
       conversion or exercise of all dilutive unexercised stock options
       and restricted stock. The dilutive effect of stock awards was
       determined using the treasury stock method. Under the treasury
       stock method, all of the following are assumed to be used to
       repurchase shares of the Company&amp;#8217;s common stock:
       (1)&amp;#160;the proceeds received from the exercise of stock
       options, (2)&amp;#160;the amount of compensation cost associated
       with the stock awards for future service not yet recognized by
       the Company, and (3)&amp;#160;the amount of tax benefits that would
       be recorded in additional paid-in capital when the stock awards
       become deductible for income tax purposes. Stock options are not
       included in the computation of diluted earnings per share when
       the stock option exercise price of an individual grant exceeds
       the average market price for the period. At December&amp;#160;31,
       2010, the Company had no issued and outstanding stock options
       that were excluded from the calculation.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       Set forth below is a reconciliation of shares used to calculate
       basic and diluted earnings per share (in thousands).
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"&gt;
   &lt;!-- Table Width Row BEGIN --&gt;
   &lt;tr style="font-size: 1pt" valign="bottom"&gt;
       &lt;td width="76%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=01 type=maindata --&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=lead --&gt;
       &lt;td width="3%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=hang1 --&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=lead --&gt;
       &lt;td width="3%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=hang1 --&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=lead --&gt;
       &lt;td width="3%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=hang1 --&gt;
   &lt;/tr&gt;
   &lt;!-- Table Width Row END --&gt;
   &lt;!-- TableOutputHead --&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2008&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2009&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2010&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="line-height: 3pt; font-size: 1pt"&gt;
   &lt;td&gt;&amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- TableOutputBody --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -9pt; margin-left: 9pt"&gt;
       Weighted average shares outstanding used to compute basic
       earnings per share
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       14,015
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       13,703
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       13,426
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -9pt; margin-left: 9pt"&gt;
       Incremental shares issuable upon the assumed exercise of stock
       options
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       63
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       49
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       36
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -9pt; margin-left: 9pt"&gt;
       Unvested restricted stock
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       164
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       73
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       73
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -9pt; margin-left: 9pt"&gt;
       Shares used to compute diluted earnings per share
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       14,242
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       13,825
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       13,535
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Use of
       Estimates&lt;/font&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The preparation of financial statements in conformity with
       accounting principles generally accepted in the United States of
       America requires management to make estimates and assumptions
       that affect the reported amounts of assets and liabilities at
       the date of the financial statements and the reported amounts of
       expenses during the period reported. The most significant
       management estimates included allowances for uncollectible
       accounts, accrued expenses, forfeiture rates for stock-based
       awards, and the provision for income taxes. Actual results could
       differ from those estimates.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Comprehensive
       Income&lt;/font&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       Comprehensive income consists of net income and unrealized gains
       (losses) on investments in marketable securities, net of income
       taxes.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Recent
       Accounting Pronouncements&lt;/font&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       In June 2008, the FASB issued paragraph&amp;#160;ASC
       &lt;font style="white-space: nowrap"&gt;260-45-61A&lt;/font&gt;
       of the Earnings Per Share Topic. This paragraph requires certain
       share-based payment awards that entitle holders to receive
       non-forfeitable dividends before they vest to be treated as
       participating securities in basic and diluted EPS calculations.
       &lt;font style="white-space: nowrap"&gt;ASC&amp;#160;260-45-61A&lt;/font&gt;
       is effective for the first fiscal year beginning after
       December&amp;#160;15, 2008. The adoption of
       &lt;font style="white-space: nowrap"&gt;ASC&amp;#160;260-45-61A,&lt;/font&gt;
       effective January&amp;#160;1, 2009, did not have a material effect
       on the Company&amp;#8217;s consolidated financial statements.
   &lt;/div&gt;
   &lt;!-- XBRL Pagebreak Begin --&gt;
   &lt;/div&gt;
   &lt;!-- END PAGE WIDTH --&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="margin-left: 0%"&gt;
   &lt;!-- BEGIN PAGE WIDTH --&gt;
   &lt;div align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
   &lt;b&gt;
   &lt;font style="font-family: 'Times New Roman', Times"&gt;
   &lt;/font&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;!-- XBRL Pagebreak End --&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       In May 2009, the FASB issued ASC&amp;#160;855, the Subsequent Events
       Topic, which establishes general accounting and disclosure
       guidelines for events that occur after the balance sheet date
       but before financial statements are issued or available to be
       issued. The Company adopted the provisions of ASC 855 effective
       June&amp;#160;15, 2009.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       In June 2009, the FASB issued &lt;i&gt;The FASB Accounting Standards
       Codification and the Hierarchy of Generally Accepted Accounting
       Principles&amp;#160;&amp;#8212; a replacement of FASB Statement
       No.&amp;#160;162 &lt;/i&gt;(SFAS&amp;#160;168). Under the new FASB ASC,
       SFAS&amp;#160;168 is now the Generally Accepted Accounting
       Principles Topic (ASC 105). The ASC becomes the single,
       authoritative source for US accounting and reporting standards
       and supersedes all previously issued FASB statements and related
       accounting literature references for reporting purposes. The
       Company adopted the provisions of ASC&amp;#160;105 for reporting
       periods ending after September&amp;#160;15, 2009.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       In October 2009, the FASB issue Accounting Standards Update
       &lt;font style="white-space: nowrap"&gt;No.&amp;#160;2009-13,&lt;/font&gt;
       &lt;i&gt;Revenue Recognition (Topic 605): Multiple-Deliverable Revenue
       Arrangements&amp;#160;&amp;#8212; a consensus of the FASB Emerging Issues
       Task Force &lt;/i&gt;(ASU
       &lt;font style="white-space: nowrap"&gt;2009-13),&lt;/font&gt;
       which provides guidance on the recognition of multiple elements
       within a revenue transaction. ASU
       &lt;font style="white-space: nowrap"&gt;2009-13&lt;/font&gt; is
       effective for the first annual reporting period beginning on or
       after June&amp;#160;15, 2010. The Company believes the adoption of
       ASU &lt;font style="white-space: nowrap"&gt;2009-13&lt;/font&gt;
       will not have a material impact on its financial condition,
       results of operations and disclosures.
   &lt;/div&gt;
   &lt;/div&gt;
</us-gaap:SignificantAccountingPoliciesTextBlock>
  <!-- End Block Tagged Note -->
  <!-- Begin Block Tagged Note -->
  <us-gaap:AvailableForSaleSecuritiesTextBlock contextRef="Jan-01-2010_Dec-31-2010">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 3 - us-gaap:AvailableForSaleSecuritiesTextBlock--&gt;
   &lt;div style="margin-left: 0%"&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent; text-align: left"&gt;
   &lt;tr&gt;
       &lt;td width="3%"&gt;&lt;/td&gt;
       &lt;td width="97%"&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;3.&amp;#160;&amp;#160;&lt;/font&gt;&lt;/b&gt;
   &lt;/td&gt;
       &lt;td&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Investments&amp;#160;&amp;#8212;
       Marketable Securities&lt;/font&gt;&lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The cost and fair value for investments in marketable securities
       as of December&amp;#160;31, 2009 and 2010 are as follows (in
       thousands):
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"&gt;
   &lt;!-- Table Width Row BEGIN --&gt;
   &lt;tr style="font-size: 1pt" valign="bottom"&gt;
       &lt;td width="78%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=01 type=maindata --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=lead --&gt;
       &lt;td width="5%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=lead --&gt;
       &lt;td width="5%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=hang1 --&gt;
   &lt;/tr&gt;
   &lt;!-- Table Width Row END --&gt;
   &lt;!-- TableOutputHead --&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2009&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2010&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="line-height: 3pt; font-size: 1pt"&gt;
   &lt;td&gt;&amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- TableOutputBody --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Cost
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       52,253
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       12,346
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Gross unrealized gain
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       305
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       40
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Fair value
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       52,558
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       12,386
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The Company has invested some of its excess cash in a
       diversified, no load, short-term, investment grade, tax-exempt
       bond fund. At December&amp;#160;31, 2010, the 1,192 issues in this
       fund had an average credit rating of AA, an average maturity of
       1.3&amp;#160;years, an average duration of 1.2&amp;#160;years, and an
       average yield to maturity of 1.0%.
   &lt;/div&gt;
   &lt;/div&gt;
</us-gaap:AvailableForSaleSecuritiesTextBlock>
  <!-- End Block Tagged Note -->
  <!-- Begin Block Tagged Note -->
  <us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="Jan-01-2010_Dec-31-2010">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 4 - us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock--&gt;
   &lt;div style="margin-left: 0%"&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent; text-align: left"&gt;
   &lt;tr&gt;
       &lt;td width="3%"&gt;&lt;/td&gt;
       &lt;td width="97%"&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;4.&amp;#160;&amp;#160;&lt;/font&gt;&lt;/b&gt;
   &lt;/td&gt;
       &lt;td&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Property
       and Equipment&lt;/font&gt;&lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The composition of property and equipment as of
       December&amp;#160;31, 2009 and 2010 is as follows (in thousands):
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"&gt;
   &lt;!-- Table Width Row BEGIN --&gt;
   &lt;tr style="font-size: 1pt" valign="bottom"&gt;
       &lt;td width="61%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=01 type=maindata --&gt;
       &lt;td width="2%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=lead --&gt;
       &lt;td width="6%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=hang1 --&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=lead --&gt;
       &lt;td width="6%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=hang1 --&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=gutter --&gt;
       &lt;td width="15%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=maindata --&gt;
   &lt;/tr&gt;
   &lt;!-- Table Width Row END --&gt;
   &lt;!-- TableOutputHead --&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;Estimated useful life&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2009&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2010&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;(years)&lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="line-height: 3pt; font-size: 1pt"&gt;
   &lt;td&gt;&amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- TableOutputBody --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Land
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       7,138
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       7,138
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
       &amp;#8212;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Buildings and improvements
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       17,590
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       17,533
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
       5-40
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Furniture and equipment
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       79,713
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       96,776
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
       5-7
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Leasehold improvements
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       30,198
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       34,377
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
       3-10
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Construction in progress
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       8,665
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       34,769
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
       &amp;#8212;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       143,304
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       190,593
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Accumulated depreciation and amortization
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (58,629
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (74,530
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       84,675
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       116,063
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
   &lt;/div&gt;
   &lt;!-- XBRL Pagebreak Begin --&gt;
   &lt;/div&gt;
   &lt;!-- END PAGE WIDTH --&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="margin-left: 0%"&gt;
   &lt;!-- BEGIN PAGE WIDTH --&gt;
   &lt;div align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
   &lt;b&gt;
   &lt;font style="font-family: 'Times New Roman', Times"&gt;
   &lt;/font&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;!-- XBRL Pagebreak End --&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       Construction in progress included costs associated with the
       construction of new campuses and corporate headquarters and the
       development of information technology applications. In 2009 and
       2010, the Company recorded leasehold improvements of
       $0.4&amp;#160;million and $0.7&amp;#160;million, respectively, which
       were reimbursed by lessors as lease incentives. In 2009, the
       Company wrote-off $1.7&amp;#160;million in fixed assets that were
       fully depreciated and no longer in service. No assets were
       written off in 2010.
   &lt;/div&gt;
   &lt;/div&gt;
</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
  <!-- End Block Tagged Note -->
  <!-- Begin Block Tagged Note -->
  <us-gaap:ScheduleOfRestrictedCashAndCashEquivalentsTextBlock contextRef="Jan-01-2010_Dec-31-2010">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 5 - us-gaap:ScheduleOfRestrictedCashAndCashEquivalentsTextBlock--&gt;
   &lt;div style="margin-left: 0%"&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent; text-align: left"&gt;
   &lt;tr&gt;
       &lt;td width="3%"&gt;&lt;/td&gt;
       &lt;td width="97%"&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;5.&amp;#160;&amp;#160;&lt;/font&gt;&lt;/b&gt;
   &lt;/td&gt;
       &lt;td&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Restricted
       Cash&lt;/font&gt;&lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       In 2003, as part of commencing operations in Pennsylvania, the
       Company was required to maintain a &amp;#8220;minimum protective
       endowment&amp;#8221; of at least $500,000 in an interest-bearing
       account. These funds are required as long as the Company
       operates its campuses in the state. The Company accounts for
       these funds as a long-term asset.
   &lt;/div&gt;
   &lt;/div&gt;
</us-gaap:ScheduleOfRestrictedCashAndCashEquivalentsTextBlock>
  <!-- End Block Tagged Note -->
  <!-- Begin Block Tagged Note -->
  <us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock contextRef="Jan-01-2010_Dec-31-2010">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 6 - us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock--&gt;
   &lt;div style="margin-left: 0%"&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent; text-align: left"&gt;
   &lt;tr&gt;
       &lt;td width="3%"&gt;&lt;/td&gt;
       &lt;td width="97%"&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;6.&amp;#160;&amp;#160;&lt;/font&gt;&lt;/b&gt;
   &lt;/td&gt;
       &lt;td&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Stock
       Options and Restricted Stock&lt;/font&gt;&lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       A total of 3,000,000&amp;#160;shares have been approved by the
       Company&amp;#8217;s stockholders for grants under the Company&amp;#8217;s
       1996 equity compensation plan (the &amp;#8220;Plan&amp;#8221;). The Plan
       provides for the grant of options intended to qualify as
       incentive stock options, and also provides for the grant of
       non-qualifying options and restricted stock to employees,
       officers and directors of the Company at the discretion of the
       Board of Directors. Vesting provisions are also at the
       discretion of the Board of Directors. Options may be granted at
       option prices based at or above the fair market value of the
       shares at the date of grant. The maximum term of the options
       granted under the Plan is 10&amp;#160;years.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       In October 2010, the Company&amp;#8217;s Board of Directors approved
       grants of 23,502&amp;#160;shares of restricted stock. These shares,
       which vest over a four year period, were awarded to certain
       employees pursuant to the Plan. The Company&amp;#8217;s stock price
       closed at $127.65 on the date of these restricted stock grants.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       In April 2010, the Company&amp;#8217;s Board of Directors approved
       grants of 3,018&amp;#160;shares of restricted stock. These shares,
       which vest over a
       &lt;font style="white-space: nowrap"&gt;three-year&lt;/font&gt;
       period, were awarded to various non-employee members of the
       Company&amp;#8217;s Board of Directors, as part of the Company&amp;#8217;s
       annual director compensation program. The Company&amp;#8217;s stock
       price closed at $248.75 on the date of these restricted stock
       grants.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       In February 2010, the Company&amp;#8217;s Board of Directors approved
       grants of 25,219&amp;#160;shares of restricted stock to certain
       employees. These shares, which vest over a
       &lt;font style="white-space: nowrap"&gt;three-year&lt;/font&gt;
       period, were granted to certain employees pursuant to the
       Company&amp;#8217;s annual equity compensation program. The
       Company&amp;#8217;s stock price closed at $206.39 on the date of
       these restricted stock grants.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       In February 2006, the Company&amp;#8217;s Board of Directors approved
       cash payments to the holders of vested stock options in an
       amount equivalent to the Company&amp;#8217;s common stock dividends.
       These cash payments were remitted on the same dates as the
       Company&amp;#8217;s dividends and amounted to $0.6&amp;#160;million in
       2008. The Company discontinued this form of compensation in
       2009. Dividends paid on unvested restricted stock are reimbursed
       to the Company if the recipient terminates his or her employment
       prior to vesting in the award.
   &lt;/div&gt;
   &lt;!-- XBRL Pagebreak Begin --&gt;
   &lt;/div&gt;
   &lt;!-- END PAGE WIDTH --&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="margin-left: 0%"&gt;
   &lt;!-- BEGIN PAGE WIDTH --&gt;
   &lt;div align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
   &lt;b&gt;
   &lt;font style="font-family: 'Times New Roman', Times"&gt;
   &lt;/font&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;!-- XBRL Pagebreak End --&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;i&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Restricted
       Stock&lt;/font&gt;&lt;/i&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The table below sets forth the restricted stock activity for the
       years ended December&amp;#160;31, 2008, 2009 and 2010:
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"&gt;&lt;!-- TABLE 01 --&gt;
   &lt;!-- Table Width Row BEGIN --&gt;
   &lt;tr style="font-size: 1pt" valign="bottom"&gt;
       &lt;td width="71%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=01 type=maindata --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=lead --&gt;
       &lt;td width="6%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=lead --&gt;
       &lt;td width="11%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=hang1 --&gt;
   &lt;/tr&gt;
   &lt;!-- Table Width Row END --&gt;
   &lt;!-- TableOutputHead --&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;Number of&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;Weighted-average&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;shares&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;grant price&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="line-height: 3pt; font-size: 1pt"&gt;
   &lt;td&gt;&amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- TableOutputBody --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Balance, December&amp;#160;31, 2007
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       225,642
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       103.97
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Grants
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       45,153
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       163.13
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Vested shares
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (146,484
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       101.79
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Forfeitures
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (2,216
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       115.73
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Balance, December&amp;#160;31, 2008
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       122,095
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       124.06
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Grants
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       259,912
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       216.67
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Vested shares
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (28,970
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       90.78
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Forfeitures
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (309
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       162.10
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Balance, December&amp;#160;31, 2009
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       352,728
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       194.39
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Grants
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       51,739
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       173.09
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Vested shares
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (51,187
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       106.68
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Forfeitures
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (11,840
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       176.75
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Balance, December&amp;#160;31, 2010
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       341,440
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       204.89
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;i&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Stock
       Options&lt;/font&gt;&lt;/i&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The table below sets forth the stock option activity for the
       years ended December&amp;#160;31, 2008, 2009 and 2010 and other
       stock option information at December&amp;#160;31, 2010:
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"&gt;&lt;!-- TABLE 01 --&gt;
   &lt;!-- Table Width Row BEGIN --&gt;
   &lt;tr style="font-size: 1pt" valign="bottom"&gt;
       &lt;td width="44%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=01 type=maindata --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=lead --&gt;
       &lt;td width="6%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=lead --&gt;
       &lt;td width="11%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=lead --&gt;
       &lt;td width="6%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=05 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=05 type=lead --&gt;
       &lt;td width="9%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=05 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=05 type=hang1 --&gt;
   &lt;/tr&gt;
   &lt;!-- Table Width Row END --&gt;
   &lt;!-- TableOutputHead --&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;Weighted-&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;average&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;Aggregate&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;remaining&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;intrinsic&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;Number of&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;Weighted-average&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;contractual&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;value&lt;sup style="font-size: 85%; vertical-align: top"&gt;(1)&lt;br /&gt;
       &lt;/sup&gt;&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;shares&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;exercise price&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;life (yrs.)&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;(in thousands)&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="line-height: 3pt; font-size: 1pt"&gt;
   &lt;td&gt;&amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- TableOutputBody --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Balance, December&amp;#160;31, 2007
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       390,084
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       71.35
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2.5
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       38,710
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Grants
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       &amp;#8212;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       &amp;#8212;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Exercises
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (223,000
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       47.68
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Forfeitures
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       &amp;#8212;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       &amp;#8212;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Balance, December&amp;#160;31, 2008
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       167,084
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       102.98
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       3.7
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       18,618
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Grants
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       &amp;#8212;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       &amp;#8212;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Exercises
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (60,417
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       99.75
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Forfeitures
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       &amp;#8212;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       &amp;#8212;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Balance, December&amp;#160;31, 2009
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       106,667
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       104.81
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2.9
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       11,489
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Grants
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       &amp;#8212;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       &amp;#8212;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Exercises
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (6,667
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       67.84
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Forfeitures
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       &amp;#8212;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       &amp;#8212;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Balance, December&amp;#160;31, 2010
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       100,000
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       107.28
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2.1
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       4,494
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Vested, December&amp;#160;31, 2010
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       100,000
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       107.28
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2.1
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       4,494
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Exercisable, December&amp;#160;31, 2010
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       100,000
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       107.28
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2.1
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       4,494
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 3pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"&gt;&lt;!-- TABLE 06 --&gt;
   &lt;tr&gt;
       &lt;td width="2%"&gt;&lt;/td&gt;
       &lt;td width="1%"&gt;&lt;/td&gt;
       &lt;td width="97%"&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr&gt;
       &lt;td align="right" valign="top"&gt;
       &lt;font style="font-size: 8pt"&gt;(1)
       &lt;/font&gt;&lt;/td&gt;
       &lt;td&gt;&lt;/td&gt;
       &lt;td valign="bottom"&gt;
       &lt;font style="font-size: 8pt"&gt;The aggregate intrinsic value in
       the table above represents the total pre-tax intrinsic value
       (the difference between the Company&amp;#8217;s closing stock price
       on December 31 of each year and the exercise price, multiplied
       by the number of
       &lt;font style="white-space: nowrap"&gt;in-the-money&lt;/font&gt;
       options) that would have been received by the option holders had
       all option holders exercised their options on December 31 of
       that year. The amount of aggregate intrinsic value will change
       based on the fair market value of the Company&amp;#8217;s stock.
       &lt;/font&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;!-- XBRL Pagebreak Begin --&gt;
   &lt;/div&gt;
   &lt;!-- END PAGE WIDTH --&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="margin-left: 0%"&gt;
   &lt;!-- BEGIN PAGE WIDTH --&gt;
   &lt;div align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
   &lt;b&gt;
   &lt;font style="font-family: 'Times New Roman', Times"&gt;
   &lt;/font&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 0pt; font-size: 1pt"&gt;
   &lt;/div&gt;
   &lt;!-- XBRL Pagebreak End --&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The number of shares exercisable as of December&amp;#160;31, 2008,
       2009 and 2010 are as follows:
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"&gt;&lt;!-- TABLE 01 --&gt;
   &lt;!-- Table Width Row BEGIN --&gt;
   &lt;tr style="font-size: 1pt" valign="bottom"&gt;
       &lt;td width="74%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=01 type=maindata --&gt;
       &lt;td width="2%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=gutter --&gt;
       &lt;td width="3%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=body --&gt;
       &lt;td width="3%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=gutter --&gt;
       &lt;td width="6%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=body --&gt;
       &lt;td width="6%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=hang1 --&gt;
   &lt;/tr&gt;
   &lt;!-- Table Width Row END --&gt;
   &lt;!-- TableOutputHead --&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;Number of&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;Weighted-average&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;shares&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;exercise price&lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="line-height: 3pt; font-size: 1pt"&gt;
   &lt;td&gt;&amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- TableOutputBody --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="top"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Exercisable, December&amp;#160;31, 2008
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       16,667
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       64.22
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="top"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Exercisable, December&amp;#160;31, 2009
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       106,667
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       104.81
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="top"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Exercisable, December&amp;#160;31, 2010
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       100,000
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       107.28
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The following table summarizes information regarding share-based
       payment arrangements for the years ended December&amp;#160;31, 2008,
       2009 and 2010 (in thousands):
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"&gt;&lt;!-- TABLE 01 --&gt;
   &lt;!-- Table Width Row BEGIN --&gt;
   &lt;tr style="font-size: 1pt" valign="bottom"&gt;
       &lt;td width="73%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=01 type=maindata --&gt;
       &lt;td width="2%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=gutter --&gt;
       &lt;td width="3%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=body --&gt;
       &lt;td width="3%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=gutter --&gt;
       &lt;td width="2%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=body --&gt;
       &lt;td width="2%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=gutter --&gt;
       &lt;td width="2%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=body --&gt;
       &lt;td width="2%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=hang1 --&gt;
   &lt;/tr&gt;
   &lt;!-- Table Width Row END --&gt;
   &lt;!-- TableOutputHead --&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="11" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;For the year ended&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="11" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;December&amp;#160;31,&lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2008&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2009&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2010&lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="line-height: 3pt; font-size: 1pt"&gt;
   &lt;td&gt;&amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- TableOutputBody --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Proceeds from stock options exercised
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       10,633
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       6,027
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       452
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Excess tax benefits related to share-based payment arrangements
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       18,033
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       3,011
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2,808
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Intrinsic value of stock options
       exercised&lt;sup style="font-size: 85%; vertical-align: top"&gt;(1)&lt;/sup&gt;
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       28,581
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       6,032
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       1,184
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 3pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"&gt;&lt;!-- TABLE 06 --&gt;
   &lt;tr&gt;
       &lt;td width="2%"&gt;&lt;/td&gt;
       &lt;td width="1%"&gt;&lt;/td&gt;
       &lt;td width="97%"&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr&gt;
       &lt;td align="right" valign="top"&gt;
       &lt;font style="font-size: 9pt"&gt;(1)
       &lt;/font&gt;&lt;/td&gt;
       &lt;td&gt;&lt;/td&gt;
       &lt;td valign="bottom"&gt;
       &lt;font style="font-size: 9pt"&gt;Intrinsic value of stock options
       exercised is estimated by taking the difference between the
       Company&amp;#8217;s closing stock price on the date of exercise and
       the exercise price, multiplied by the number of options
       exercised for each option holder and then aggregated.
       &lt;/font&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;i&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Valuation
       and Expense Information Under Stock Compensation Topic
       ASC&amp;#160;718&lt;/font&gt;&lt;/i&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       At December&amp;#160;31, 2010, total stock-based compensation cost
       which has not yet been recognized was $49.0&amp;#160;million, all
       for unvested restricted stock. This cost is expected to be
       recognized over the next 75&amp;#160;months on a weighted-average
       basis.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The following table sets forth the amount of stock-based
       compensation expense recorded in each of the expense line items
       (in thousands):
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"&gt;&lt;!-- TABLE 01 --&gt;
   &lt;!-- Table Width Row BEGIN --&gt;
   &lt;tr style="font-size: 1pt" valign="bottom"&gt;
       &lt;td width="69%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=01 type=maindata --&gt;
       &lt;td width="2%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=lead --&gt;
       &lt;td width="5%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=lead --&gt;
       &lt;td width="5%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=lead --&gt;
       &lt;td width="5%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=hang1 --&gt;
   &lt;/tr&gt;
   &lt;!-- Table Width Row END --&gt;
   &lt;!-- TableOutputHead --&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2008&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2009&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2010&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="line-height: 3pt; font-size: 1pt"&gt;
   &lt;td&gt;&amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- TableOutputBody --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Instruction and educational support
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       1,218
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       1,774
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2,319
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Marketing and admissions
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       867
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       127
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       191
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       General and administration
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       9,042
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       9,053
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       9,477
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Stock-based compensation expense included in operating expense
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       11,127
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       10,954
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       11,987
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Tax benefit
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       4,227
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       4,329
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       4,735
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Stock-based compensation expense, net of tax
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       6,900
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       6,625
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       7,252
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
   &lt;/div&gt;
   &lt;/div&gt;
</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
  <!-- End Block Tagged Note -->
  <!-- Begin Block Tagged Note -->
  <us-gaap:OtherLiabilitiesDisclosureTextBlock contextRef="Jan-01-2010_Dec-31-2010">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 7 - us-gaap:OtherLiabilitiesDisclosureTextBlock--&gt;
   &lt;div style="margin-left: 0%"&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent; text-align: left"&gt;&lt;!-- TABLE 05 --&gt;
   &lt;tr&gt;
       &lt;td width="3%"&gt;&lt;/td&gt;
       &lt;td width="97%"&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;7.&amp;#160;&amp;#160;&lt;/font&gt;&lt;/b&gt;
   &lt;/td&gt;
       &lt;td&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Long-Term
       Liabilities&lt;/font&gt;&lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;i&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Lease
       Incentives&lt;/font&gt;&lt;/i&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       In conjunction with the opening of new campuses during 2009 and
       2010, the Company recorded reimbursements by the lessors for
       improvements made to the leased properties in the amount of
       $0.4&amp;#160;million and $0.7&amp;#160;million, respectively. In
       accordance with the Operating Leases Topic,
       &lt;font style="white-space: nowrap"&gt;ASC&amp;#160;840-20,&lt;/font&gt;
       these reimbursements were capitalized as leasehold improvements
       and a long-term liability established.
   The leasehold improvements and the long-term liability will be
       amortized on a straight-line basis over the corresponding lease
       terms, which range from five to 10&amp;#160;years. As of
       December&amp;#160;31, 2009 and 2010, the Company had deferred lease
       incentives of $3.7&amp;#160;million and $3.2&amp;#160;million,
       respectively.
   &lt;/div&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;i&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Deferred
       Rent&lt;/font&gt;&lt;/i&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       In accordance with
       &lt;font style="white-space: nowrap"&gt;ASC&amp;#160;840-20,&lt;/font&gt;
       the Company records rent expense on a straight-line basis over
       the initial term of a lease. The difference between the rent
       payment and the straight-line rent expense is recorded as a
       long-term liability. As of December&amp;#160;31, 2009 and 2010, the
       Company had deferred rent associated with its lease obligations
       of $6.2&amp;#160;million and $7.9&amp;#160;million, respectively.
   &lt;/div&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;i&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Sale of
       Campus Building and Deferred Gain&lt;/font&gt;&lt;/i&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       In June 2007, the Company sold its Loudoun, Virginia campus
       building for $5.8&amp;#160;million. The Company is leasing back most
       of the campus building over a
       &lt;font style="white-space: nowrap"&gt;10-year&lt;/font&gt;
       period. In conjunction with this sale and lease back
       transaction, the Company realized a gain of $2.8&amp;#160;million
       before tax, which is deferred and recognized over the
       &lt;font style="white-space: nowrap"&gt;10-year&lt;/font&gt;
       lease term. The non-current portion of this gain, which is
       recorded as a long-term liability, was $1.8&amp;#160;million and
       $1.5&amp;#160;million, at December&amp;#160;31, 2009 and 2010,
       respectively.
   &lt;/div&gt;
   &lt;/div&gt;
</us-gaap:OtherLiabilitiesDisclosureTextBlock>
  <!-- End Block Tagged Note -->
  <!-- Begin Block Tagged Note -->
  <stra:OtherEmployeeBenefitPlansTextBlock contextRef="Jan-01-2010_Dec-31-2010">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 8 - stra:OtherEmployeeBenefitPlansTextBlock--&gt;
   &lt;div style="margin-left: 0%"&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent; text-align: left"&gt;
   &lt;tr&gt;
       &lt;td width="3%"&gt;&lt;/td&gt;
       &lt;td width="97%"&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;8.&amp;#160;&amp;#160;&lt;/font&gt;&lt;/b&gt;
   &lt;/td&gt;
       &lt;td&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Other
       Employee Benefit Plans&lt;/font&gt;&lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The Company has a 401(k) plan covering all eligible employees of
       the Company. Effective January&amp;#160;1, 2011, participants may
       contribute up to $16,500 of their base compensation annually.
       Employee contributions are voluntary. Discretionary
       contributions were made by the Company matching 100% of employee
       deferrals up to 3% of the employee&amp;#8217;s annual salary and
       matching an additional 50% of employee deferrals between 3% and
       5% of annual salary. The Company&amp;#8217;s contributions, which
       vest immediately, totaled $1.4&amp;#160;million, $1.8&amp;#160;million
       and $2.3&amp;#160;million for the years ended December&amp;#160;31,
       2008, 2009, and 2010, respectively.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       In May 1998, the Company adopted the Strayer Education, Inc.
       Employee Stock Purchase Plan (&amp;#8220;ESPP&amp;#8221;). Under the ESPP,
       eligible employees may purchase shares of the Company&amp;#8217;s
       common stock, subject to certain limitations, at 90% of its
       market value at the date of purchase. Purchases are limited to
       10% of an employee&amp;#8217;s eligible compensation. The aggregate
       number of shares of common stock that may be made available for
       purchase by participating employees under the ESPP is
       2,500,000&amp;#160;shares. Shares purchased in the open market for
       employees for the years ended December&amp;#160;31, 2008, 2009, and
       2010 were as follows:
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"&gt;
   &lt;!-- Table Width Row BEGIN --&gt;
   &lt;tr style="font-size: 1pt" valign="bottom"&gt;
       &lt;td width="67%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=01 type=maindata --&gt;
       &lt;td width="2%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=gutter --&gt;
       &lt;td width="7%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=body --&gt;
       &lt;td width="7%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=hang1 --&gt;
       &lt;td width="5%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=gutter --&gt;
       &lt;td width="5%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=body --&gt;
       &lt;td width="5%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=hang1 --&gt;
   &lt;/tr&gt;
   &lt;!-- Table Width Row END --&gt;
   &lt;!-- TableOutputHead --&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;Average price&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;Shares purchased&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;per share&lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="line-height: 3pt; font-size: 1pt"&gt;
   &lt;td&gt;&amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- TableOutputBody --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="top"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       2008
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       3,208
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       175.86
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="top"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       2009
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       4,084
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       180.34
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="top"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       2010
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       4,836
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       168.86
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
   &lt;/div&gt;
   &lt;/div&gt;
</stra:OtherEmployeeBenefitPlansTextBlock>
  <!-- End Block Tagged Note -->
  <!-- Begin Block Tagged Note -->
  <stra:StockRepurchasePlanTextBlock contextRef="Jan-01-2010_Dec-31-2010">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 9 - stra:StockRepurchasePlanTextBlock--&gt;
   &lt;div style="margin-left: 0%"&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent; text-align: left"&gt;
   &lt;tr&gt;
       &lt;td width="3%"&gt;&lt;/td&gt;
       &lt;td width="97%"&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;9.&amp;#160;&amp;#160;&lt;/font&gt;&lt;/b&gt;
   &lt;/td&gt;
       &lt;td&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Stock
       Repurchase Plan&lt;/font&gt;&lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       As announced on November&amp;#160;3, 2003, the Company&amp;#8217;s Board
       of Directors initially authorized the Company to repurchase up
       to an aggregate of $15&amp;#160;million in value of common stock
       through December&amp;#160;31, 2004 in open market purchases from
       time to time at the discretion of the Company&amp;#8217;s management
       depending on market conditions and other corporate
       considerations. The Company&amp;#8217;s Board of Directors amended
       the program on various dates, increasing the repurchase amount
       authorized and extending the expiration date. At
       December&amp;#160;31, 2010, approximately $107.7&amp;#160;million of the
       Company&amp;#8217;s share repurchase authorization was remaining for
       repurchases through December&amp;#160;31,
   2011. All of the Company&amp;#8217;s share repurchases were effected
       in compliance with
       &lt;font style="white-space: nowrap"&gt;Rule&amp;#160;10b-18&lt;/font&gt;
       under the Securities Exchange Act of 1934, as amended. This
       stock repurchase plan may be modified, suspended or terminated
       at any time by the Company without notice.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       A summary of the Company&amp;#8217;s stock repurchase activity for
       the years ended December&amp;#160;31, 2008, 2009, and 2010, all of
       which was part of a publicly announced plan, is set forth in the
       table below:
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"&gt;
   &lt;!-- Table Width Row BEGIN --&gt;
   &lt;tr style="font-size: 1pt" valign="bottom"&gt;
       &lt;td width="35%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=01 type=maindata --&gt;
       &lt;td width="2%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=lead --&gt;
       &lt;td width="14%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=hang1 --&gt;
       &lt;td width="5%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=lead --&gt;
       &lt;td width="15%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=hang1 --&gt;
       &lt;td width="5%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=lead --&gt;
       &lt;td width="18%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=hang1 --&gt;
   &lt;/tr&gt;
   &lt;!-- Table Width Row END --&gt;
   &lt;!-- TableOutputHead --&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;Amount available for&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;Number of shares&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;Average price paid&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;future repurchases&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;repurchased&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;per share&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;(in millions)&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="line-height: 3pt; font-size: 1pt"&gt;
   &lt;td&gt;&amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- TableOutputBody --&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="top"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       2008
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       603,382
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       180.86
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       70.1
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="top"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       2009
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       451,613
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       177.34
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       90.0
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="top"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       2010
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       687,340
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       168.06
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       107.7
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="top"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       1,742,335
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       174.90
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       Repurchases of common stock are recorded as a reduction to
       additional paid-in capital. To the extent additional paid-in
       capital has been reduced to zero through stock repurchases,
       retained earnings is then reduced.
   &lt;/div&gt;
   &lt;/div&gt;
</stra:StockRepurchasePlanTextBlock>
  <!-- End Block Tagged Note -->
  <!-- Begin Block Tagged Note -->
  <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="Jan-01-2010_Dec-31-2010">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 10 - us-gaap:CommitmentsAndContingenciesDisclosureTextBlock--&gt;
   &lt;div style="margin-left: 0%"&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent; text-align: left"&gt;
   &lt;tr&gt;
       &lt;td width="5%"&gt;&lt;/td&gt;
       &lt;td width="95%"&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;10.&amp;#160;&amp;#160;&lt;/font&gt;&lt;/b&gt;
   &lt;/td&gt;
       &lt;td&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Commitments
       and Contingencies&lt;/font&gt;&lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The University participates in various federal student financial
       assistance programs which are subject to audit. Management
       believes that the potential effects of audit adjustments, if
       any, for the periods currently under audit will not have a
       material adverse effect on the Company&amp;#8217;s consolidated
       financial position, results of operations or cash flows.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       As of December&amp;#160;31, 2010, the Company had 97 long-term,
       non-cancelable operating leases for campuses and other
       administrative locations. Rent expense was $19.7&amp;#160;million,
       $26.2&amp;#160;million, and $32.6&amp;#160;million for the years ended
       December&amp;#160;31, 2008, 2009, and 2010, respectively.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The rents on the Company&amp;#8217;s leases are subject to annual
       increases. The minimum rental commitments for the Company as of
       December&amp;#160;31, 2010 are as follows (in thousands):
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"&gt;
   &lt;!-- Table Width Row BEGIN --&gt;
   &lt;tr style="font-size: 1pt" valign="bottom"&gt;
       &lt;td width="82%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=01 type=maindata --&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=lead --&gt;
       &lt;td width="13%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=hang1 --&gt;
   &lt;/tr&gt;
   &lt;!-- Table Width Row END --&gt;
   &lt;!-- TableOutputHead --&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;Minimum&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;rental&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;commitments&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="line-height: 3pt; font-size: 1pt"&gt;
   &lt;td&gt;&amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- TableOutputBody --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       2011
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       34,933
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       2012
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       35,484
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       2013
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       34,223
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       2014
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       31,980
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       2015
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       28,992
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Thereafter
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       87,259
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Total
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       252,871
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       At December&amp;#160;31, 2010, the Company had available a
       $15&amp;#160;million revolving credit facility. There have been no
       borrowings by the Company under this facility. On
       January&amp;#160;3, 2011, this facility was replaced with a new
       $100&amp;#160;million revolving credit facility. See Note&amp;#160;13
       below for more information.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       From time to time, the Company is involved in litigation and
       other legal proceedings arising out of the ordinary course of
       its business. On October&amp;#160;15, 2010, a putative securities
       class action was filed in the United States District Court for
       the Middle District of Florida. The Company believes the lawsuit
       is without merit and will contest the lawsuit vigorously. While
       the outcome of any legal proceedings
   cannot be predicted with certainty, the Company does not expect
       any matter will have a material effect on its financial
       condition or results of operations.
   &lt;/div&gt;
   &lt;/div&gt;
</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
  <!-- End Block Tagged Note -->
  <!-- Begin Block Tagged Note -->
  <us-gaap:IncomeTaxDisclosureTextBlock contextRef="Jan-01-2010_Dec-31-2010">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 11 - us-gaap:IncomeTaxDisclosureTextBlock--&gt;
   &lt;div style="margin-left: 0%"&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent; text-align: left"&gt;
   &lt;tr&gt;
       &lt;td width="5%"&gt;&lt;/td&gt;
       &lt;td width="95%"&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;11.&amp;#160;&amp;#160;&lt;/font&gt;&lt;/b&gt;
   &lt;/td&gt;
       &lt;td&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Income
       Taxes&lt;/font&gt;&lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The income tax provision for the years ended December&amp;#160;31,
       2008, 2009 and 2010 is summarized below (in thousands):
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"&gt;
   &lt;!-- Table Width Row BEGIN --&gt;
   &lt;tr style="font-size: 1pt" valign="bottom"&gt;
       &lt;td width="69%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=01 type=maindata --&gt;
       &lt;td width="2%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=lead --&gt;
       &lt;td width="5%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=lead --&gt;
       &lt;td width="5%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=lead --&gt;
       &lt;td width="5%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=hang1 --&gt;
   &lt;/tr&gt;
   &lt;!-- Table Width Row END --&gt;
   &lt;!-- TableOutputHead --&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2008&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2009&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2010&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="line-height: 3pt; font-size: 1pt"&gt;
   &lt;td&gt;&amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- TableOutputBody --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Current:
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Federal
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       41,670
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       57,690
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       70,967
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       State
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       8,744
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       13,256
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       14,815
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Total current
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       50,414
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       70,946
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       85,782
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Deferred:
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Federal
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       89
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (1,697
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (71
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       State
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       67
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (565
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       28
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Total deferred
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       156
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (2,262
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (43
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 30pt"&gt;
       Total provision for income taxes
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       50,570
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       68,684
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       85,739
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The tax effects of the principal temporary differences that give
       rise to the Company&amp;#8217;s deferred tax assets are as follows as
       of December&amp;#160;31, 2009 and 2010 (in thousands):
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"&gt;
   &lt;!-- Table Width Row BEGIN --&gt;
   &lt;tr style="font-size: 1pt" valign="bottom"&gt;
       &lt;td width="80%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=01 type=maindata --&gt;
       &lt;td width="2%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=lead --&gt;
       &lt;td width="5%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=lead --&gt;
       &lt;td width="5%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=hang1 --&gt;
   &lt;/tr&gt;
   &lt;!-- Table Width Row END --&gt;
   &lt;!-- TableOutputHead --&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2009&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2010&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="line-height: 3pt; font-size: 1pt"&gt;
   &lt;td&gt;&amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- TableOutputBody --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Tuition receivable and student loans
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2,436
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       3,130
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Accrued vacation payable
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       522
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       601
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Deferred gain on sale of property
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       111
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       111
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Unrealized gains on marketable securities
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       198
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       186
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Current net deferred tax asset
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       3,267
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       4,028
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Student loans
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       1
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       1
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Property and equipment
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (1,576
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (5,631
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Deferred leasing costs
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2,420
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       3,013
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Stock-based compensation
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       7,754
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       10,369
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Deferred gain on sale of property
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       717
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       606
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Other
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       &amp;#8212;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       16
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Long-term net deferred tax asset
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       9,316
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       8,374
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 30pt"&gt;
       Net deferred tax asset
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       12,583
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       12,402
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
   &lt;/div&gt;
   &lt;!-- XBRL Pagebreak Begin --&gt;
   &lt;/div&gt;
   &lt;!-- END PAGE WIDTH --&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="margin-left: 0%"&gt;
   &lt;!-- BEGIN PAGE WIDTH --&gt;
   &lt;div align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
   &lt;b&gt;
   &lt;font style="font-family: 'Times New Roman', Times"&gt;
   &lt;/font&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;!-- XBRL Pagebreak End --&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       A reconciliation between the Company&amp;#8217;s statutory tax rate
       and the effective tax rate for the years ended December&amp;#160;31,
       2008, 2009, and 2010 is as follows:
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"&gt;
   &lt;!-- Table Width Row BEGIN --&gt;
   &lt;tr style="font-size: 1pt" valign="bottom"&gt;
       &lt;td width="81%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=01 type=maindata --&gt;
       &lt;td width="2%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=hang1 --&gt;
   &lt;/tr&gt;
   &lt;!-- Table Width Row END --&gt;
   &lt;!-- TableOutputHead --&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2008&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2009&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2010&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="line-height: 3pt; font-size: 1pt"&gt;
   &lt;td&gt;&amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- TableOutputBody --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Statutory federal rate
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       35.0
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       %
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       35.0
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       %
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       35.0
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       %
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       State income taxes, net of federal benefits
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       4.3
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       4.8
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       4.4
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Non-taxable interest income
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (0.9
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (0.3
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (0.1
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Other
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       0.1
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       &amp;#8212;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       0.2
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Effective tax rate
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       38.5
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       %
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       39.5
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       %
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       39.5
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       %
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       Cash payments for income taxes were $40.6&amp;#160;million in 2008,
       $59.0&amp;#160;million in 2009, and $81.6&amp;#160;million in 2010.
   &lt;/div&gt;
   &lt;/div&gt;
</us-gaap:IncomeTaxDisclosureTextBlock>
  <!-- End Block Tagged Note -->
  <!-- Begin Block Tagged Note -->
  <us-gaap:QuarterlyFinancialInformationTextBlock contextRef="Jan-01-2010_Dec-31-2010">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 12 - us-gaap:QuarterlyFinancialInformationTextBlock--&gt;
   &lt;div style="margin-left: 0%"&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent; text-align: left"&gt;
   &lt;tr&gt;
       &lt;td width="5%"&gt;&lt;/td&gt;
       &lt;td width="95%"&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;12.&amp;#160;&amp;#160;&lt;/font&gt;&lt;/b&gt;
   &lt;/td&gt;
       &lt;td&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Summarized
       Quarterly Financial Data (Unaudited)&lt;/font&gt;&lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       Quarterly financial information for 2009 and 2010 is as follows
       (in thousands except per share data):
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"&gt;
   &lt;!-- Table Width Row BEGIN --&gt;
   &lt;tr style="font-size: 1pt" valign="bottom"&gt;
       &lt;td width="58%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=01 type=maindata --&gt;
       &lt;td width="2%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=gutter --&gt;
       &lt;td width="3%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=body --&gt;
       &lt;td width="3%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=gutter --&gt;
       &lt;td width="3%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=body --&gt;
       &lt;td width="3%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=gutter --&gt;
       &lt;td width="3%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=body --&gt;
       &lt;td width="3%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=05 type=gutter --&gt;
       &lt;td width="3%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=05 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=05 type=body --&gt;
       &lt;td width="3%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=05 type=hang1 --&gt;
   &lt;/tr&gt;
   &lt;!-- Table Width Row END --&gt;
   &lt;!-- TableOutputHead --&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="15" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;Quarter&lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2009&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;First&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;Second&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;Third&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;Fourth&lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="line-height: 3pt; font-size: 1pt"&gt;
   &lt;td&gt;&amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- TableOutputBody --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Revenues
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       124,478
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       125,931
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       114,351
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       147,201
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Income from operations
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       47,611
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       45,079
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       27,260
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       52,404
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Net income
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       29,053
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       27,500
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       16,666
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       31,859
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Net income per share:
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Basic
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2.09
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2.01
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       1.22
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2.34
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Diluted
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2.07
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2.00
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       1.21
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2.32
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"&gt;
   &lt;!-- Table Width Row BEGIN --&gt;
   &lt;tr style="font-size: 1pt" valign="bottom"&gt;
       &lt;td width="58%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=01 type=maindata --&gt;
       &lt;td width="2%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=gutter --&gt;
       &lt;td width="3%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=body --&gt;
       &lt;td width="3%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=gutter --&gt;
       &lt;td width="3%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=body --&gt;
       &lt;td width="3%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=gutter --&gt;
       &lt;td width="3%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=body --&gt;
       &lt;td width="3%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=05 type=gutter --&gt;
       &lt;td width="3%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=05 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=05 type=body --&gt;
       &lt;td width="3%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=05 type=hang1 --&gt;
   &lt;/tr&gt;
   &lt;!-- Table Width Row END --&gt;
   &lt;!-- TableOutputHead --&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="15" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;Quarter&lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2010&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;First&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;Second&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;Third&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;Fourth&lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="line-height: 3pt; font-size: 1pt"&gt;
   &lt;td&gt;&amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- TableOutputBody --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Revenues
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       157,901
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       159,283
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       147,597
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       171,951
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Income from operations
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       59,926
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       58,691
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       38,249
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       58,905
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Net income
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       36,379
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       35,657
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       23,341
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       35,883
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Net income per share:
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Basic
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2.68
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2.63
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       1.73
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2.74
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Diluted
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2.65
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2.60
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       1.72
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2.73
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
   &lt;/div&gt;
   &lt;/div&gt;
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   &lt;!-- Begin Block Tagged Note 13 - us-gaap:ScheduleOfSubsequentEventsTextBlock--&gt;
   &lt;div style="margin-left: 0%"&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent; text-align: left"&gt;
   &lt;tr&gt;
       &lt;td width="5%"&gt;&lt;/td&gt;
       &lt;td width="95%"&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;13.&amp;#160;&amp;#160;&lt;/font&gt;&lt;/b&gt;
   &lt;/td&gt;
       &lt;td&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Subsequent
       Event&lt;/font&gt;&lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       On January&amp;#160;3, 2011, the Company entered into an unsecured
       New Revolving Credit Facility (the &amp;#8220;New Credit
       Facility&amp;#8221;). The maximum amount of borrowings available
       under the New Credit Facility is $100&amp;#160;million, including a
       letter of credit subfacility of $50&amp;#160;million. The New Credit
       Facility matures in three years. Borrowings under the New Credit
       Facility bear interest at LIBOR or a base rate plus 1.75%,
       although higher margins up to 2.25% may apply based on the
       Company&amp;#8217;s then ratio of consolidated total debt to EBITDA
       (earnings before interest, taxes, depreciation and amortization,
       and other non-cash charges). Unused portions of the New Credit
       Facility carry an annual availability fee of 0.30%, which may
       increase to 0.40% based on the Company&amp;#8217;s then ratio of
       consolidated total debt to EBITDA. The New Credit Facility
       contains customary affirmative, negative and financial
       maintenance covenants, representations, warranties, events of
       default and remedies upon default including acceleration, and
       borrowing conditions. The New Credit Facility replaces the
       Company&amp;#8217;s existing $15&amp;#160;million revolving credit
       facility.
   &lt;/div&gt;
   &lt;/div&gt;
</us-gaap:ScheduleOfSubsequentEventsTextBlock>
  <!-- End Block Tagged Note -->
  <!-- Begin Block Tagged Note -->
  <us-gaap:ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock contextRef="Jan-01-2010_Dec-31-2010">&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 14 - us-gaap:ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock--&gt;
   &lt;!-- xbrl,nx --&gt;
   &lt;div style="display: none"&gt;
   &lt;/div&gt;
   &lt;div style="display: none"&gt;
   Valuation and Qualifying Accounts
   &lt;/div&gt;
   &lt;br /&gt;
   &lt;div align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;STRAYER
       EDUCATION, INC.&lt;br /&gt;
       Schedule&amp;#160;II&amp;#160;&amp;#8212; Valuation and Qualifying
       Accounts&lt;br /&gt;
       (in thousands)&lt;/font&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"&gt;
   &lt;!-- Table Width Row BEGIN --&gt;
   &lt;tr style="font-size: 1pt" valign="bottom"&gt;
       &lt;td width="57%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=01 type=maindata --&gt;
       &lt;td width="2%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=gutter --&gt;
       &lt;td width="3%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=body --&gt;
       &lt;td width="3%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=hang1 --&gt;
       &lt;td width="2%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=gutter --&gt;
       &lt;td width="3%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=body --&gt;
       &lt;td width="3%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=hang1 --&gt;
       &lt;td width="2%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=gutter --&gt;
       &lt;td width="3%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=body --&gt;
       &lt;td width="3%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=hang1 --&gt;
       &lt;td width="2%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=05 type=gutter --&gt;
       &lt;td width="2%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=05 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=05 type=body --&gt;
       &lt;td width="2%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=05 type=hang1 --&gt;
       &lt;td width="2%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=06 type=gutter --&gt;
       &lt;td width="3%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=06 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=06 type=body --&gt;
       &lt;td width="3%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=06 type=hang1 --&gt;
   &lt;/tr&gt;
   &lt;!-- Table Width Row END --&gt;
   &lt;!-- TableOutputHead --&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;Bad debt&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;Balance&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;Additions&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;Balance&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;expense as&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;beginning&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;charged&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;end of&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;a % of&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;Description&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;of period&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;to expense&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;Deductions&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;period&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;revenue&lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="line-height: 3pt; font-size: 1pt"&gt;
   &lt;td&gt;&amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- TableOutputBody --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="top"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Deduction from asset account:
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="top"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Allowance for doubtful accounts:
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="top"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 30pt"&gt;
       Year ended December&amp;#160;31, 2010
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       6,175
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       24,216
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (22,456
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       7,935
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       3.8
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       %
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="top"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 30pt"&gt;
       Year ended December&amp;#160;31, 2009
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       4,776
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       20,808
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (19,409
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       6,175
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       4.1
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       %
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="top"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 30pt"&gt;
       Year ended December&amp;#160;31, 2008
   &lt;/div&gt;
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   &amp;#160;
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       $
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   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       3,206
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   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
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   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       12,707
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   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
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       $
   &lt;/td&gt;
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       (11,137
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
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   &amp;#160;
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   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       4,776
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       3.2
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       %
   &lt;/td&gt;
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<DOCUMENT>
<TYPE>EX-101.LAB
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<FILENAME>stra-20101231_lab.xml
<DESCRIPTION>EX-101 LABELS LINKBASE DOCUMENT
<TEXT>
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<?xml version="1.0" encoding="us-ascii" standalone="no"?>
<!--Extended XBRL Label Linkbase created with Bowne Tagger XBRL Enabler by Bowne Software version 10.0.0.71-->
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_AvailableForSaleSecuritiesCurrent" xml:lang="en-US">Marketable securities available for sale, at fair value</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_AvailableForSaleSecuritiesCurrent" xml:lang="en-US">Available-for-sale Securities, Current</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_OtherAssetsCurrent" xml:lang="en-US">Other Assets, Current</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrent" xlink:to="lab_AssetsCurrent" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_AssetsCurrent" xml:lang="en-US">Total current assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_AssetsCurrent" xml:lang="en-US">Assets, Current, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_AssetsCurrent" xml:lang="en-US">Assets, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_OtherAssetsCurrent" xml:lang="en-US">Other current assets</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="us-gaap_PropertyPlantAndEquipmentNet" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="lab_PropertyPlantAndEquipmentNet" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_PropertyPlantAndEquipmentNet" xml:lang="en-US">Property and equipment, net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_PropertyPlantAndEquipmentNet" xml:lang="en-US">Property, Plant and Equipment, Net, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_PropertyPlantAndEquipmentNet" xml:lang="en-US">Property, Plant and Equipment, Net, Beginning Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_PropertyPlantAndEquipmentNet" xml:lang="en-US">Property, Plant and Equipment, Net, Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_PropertyPlantAndEquipmentNet" xml:lang="en-US">Property, Plant and Equipment, Net</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DeferredTaxAssetsNetNoncurrent" xlink:label="us-gaap_DeferredTaxAssetsNetNoncurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsNetNoncurrent" xlink:to="lab_DeferredTaxAssetsNetNoncurrent" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_DeferredTaxAssetsNetNoncurrent" xml:lang="en-US">Deferred income taxes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_DeferredTaxAssetsNetNoncurrent" xml:lang="en-US">Deferred Tax Assets, Net, Noncurrent, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_DeferredTaxAssetsNetNoncurrent" xml:lang="en-US">Deferred Tax Assets, Net, Noncurrent</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsNoncurrent" xlink:label="us-gaap_RestrictedCashAndCashEquivalentsNoncurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedCashAndCashEquivalentsNoncurrent" xlink:to="lab_RestrictedCashAndCashEquivalentsNoncurrent" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_RestrictedCashAndCashEquivalentsNoncurrent" xml:lang="en-US">Restricted cash</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_RestrictedCashAndCashEquivalentsNoncurrent" xml:lang="en-US">Restricted Cash and Cash Equivalents, Noncurrent</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="us-gaap_OtherAssetsNoncurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsNoncurrent" xlink:to="lab_OtherAssetsNoncurrent" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_OtherAssetsNoncurrent" xml:lang="en-US">Other assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_OtherAssetsNoncurrent" xml:lang="en-US">Other Assets, Noncurrent</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="lab_Assets" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_Assets" xml:lang="en-US">Total assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_Assets" xml:lang="en-US">Assets</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="lab_LiabilitiesAndStockholdersEquityAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_LiabilitiesAndStockholdersEquityAbstract" xml:lang="en-US">Liabilities and Stockholders' Equity [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_LiabilitiesAndStockholdersEquityAbstract" xml:lang="en-US">LIABILITIES AND STOCKHOLDERS' EQUITY</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="us-gaap_LiabilitiesCurrentAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrentAbstract" xlink:to="lab_LiabilitiesCurrentAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_LiabilitiesCurrentAbstract" xml:lang="en-US">Current liabilities:</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_LiabilitiesCurrentAbstract" xml:lang="en-US">Liabilities, Current [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="us-gaap_AccountsPayableCurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableCurrent" xlink:to="lab_AccountsPayableCurrent" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_AccountsPayableCurrent" xml:lang="en-US">Accounts payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_AccountsPayableCurrent" xml:lang="en-US">Accounts Payable, Current, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_AccountsPayableCurrent" xml:lang="en-US">Accounts Payable, Current</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="us-gaap_AccruedLiabilitiesCurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedLiabilitiesCurrent" xlink:to="lab_AccruedLiabilitiesCurrent" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_AccruedLiabilitiesCurrent" xml:lang="en-US">Accrued expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_AccruedLiabilitiesCurrent" xml:lang="en-US">Accrued Liabilities, Current, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_AccruedLiabilitiesCurrent" xml:lang="en-US">Accrued Liabilities, Current</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesNoncurrent" xlink:label="us-gaap_LiabilitiesNoncurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesNoncurrent" xlink:to="lab_LiabilitiesNoncurrent" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_LiabilitiesNoncurrent" xml:lang="en-US">Long-term liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_LiabilitiesNoncurrent" xml:lang="en-US">Liabilities, Noncurrent</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_Liabilities" xlink:label="us-gaap_Liabilities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="lab_Liabilities" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_Liabilities" xml:lang="en-US">Total liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_Liabilities" xml:lang="en-US">Liabilities</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommitmentsAndContingencies2009" xlink:label="us-gaap_CommitmentsAndContingencies2009" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingencies2009" xlink:to="lab_CommitmentsAndContingencies2009" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_CommitmentsAndContingencies2009" xml:lang="en-US">Commitments and contingencies</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_CommitmentsAndContingencies2009" xml:lang="en-US">Commitments and Contingencies</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="us-gaap_StockholdersEquityAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityAbstract" xlink:to="lab_StockholdersEquityAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_StockholdersEquityAbstract" xml:lang="en-US">Stockholders' equity:</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_StockholdersEquityAbstract" xml:lang="en-US">Stockholders' Equity Attributable to Parent [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockValue" xlink:to="lab_CommonStockValue" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_CommonStockValue" xml:lang="en-US">Common Stock, Value, Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_CommonStockValue" xml:lang="en-US">Common Stock, Value, Issued, Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_CommonStockValue" xml:lang="en-US">Common Stock, Value, Issued, Beginning Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_CommonStockValue" xml:lang="en-US">Common Stock, Value, Issued, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_CommonStockValue" xml:lang="en-US">Common stock, par value $.01; 20,000,000 shares authorized; 13,957,596 and 13,316,822 shares issued and outstanding as of December 31, 2009 and 2010, respectively</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdditionalPaidInCapitalCommonStock" xlink:label="us-gaap_AdditionalPaidInCapitalCommonStock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapitalCommonStock" xlink:to="lab_AdditionalPaidInCapitalCommonStock" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_AdditionalPaidInCapitalCommonStock" xml:lang="en-US">Additional paid-in capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_AdditionalPaidInCapitalCommonStock" xml:lang="en-US">Additional Paid in Capital, Common Stock, Beginning Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_AdditionalPaidInCapitalCommonStock" xml:lang="en-US">Additional Paid in Capital, Common Stock, Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_AdditionalPaidInCapitalCommonStock" xml:lang="en-US">Additional Paid in Capital, Common Stock</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:to="lab_AccumulatedOtherComprehensiveIncomeLossNetOfTax" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss), Net of Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xml:lang="en-US">Accumulated other comprehensive income</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="us-gaap_StockholdersEquity" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="lab_StockholdersEquity" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_StockholdersEquity" xml:lang="en-US">Total stockholders' equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_StockholdersEquity" xml:lang="en-US">Beginning Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_StockholdersEquity" xml:lang="en-US">Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_StockholdersEquity" xml:lang="en-US">Stockholders' Equity Attributable to Parent</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="lab_LiabilitiesAndStockholdersEquity" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_LiabilitiesAndStockholdersEquity" xml:lang="en-US">Total liabilities and stockholders' equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_LiabilitiesAndStockholdersEquity" xml:lang="en-US">Liabilities and Stockholders' Equity</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="us-gaap_StatementOfFinancialPositionAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfFinancialPositionAbstract" xlink:to="lab_StatementOfFinancialPositionAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_StatementOfFinancialPositionAbstract" xml:lang="en-US">Consolidated Balance Sheets [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_SalesRevenueServicesNet" xlink:label="us-gaap_SalesRevenueServicesNet" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SalesRevenueServicesNet" xlink:to="lab_SalesRevenueServicesNet" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_SalesRevenueServicesNet" xml:lang="en-US">Revenues</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_SalesRevenueServicesNet" xml:lang="en-US">Sales Revenue, Services, Net, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_SalesRevenueServicesNet" xml:lang="en-US">Sales Revenue, Services, Net</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CostsAndExpensesAbstract" xlink:label="us-gaap_CostsAndExpensesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostsAndExpensesAbstract" xlink:to="lab_CostsAndExpensesAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_CostsAndExpensesAbstract" xml:lang="en-US">Costs and expenses:</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_CostsAndExpensesAbstract" xml:lang="en-US">Costs and Expenses [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CostOfServices" xlink:label="us-gaap_CostOfServices" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfServices" xlink:to="lab_CostOfServices" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_CostOfServices" xml:lang="en-US">Instruction and educational support</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_CostOfServices" xml:lang="en-US">Cost of Services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_CostOfServices" xml:lang="en-US">Instruction and educational support</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="us-gaap_GeneralAndAdministrativeExpense" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GeneralAndAdministrativeExpense" xlink:to="lab_GeneralAndAdministrativeExpense" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_GeneralAndAdministrativeExpense" xml:lang="en-US">General and administration</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_GeneralAndAdministrativeExpense" xml:lang="en-US">General and Administrative Expense</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="us-gaap_OperatingIncomeLoss" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="lab_OperatingIncomeLoss" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_OperatingIncomeLoss" xml:lang="en-US">Income from operations</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_OperatingIncomeLoss" xml:lang="en-US">Operating Income (Loss)</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_WeightedAverageNumberOfSharesOutstandingBasic" xml:lang="en-US">Basic</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_WeightedAverageNumberOfSharesOutstandingBasic" xml:lang="en-US">Weighted Average Number of Shares Outstanding, Basic</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_WeightedAverageNumberOfDilutedSharesOutstanding" xml:lang="en-US">Diluted</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_WeightedAverageNumberOfDilutedSharesOutstanding" xml:lang="en-US">Weighted Average Number of Shares Outstanding, Diluted</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_StatementTable" xml:lang="en-US">Statement [Table]</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesOutstanding" xlink:to="lab_CommonStockSharesOutstanding" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_CommonStockSharesOutstanding" xml:lang="en-US">Common Stock, Shares, Outstanding</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_CommonStockSharesOutstanding" xml:lang="en-US">Common stock, shares outstanding</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_StockIssuedDuringPeriodValueStockOptionsExercised" xml:lang="en-US">Exercise of stock options</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation" xml:lang="en-US">Tax benefit from exercise of stock options and vesting of restricted shares</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_NetCashProvidedByUsedInFinancingActivitiesAbstract" xml:lang="en-US">Net Cash Provided by (Used in) Financing Activities [Abstract]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_PaymentsOfDividendsCommonStock" xml:lang="en-US">Regular common dividends paid</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_ProceedsFromStockOptionsExercised" xml:lang="en-US">Proceeds from Stock Options Exercised</label>
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    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_PaymentsForRepurchaseOfCommonStock" xml:lang="en-US">Payments for Repurchase of Common Stock</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="lab_PaymentsForRepurchaseOfCommonStock" xml:lang="en-US">Repurchase of common stock</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negatedTotal" xlink:label="lab_PaymentsForRepurchaseOfCommonStock" xml:lang="en-US">Repurchase of common stock</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_PaymentsForRepurchaseOfCommonStock" xml:lang="en-US">Repurchase of common stock</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_PaymentsForRepurchaseOfCommonStock" xml:lang="en-US">Repurchase of common stock</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_NetCashProvidedByUsedInFinancingActivities" xml:lang="en-US">Net Cash Provided by (Used in) Financing Activities</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="lab_CashAndCashEquivalentsPeriodIncreaseDecrease" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_CashAndCashEquivalentsPeriodIncreaseDecrease" xml:lang="en-US">Cash and Cash Equivalents, Period Increase (Decrease)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_CashAndCashEquivalentsPeriodIncreaseDecrease" xml:lang="en-US">Cash and Cash Equivalents, Period Increase (Decrease), Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_CashAndCashEquivalentsPeriodIncreaseDecrease" xml:lang="en-US">Net (decrease) increase in cash and cash equivalents</label>
    <loc xlink:type="locator" xlink:href="stra-20101231.xsd#stra_NatureOfOperationsAbstract" xlink:label="stra_NatureOfOperationsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="stra_NatureOfOperationsAbstract" xlink:to="stra_NatureOfOperationsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="stra_NatureOfOperationsAbstract_lbl" xml:lang="en-US">Nature of Operations [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="stra_NatureOfOperationsAbstract_lbl" xml:lang="en-US">Nature of operations.</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_NatureOfOperations" xlink:label="us-gaap_NatureOfOperations" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NatureOfOperations" xlink:to="lab_NatureOfOperations" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_NatureOfOperations" xml:lang="en-US">Nature of Operations [Text Block]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeTaxExpenseBenefitAbstract" xlink:label="us-gaap_IncomeTaxExpenseBenefitAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxExpenseBenefitAbstract" xlink:to="lab_IncomeTaxExpenseBenefitAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_IncomeTaxExpenseBenefitAbstract" xml:lang="en-US">Income Taxes [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncomeTaxDisclosureTextBlock" xlink:label="us-gaap_IncomeTaxDisclosureTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxDisclosureTextBlock" xlink:to="lab_IncomeTaxDisclosureTextBlock" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_IncomeTaxDisclosureTextBlock" xml:lang="en-US">Income Tax Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_IncomeTaxDisclosureTextBlock" xml:lang="en-US">Income Taxes</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherLiabilitiesCurrent" xlink:label="us-gaap_OtherLiabilitiesCurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherLiabilitiesCurrent" xlink:to="lab_OtherLiabilitiesCurrent" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_OtherLiabilitiesCurrent" xml:lang="en-US">Other Liabilities, Current</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="us-gaap_LiabilitiesCurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="lab_LiabilitiesCurrent" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_LiabilitiesCurrent" xml:lang="en-US">Liabilities, Current</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:to="lab_AllowanceForDoubtfulAccountsReceivableCurrent" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_AllowanceForDoubtfulAccountsReceivableCurrent" xml:lang="en-US">Allowance for Doubtful Accounts Receivable, Current</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="lab_CommonStockParOrStatedValuePerShare" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_CommonStockParOrStatedValuePerShare" xml:lang="en-US">Common Stock, Par or Stated Value Per Share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_CommonStockParOrStatedValuePerShare" xml:lang="en-US">Common stock, par value</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="us-gaap_CommonStockSharesAuthorized" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesAuthorized" xlink:to="lab_CommonStockSharesAuthorized" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_CommonStockSharesAuthorized" xml:lang="en-US">Common Stock, Shares Authorized</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_CommonStockSharesAuthorized" xml:lang="en-US">Common stock, shares authorized</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="us-gaap_CommonStockSharesIssued" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesIssued" xlink:to="lab_CommonStockSharesIssued" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_CommonStockSharesIssued" xml:lang="en-US">Common Stock, Shares, Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_CommonStockSharesIssued" xml:lang="en-US">Common Stock, Shares, Issued, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_CommonStockSharesIssued" xml:lang="en-US">Common stock, shares issued</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:label="us-gaap_DeferredIncomeTaxExpenseBenefit" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:to="lab_DeferredIncomeTaxExpenseBenefit" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_DeferredIncomeTaxExpenseBenefit" xml:lang="en-US">Deferred Income Tax Expense (Benefit)</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="lab_IncreaseDecreaseInOperatingCapitalAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_IncreaseDecreaseInOperatingCapitalAbstract" xml:lang="en-US">Increase (Decrease) in Operating Capital [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:label="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:to="lab_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xml:lang="en-US">Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_FairValueOfAssetsAcquired" xlink:label="us-gaap_FairValueOfAssetsAcquired" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueOfAssetsAcquired" xlink:to="lab_FairValueOfAssetsAcquired" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_FairValueOfAssetsAcquired" xml:lang="en-US">Fair Value of Assets Acquired</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_LiabilitiesCurrent" xml:lang="en-US">Total current liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_DeferredIncomeTaxExpenseBenefit" xml:lang="en-US">Deferred income taxes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_DeferredIncomeTaxExpenseBenefit" xml:lang="en-US">Deferred Income Tax Expense (Benefit), Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ShareBasedCompensation" xml:lang="en-US">Stock-based compensation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ShareBasedCompensation" xml:lang="en-US">Share-based Compensation, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_IncreaseDecreaseInAccountsPayable" xml:lang="en-US">Accounts payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_IncreaseDecreaseInAccountsPayable" xml:lang="en-US">Increase (Decrease) in Accounts Payable, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_IncreaseDecreaseInAccruedLiabilities" xml:lang="en-US">Accrued expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_IncreaseDecreaseInAccruedLiabilities" xml:lang="en-US">Increase (Decrease) in Accrued Liabilities, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_NetCashProvidedByUsedInOperatingActivities" xml:lang="en-US">Net cash provided by operating activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_NetCashProvidedByUsedInInvestingActivitiesAbstract" xml:lang="en-US">Cash flows from investing activities:</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_PaymentsToAcquirePropertyPlantAndEquipment" xml:lang="en-US">Purchases of property and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_PaymentsToAcquirePropertyPlantAndEquipment" xml:lang="en-US">Payments to Acquire Property, Plant, and Equipment, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_NetCashProvidedByUsedInFinancingActivitiesAbstract" xml:lang="en-US">Cash flows from financing activities:</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ProceedsFromStockOptionsExercised" xml:lang="en-US">Proceeds from exercise of stock options</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities" xml:lang="en-US">Excess tax benefits from stock-based payment arrangements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_NetCashProvidedByUsedInFinancingActivities" xml:lang="en-US">Net cash used in financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xml:lang="en-US">Non-cash transactions:</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_FairValueOfAssetsAcquired" xml:lang="en-US">Purchases of property and equipment included in accounts payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_NetCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">Cash flows from operating activities:</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">Adjustments to reconcile net income to net cash provided by operating activities:</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_AllowanceForDoubtfulAccountsReceivableCurrent" xml:lang="en-US">Allowances for doubtful accounts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_AllowanceForDoubtfulAccountsReceivableCurrent" xml:lang="en-US">Allowance for Doubtful Accounts Receivable, Current, Beginning Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_AllowanceForDoubtfulAccountsReceivableCurrent" xml:lang="en-US">Allowance for Doubtful Accounts Receivable, Current, Ending Balance</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" xlink:label="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" xlink:to="lab_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" xml:lang="en-US">Other comprehensive income:</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" xml:lang="en-US">Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_IncreaseDecreaseInOperatingCapitalAbstract" xml:lang="en-US">Changes in assets and liabilities:</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_FairValueOfAssetsAcquired" xml:lang="en-US">Purchases of property and equipment included in accounts payable</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="us-gaap_AccountsReceivableNetCurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableNetCurrent" xlink:to="lab_AccountsReceivableNetCurrent" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_AccountsReceivableNetCurrent" xml:lang="en-US">Accounts Receivable, Net, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_AccountsReceivableNetCurrent" xml:lang="en-US">Accounts Receivable, Net, Current, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_AccountsReceivableNetCurrent" xml:lang="en-US">Tuition receivable, net of allowances for doubtful accounts of $6,175 and $7,935 in 2009 and 2010, respectively</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="lab_RetainedEarningsAccumulatedDeficit" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_RetainedEarningsAccumulatedDeficit" xml:lang="en-US">Retained earnings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_RetainedEarningsAccumulatedDeficit" xml:lang="en-US">Retained Earnings (Accumulated Deficit), Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_RetainedEarningsAccumulatedDeficit" xml:lang="en-US">Retained Earnings (Accumulated Deficit), Beginning Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_RetainedEarningsAccumulatedDeficit" xml:lang="en-US">Retained Earnings (Accumulated Deficit), Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_RetainedEarningsAccumulatedDeficit" xml:lang="en-US">Retained Earnings (Accumulated Deficit)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_NatureOfOperations" xml:lang="en-US">Nature of Operations</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="lab_PaymentsToAcquirePropertyPlantAndEquipment" xml:lang="en-US">Purchases of property and equipment</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_SharesIssued" xlink:label="us-gaap_SharesIssued" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssued" xlink:to="lab_SharesIssued" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_SharesIssued" xml:lang="en-US">Beginning Balance, Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_SharesIssued" xml:lang="en-US">Ending Balance, Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_SharesIssued" xml:lang="en-US">Shares, Issued</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:label="us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:to="lab_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xml:lang="en-US">Other Comprehensive Income, Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xml:lang="en-US">Unrealized (losses) gains on investments, net of taxes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xml:lang="en-US">Change in net unrealized gains/losses on marketable securities, net of income tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_OtherLiabilitiesCurrent" xml:lang="en-US">Other current liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_OtherLiabilitiesCurrent" xml:lang="en-US">Other current liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_LiabilitiesCurrent" xml:lang="en-US">Total current liabilities</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DeferredRevenueCurrent" xlink:label="us-gaap_DeferredRevenueCurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRevenueCurrent" xlink:to="lab_DeferredRevenueCurrent" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_DeferredRevenueCurrent" xml:lang="en-US">Unearned tuition</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_DeferredRevenueCurrent" xml:lang="en-US">Deferred Revenue, Current, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_DeferredRevenueCurrent" xml:lang="en-US">Deferred Revenue, Current</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_InvestmentIncomeNonoperating" xlink:label="us-gaap_InvestmentIncomeNonoperating" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentIncomeNonoperating" xlink:to="lab_InvestmentIncomeNonoperating" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_InvestmentIncomeNonoperating" xml:lang="en-US">Investment and other income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_InvestmentIncomeNonoperating" xml:lang="en-US">Investment Income, Nonoperating</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:to="lab_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xml:lang="en-US">Stock-based compensation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xml:lang="en-US">Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition, Value</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherAmortizationOfDeferredCharges" xlink:label="us-gaap_OtherAmortizationOfDeferredCharges" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAmortizationOfDeferredCharges" xlink:to="lab_OtherAmortizationOfDeferredCharges" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_OtherAmortizationOfDeferredCharges" xml:lang="en-US">Amortization of deferred rent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_OtherAmortizationOfDeferredCharges" xml:lang="en-US">Other Amortization of Deferred Charges</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_DepreciationAndAmortization" xlink:label="us-gaap_DepreciationAndAmortization" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationAndAmortization" xlink:to="lab_DepreciationAndAmortization" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_DepreciationAndAmortization" xml:lang="en-US">Depreciation and amortization</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_DepreciationAndAmortization" xml:lang="en-US">Depreciation, Depletion and Amortization, Nonproduction, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_DepreciationAndAmortization" xml:lang="en-US">Depreciation, Depletion and Amortization, Nonproduction</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:label="us-gaap_IncreaseDecreaseInDeferredRevenue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:to="lab_IncreaseDecreaseInDeferredRevenue" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_IncreaseDecreaseInDeferredRevenue" xml:lang="en-US">Unearned tuition</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_IncreaseDecreaseInDeferredRevenue" xml:lang="en-US">Increase (Decrease) in Deferred Revenue</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AvailableForSaleSecuritiesAbstract" xlink:label="us-gaap_AvailableForSaleSecuritiesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AvailableForSaleSecuritiesAbstract" xlink:to="lab_AvailableForSaleSecuritiesAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_AvailableForSaleSecuritiesAbstract" xml:lang="en-US">Investments - Marketable Securities [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AvailableForSaleSecuritiesTextBlock" xlink:label="us-gaap_AvailableForSaleSecuritiesTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AvailableForSaleSecuritiesTextBlock" xlink:to="lab_AvailableForSaleSecuritiesTextBlock" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_AvailableForSaleSecuritiesTextBlock" xml:lang="en-US">Available-for-sale Securities [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_AvailableForSaleSecuritiesTextBlock" xml:lang="en-US">Investments - Marketable Securities</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_LiabilitiesNoncurrentAbstract" xlink:label="us-gaap_LiabilitiesNoncurrentAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesNoncurrentAbstract" xlink:to="lab_LiabilitiesNoncurrentAbstract" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_LiabilitiesNoncurrentAbstract" xml:lang="en-US">Long-Term Liabilities [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther" xlink:label="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther" xlink:to="lab_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther" xml:lang="en-US">Amortization of gain on sale of assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther" xml:lang="en-US">Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities, Other</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:to="lab_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xml:lang="en-US">Increase (Decrease) in Prepaid, Deferred Expense and Other Assets</label>
    <label xlink:type="resource" xlink:role="http://xbrl.us/us-gaap/role/label/negated" xlink:label="lab_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xml:lang="en-US">Other current assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xml:lang="en-US">Increase (Decrease) in Prepaid, Deferred Expense and Other Assets, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xml:lang="en-US">Other current assets</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xlink:label="us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xlink:to="lab_IncreaseDecreaseInOtherOperatingLiabilities" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_IncreaseDecreaseInOtherOperatingLiabilities" xml:lang="en-US">Deferred lease incentives</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_IncreaseDecreaseInOtherOperatingLiabilities" xml:lang="en-US">Increase (Decrease) in Other Operating Liabilities</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_OtherLiabilitiesDisclosureTextBlock" xlink:label="us-gaap_OtherLiabilitiesDisclosureTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherLiabilitiesDisclosureTextBlock" xlink:to="lab_OtherLiabilitiesDisclosureTextBlock" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_OtherLiabilitiesDisclosureTextBlock" xml:lang="en-US">Long-Term Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_OtherLiabilitiesDisclosureTextBlock" xml:lang="en-US">Other Liabilities Disclosure [Text Block]</label>
    <loc xlink:type="locator" xlink:href="stra-20101231.xsd#stra_IncomeTaxesPayableReceivable" xlink:label="stra_IncomeTaxesPayableReceivable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="stra_IncomeTaxesPayableReceivable" xlink:to="stra_IncomeTaxesPayableReceivable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="stra_IncomeTaxesPayableReceivable_lbl" xml:lang="en-US">Income Taxes Payable Receivable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="stra_IncomeTaxesPayableReceivable_lbl" xml:lang="en-US">Income taxes payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="stra_IncomeTaxesPayableReceivable_lbl" xml:lang="en-US">The net change during the reporting period in income taxes payable/receivable, which represents the amount due to/from tax authorities for refunds of overpayments or recoveries of income taxes paid and/or for payments of income taxes owed.</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="lab_DocumentFiscalYearFocus" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_DocumentFiscalYearFocus" xml:lang="en-US">Document Fiscal Year Focus</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/non-gaap/dei-2009-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="lab_DocumentFiscalPeriodFocus" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_DocumentFiscalPeriodFocus" xml:lang="en-US">Document Fiscal Period Focus</label>
    <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us-gaap-2009-01-31.xsd#us-gaap_SellingAndMarketingExpense" xlink:label="us-gaap_SellingAndMarketingExpense" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SellingAndMarketingExpense" xlink:to="lab_SellingAndMarketingExpense" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_SellingAndMarketingExpense" xml:lang="en-US">Marketing and admissions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_SellingAndMarketingExpense" xml:lang="en-US">Selling and Marketing Expense, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_SellingAndMarketingExpense" xml:lang="en-US">Selling and Marketing Expense</label>
    <loc xlink:type="locator" xlink:href="stra-20101231.xsd#stra_DocumentAndEntityInformationAbstract" xlink:label="stra_DocumentAndEntityInformationAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="stra_DocumentAndEntityInformationAbstract" xlink:to="stra_DocumentAndEntityInformationAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="stra_DocumentAndEntityInformationAbstract_lbl" xml:lang="en-US">Document and Entity Information [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="stra_DocumentAndEntityInformationAbstract_lbl" xml:lang="en-US">Document And Entity Information.</label>
    <loc xlink:type="locator" xlink:href="stra-20101231.xsd#stra_SignificantAccountingPoliciesAbstract" xlink:label="stra_SignificantAccountingPoliciesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="stra_SignificantAccountingPoliciesAbstract" xlink:to="stra_SignificantAccountingPoliciesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="stra_SignificantAccountingPoliciesAbstract_lbl" xml:lang="en-US">Significant Accounting Policies [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="stra_SignificantAccountingPoliciesAbstract_lbl" xml:lang="en-US">Significant Accounting Policies.</label>
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       Quarterly financial information for 2009 and 2010 is as follows
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       &lt;b&gt;Quarter&lt;/b&gt;
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       &lt;b&gt;First&lt;/b&gt;
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       &lt;b&gt;Second&lt;/b&gt;
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       &lt;b&gt;Third&lt;/b&gt;
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       Revenues
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   &amp;#160;
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       $
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       124,478
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   &amp;#160;
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   &amp;#160;
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       $
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       125,931
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   &amp;#160;
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   &amp;#160;
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       $
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       114,351
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   &amp;#160;
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   &amp;#160;
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       $
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       147,201
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   &amp;#160;
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       Income from operations
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   &amp;#160;
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       47,611
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   &amp;#160;
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   &amp;#160;
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   &amp;#160;
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       45,079
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   &amp;#160;
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   &amp;#160;
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   &amp;#160;
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       27,260
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   &amp;#160;
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   &lt;td&gt;
   &amp;#160;
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   &amp;#160;
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   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       52,404
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Net income
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       29,053
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       27,500
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       16,666
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       31,859
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Net income per share:
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Basic
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2.09
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2.01
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       1.22
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2.34
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Diluted
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2.07
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2.00
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       1.21
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2.32
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"&gt;
   &lt;!-- Table Width Row BEGIN --&gt;
   &lt;tr style="font-size: 1pt" valign="bottom"&gt;
       &lt;td width="58%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=01 type=maindata --&gt;
       &lt;td width="2%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=gutter --&gt;
       &lt;td width="3%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=body --&gt;
       &lt;td width="3%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=gutter --&gt;
       &lt;td width="3%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=body --&gt;
       &lt;td width="3%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=gutter --&gt;
       &lt;td width="3%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=body --&gt;
       &lt;td width="3%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=05 type=gutter --&gt;
       &lt;td width="3%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=05 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=05 type=body --&gt;
       &lt;td width="3%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=05 type=hang1 --&gt;
   &lt;/tr&gt;
   &lt;!-- Table Width Row END --&gt;
   &lt;!-- TableOutputHead --&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="15" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;Quarter&lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2010&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;First&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;Second&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;Third&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;Fourth&lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="line-height: 3pt; font-size: 1pt"&gt;
   &lt;td&gt;&amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- TableOutputBody --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Revenues
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       157,901
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       159,283
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       147,597
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       171,951
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Income from operations
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       59,926
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       58,691
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       38,249
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       58,905
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Net income
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       36,379
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       35,657
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       23,341
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       35,883
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Net income per share:
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Basic
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2.68
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2.63
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       1.73
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2.74
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Diluted
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2.65
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2.60
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       1.72
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2.73
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
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   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
   &lt;/div&gt;
   &lt;/div&gt;
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USD ($)

USD ($) / shares
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   &lt;div style="margin-left: 0%"&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent; text-align: left"&gt;
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       &lt;td width="97%"&gt;&lt;/td&gt;
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   &lt;tr valign="top"&gt;
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       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;4.&amp;#160;&amp;#160;&lt;/font&gt;&lt;/b&gt;
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       &lt;td&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Property
       and Equipment&lt;/font&gt;&lt;/b&gt;
   &lt;/td&gt;
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   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The composition of property and equipment as of
       December&amp;#160;31, 2009 and 2010 is as follows (in thousands):
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"&gt;
   &lt;!-- Table Width Row BEGIN --&gt;
   &lt;tr style="font-size: 1pt" valign="bottom"&gt;
       &lt;td width="61%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=01 type=maindata --&gt;
       &lt;td width="2%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=lead --&gt;
       &lt;td width="6%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=hang1 --&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=lead --&gt;
       &lt;td width="6%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=hang1 --&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=gutter --&gt;
       &lt;td width="15%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=maindata --&gt;
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   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
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   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;Estimated useful life&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2009&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2010&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;(years)&lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="line-height: 3pt; font-size: 1pt"&gt;
   &lt;td&gt;&amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- TableOutputBody --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Land
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       7,138
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       7,138
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
       &amp;#8212;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Buildings and improvements
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       17,590
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       17,533
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
       5-40
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Furniture and equipment
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       79,713
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       96,776
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
       5-7
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Leasehold improvements
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       30,198
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       34,377
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
       3-10
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Construction in progress
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       8,665
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       34,769
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
       &amp;#8212;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       143,304
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       190,593
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Accumulated depreciation and amortization
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (58,629
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (74,530
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       84,675
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       116,063
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
   &lt;/div&gt;
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   &lt;div align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
   &lt;b&gt;
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   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       Construction in progress included costs associated with the
       construction of new campuses and corporate headquarters and the
       development of information technology applications. In 2009 and
       2010, the Company recorded leasehold improvements of
       $0.4&amp;#160;million and $0.7&amp;#160;million, respectively, which
       were reimbursed by lessors as lease incentives. In 2009, the
       Company wrote-off $1.7&amp;#160;million in fixed assets that were
       fully depreciated and no longer in service. No assets were
       written off in 2010.
   &lt;/div&gt;
   &lt;/div&gt;
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<DESCRIPTION>IDEA: Investments - Marketable Securities
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   &lt;div style="margin-left: 0%"&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent; text-align: left"&gt;
   &lt;tr&gt;
       &lt;td width="3%"&gt;&lt;/td&gt;
       &lt;td width="97%"&gt;&lt;/td&gt;
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   &lt;tr valign="top"&gt;
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       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;3.&amp;#160;&amp;#160;&lt;/font&gt;&lt;/b&gt;
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       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Investments&amp;#160;&amp;#8212;
       Marketable Securities&lt;/font&gt;&lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
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       The cost and fair value for investments in marketable securities
       as of December&amp;#160;31, 2009 and 2010 are as follows (in
       thousands):
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"&gt;
   &lt;!-- Table Width Row BEGIN --&gt;
   &lt;tr style="font-size: 1pt" valign="bottom"&gt;
       &lt;td width="78%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=01 type=maindata --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=lead --&gt;
       &lt;td width="5%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=lead --&gt;
       &lt;td width="5%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=hang1 --&gt;
   &lt;/tr&gt;
   &lt;!-- Table Width Row END --&gt;
   &lt;!-- TableOutputHead --&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2009&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2010&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="line-height: 3pt; font-size: 1pt"&gt;
   &lt;td&gt;&amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- TableOutputBody --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Cost
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       52,253
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       12,346
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Gross unrealized gain
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       305
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       40
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Fair value
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       52,558
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       12,386
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
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       The Company has invested some of its excess cash in a
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       Strayer Education, Inc. (the &amp;#8220;Company&amp;#8221;), a Maryland
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       Current:
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   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Federal
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       41,670
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       57,690
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       70,967
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       State
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       8,744
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       13,256
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       14,815
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Total current
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       50,414
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       70,946
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       85,782
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Deferred:
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Federal
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       89
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (1,697
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (71
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       State
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       67
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (565
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       28
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Total deferred
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       156
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (2,262
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (43
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 30pt"&gt;
       Total provision for income taxes
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       50,570
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       68,684
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       85,739
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The tax effects of the principal temporary differences that give
       rise to the Company&amp;#8217;s deferred tax assets are as follows as
       of December&amp;#160;31, 2009 and 2010 (in thousands):
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"&gt;
   &lt;!-- Table Width Row BEGIN --&gt;
   &lt;tr style="font-size: 1pt" valign="bottom"&gt;
       &lt;td width="80%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=01 type=maindata --&gt;
       &lt;td width="2%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=lead --&gt;
       &lt;td width="5%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=lead --&gt;
       &lt;td width="5%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=hang1 --&gt;
   &lt;/tr&gt;
   &lt;!-- Table Width Row END --&gt;
   &lt;!-- TableOutputHead --&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2009&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2010&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="line-height: 3pt; font-size: 1pt"&gt;
   &lt;td&gt;&amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- TableOutputBody --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Tuition receivable and student loans
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2,436
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       3,130
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Accrued vacation payable
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       522
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       601
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Deferred gain on sale of property
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       111
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       111
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Unrealized gains on marketable securities
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       198
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       186
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Current net deferred tax asset
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       3,267
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       4,028
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Student loans
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       1
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       1
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Property and equipment
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (1,576
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (5,631
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Deferred leasing costs
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2,420
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       3,013
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Stock-based compensation
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       7,754
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       10,369
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Deferred gain on sale of property
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       717
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       606
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Other
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       &amp;#8212;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       16
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Long-term net deferred tax asset
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       9,316
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       8,374
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 30pt"&gt;
       Net deferred tax asset
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       12,583
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       12,402
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
   &lt;/div&gt;
   &lt;!-- XBRL Pagebreak Begin --&gt;
   &lt;/div&gt;
   &lt;!-- END PAGE WIDTH --&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="margin-left: 0%"&gt;
   &lt;!-- BEGIN PAGE WIDTH --&gt;
   &lt;div align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
   &lt;b&gt;
   &lt;font style="font-family: 'Times New Roman', Times"&gt;
   &lt;/font&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;!-- XBRL Pagebreak End --&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       A reconciliation between the Company&amp;#8217;s statutory tax rate
       and the effective tax rate for the years ended December&amp;#160;31,
       2008, 2009, and 2010 is as follows:
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"&gt;
   &lt;!-- Table Width Row BEGIN --&gt;
   &lt;tr style="font-size: 1pt" valign="bottom"&gt;
       &lt;td width="81%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=01 type=maindata --&gt;
       &lt;td width="2%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=hang1 --&gt;
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   &lt;!-- TableOutputHead --&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2008&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2009&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2010&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="line-height: 3pt; font-size: 1pt"&gt;
   &lt;td&gt;&amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- TableOutputBody --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Statutory federal rate
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       35.0
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       %
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       35.0
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       %
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       35.0
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       %
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       State income taxes, net of federal benefits
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       4.3
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       4.8
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       4.4
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Non-taxable interest income
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (0.9
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (0.3
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (0.1
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Other
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       0.1
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       &amp;#8212;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       0.2
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
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   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Effective tax rate
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       38.5
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       %
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   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       39.5
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       %
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       39.5
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       %
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   &lt;td&gt;
   &amp;#160;
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   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
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   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       Cash payments for income taxes were $40.6&amp;#160;million in 2008,
       $59.0&amp;#160;million in 2009, and $81.6&amp;#160;million in 2010.
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   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
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   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
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       In 2003, as part of commencing operations in Pennsylvania, the
       Company was required to maintain a &amp;#8220;minimum protective
       endowment&amp;#8221; of at least $500,000 in an interest-bearing
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   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
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   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent; text-align: left"&gt;&lt;!-- TABLE 05 --&gt;
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   &lt;div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;i&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Lease
       Incentives&lt;/font&gt;&lt;/i&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       In conjunction with the opening of new campuses during 2009 and
       2010, the Company recorded reimbursements by the lessors for
       improvements made to the leased properties in the amount of
       $0.4&amp;#160;million and $0.7&amp;#160;million, respectively. In
       accordance with the Operating Leases Topic,
       &lt;font style="white-space: nowrap"&gt;ASC&amp;#160;840-20,&lt;/font&gt;
       these reimbursements were capitalized as leasehold improvements
       and a long-term liability established.
   The leasehold improvements and the long-term liability will be
       amortized on a straight-line basis over the corresponding lease
       terms, which range from five to 10&amp;#160;years. As of
       December&amp;#160;31, 2009 and 2010, the Company had deferred lease
       incentives of $3.7&amp;#160;million and $3.2&amp;#160;million,
       respectively.
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   &lt;/div&gt;
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   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       In accordance with
       &lt;font style="white-space: nowrap"&gt;ASC&amp;#160;840-20,&lt;/font&gt;
       the Company records rent expense on a straight-line basis over
       the initial term of a lease. The difference between the rent
       payment and the straight-line rent expense is recorded as a
       long-term liability. As of December&amp;#160;31, 2009 and 2010, the
       Company had deferred rent associated with its lease obligations
       of $6.2&amp;#160;million and $7.9&amp;#160;million, respectively.
   &lt;/div&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;i&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Sale of
       Campus Building and Deferred Gain&lt;/font&gt;&lt;/i&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       In June 2007, the Company sold its Loudoun, Virginia campus
       building for $5.8&amp;#160;million. The Company is leasing back most
       of the campus building over a
       &lt;font style="white-space: nowrap"&gt;10-year&lt;/font&gt;
       period. In conjunction with this sale and lease back
       transaction, the Company realized a gain of $2.8&amp;#160;million
       before tax, which is deferred and recognized over the
       &lt;font style="white-space: nowrap"&gt;10-year&lt;/font&gt;
       lease term. The non-current portion of this gain, which is
       recorded as a long-term liability, was $1.8&amp;#160;million and
       $1.5&amp;#160;million, at December&amp;#160;31, 2009 and 2010,
       respectively.
   &lt;/div&gt;
   &lt;/div&gt;
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 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 20, 24
 -Article 5

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<DOCUMENT>
<TYPE>XML
<SEQUENCE>22
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<DESCRIPTION>IDEA: Other Employee Benefit Plans
<TEXT>
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USD ($) / shares
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   &lt;div style="margin-left: 0%"&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
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   &lt;tr&gt;
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       &lt;td width="97%"&gt;&lt;/td&gt;
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   &lt;/td&gt;
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   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The Company has a 401(k) plan covering all eligible employees of
       the Company. Effective January&amp;#160;1, 2011, participants may
       contribute up to $16,500 of their base compensation annually.
       Employee contributions are voluntary. Discretionary
       contributions were made by the Company matching 100% of employee
       deferrals up to 3% of the employee&amp;#8217;s annual salary and
       matching an additional 50% of employee deferrals between 3% and
       5% of annual salary. The Company&amp;#8217;s contributions, which
       vest immediately, totaled $1.4&amp;#160;million, $1.8&amp;#160;million
       and $2.3&amp;#160;million for the years ended December&amp;#160;31,
       2008, 2009, and 2010, respectively.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       In May 1998, the Company adopted the Strayer Education, Inc.
       Employee Stock Purchase Plan (&amp;#8220;ESPP&amp;#8221;). Under the ESPP,
       eligible employees may purchase shares of the Company&amp;#8217;s
       common stock, subject to certain limitations, at 90% of its
       market value at the date of purchase. Purchases are limited to
       10% of an employee&amp;#8217;s eligible compensation. The aggregate
       number of shares of common stock that may be made available for
       purchase by participating employees under the ESPP is
       2,500,000&amp;#160;shares. Shares purchased in the open market for
       employees for the years ended December&amp;#160;31, 2008, 2009, and
       2010 were as follows:
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   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
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   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;Average price&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;Shares purchased&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;per share&lt;/b&gt;
   &lt;/td&gt;
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   &lt;td&gt;&amp;#160;
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   &lt;td nowrap="nowrap" align="left" valign="top"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       2008
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       3,208
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       175.86
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="top"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       2009
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       4,084
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       180.34
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="top"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       2010
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   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       4,836
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       168.86
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
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   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
   &lt;/div&gt;
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<TYPE>XML
<SEQUENCE>23
<FILENAME>R20.xml
<DESCRIPTION>IDEA: Subsequent Event
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<XBRL>
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USD ($) / shares
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       On January&amp;#160;3, 2011, the Company entered into an unsecured
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       under the New Credit Facility is $100&amp;#160;million, including a
       letter of credit subfacility of $50&amp;#160;million. The New Credit
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       Facility bear interest at LIBOR or a base rate plus 1.75%,
       although higher margins up to 2.25% may apply based on the
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       contains customary affirmative, negative and financial
       maintenance covenants, representations, warranties, events of
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       borrowing conditions. The New Credit Facility replaces the
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 -Name Statement of Financial Accounting Standard (FAS)
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>24
<FILENAME>R4.xml
<DESCRIPTION>IDEA: Consolidated Statements of Income
<TEXT>
<XBRL>
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USD ($)

USD ($) / shares
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USD ($)

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USD ($)

USD ($) / shares

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 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 03
 -Paragraph 1
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 -Name Regulation S-X (SX)
 -Number 210
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 -Paragraph 2
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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 -Name Accounting Research Bulletin (ARB)
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 -Name Accounting Research Bulletin (ARB)
 -Number 51
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 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 130
 -Paragraph 10, 15

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       time to time at the discretion of the Company&amp;#8217;s management
       depending on market conditions and other corporate
       considerations. The Company&amp;#8217;s Board of Directors amended
       the program on various dates, increasing the repurchase amount
       authorized and extending the expiration date. At
       December&amp;#160;31, 2010, approximately $107.7&amp;#160;million of the
       Company&amp;#8217;s share repurchase authorization was remaining for
       repurchases through December&amp;#160;31,
   2011. All of the Company&amp;#8217;s share repurchases were effected
       in compliance with
       &lt;font style="white-space: nowrap"&gt;Rule&amp;#160;10b-18&lt;/font&gt;
       under the Securities Exchange Act of 1934, as amended. This
       stock repurchase plan may be modified, suspended or terminated
       at any time by the Company without notice.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       A summary of the Company&amp;#8217;s stock repurchase activity for
       the years ended December&amp;#160;31, 2008, 2009, and 2010, all of
       which was part of a publicly announced plan, is set forth in the
       table below:
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"&gt;
   &lt;!-- Table Width Row BEGIN --&gt;
   &lt;tr style="font-size: 1pt" valign="bottom"&gt;
       &lt;td width="35%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=01 type=maindata --&gt;
       &lt;td width="2%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=gutter --&gt;
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       &lt;td width="14%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=hang1 --&gt;
       &lt;td width="5%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=lead --&gt;
       &lt;td width="15%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=hang1 --&gt;
       &lt;td width="5%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=lead --&gt;
       &lt;td width="18%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=hang1 --&gt;
   &lt;/tr&gt;
   &lt;!-- Table Width Row END --&gt;
   &lt;!-- TableOutputHead --&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;Amount available for&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;Number of shares&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;Average price paid&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;future repurchases&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;repurchased&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;per share&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;(in millions)&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="line-height: 3pt; font-size: 1pt"&gt;
   &lt;td&gt;&amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- TableOutputBody --&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="top"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       2008
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       603,382
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       180.86
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       70.1
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="top"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       2009
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       451,613
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       177.34
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       90.0
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="top"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       2010
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       687,340
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       168.06
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       107.7
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="top"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       1,742,335
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       174.90
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       Repurchases of common stock are recorded as a reduction to
       additional paid-in capital. To the extent additional paid-in
       capital has been reduced to zero through stock repurchases,
       retained earnings is then reduced.
   &lt;/div&gt;
   &lt;/div&gt;
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   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
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   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent; text-align: left"&gt;
   &lt;tr&gt;
       &lt;td width="3%"&gt;&lt;/td&gt;
       &lt;td width="97%"&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;2.&amp;#160;&amp;#160;&lt;/font&gt;&lt;/b&gt;
   &lt;/td&gt;
       &lt;td&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Significant
       Accounting Policies&lt;/font&gt;&lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       In June 2009, the Financial Accounting Standards Board (the
       &amp;#8220;FASB&amp;#8221;) issued Statement of Financial Accounting
       Standards No.&amp;#160;168, &lt;i&gt;The FASB Accounting Standards
       Codification and the Hierarchy of Generally Accepted Accounting
       Principles&lt;/i&gt;, which was primarily codified into Accounting
       Standards Codification (&amp;#8220;ASC&amp;#8221;) Topic 105, Generally
       Accepted Accounting Standards. This standard is the single
       source of authoritative non-governmental U.S.&amp;#160;generally
       accepted accounting principles, superseding existing FASB,
       American Institute of Certified Public Accountants, Emerging
       Issues Task Force, and related accounting literature. Also
       included is relevant Securities and Exchange Commission guidance
       organized using the same topical structure in separate sections.
       This guidance is effective for financial statements issued for
       reporting periods that ended after September&amp;#160;15, 2009. This
       guidance impacts the Company&amp;#8217;s consolidated financial
       statements and related disclosures as all references to
       authoritative literature reflect the newly adopted codification.
   &lt;/div&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Principles
       of Consolidation&lt;/font&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The consolidated financial statements include the accounts of
       the Company and its subsidiaries, the University and Education
       Loan Processing, Inc. The University is the only subsidiary that
       is currently active. All inter-company accounts and transactions
       have been eliminated in the consolidated financial statements.
   &lt;/div&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Cash and
       Cash Equivalents&lt;/font&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       Cash and cash equivalents consist of cash invested in bank
       overnight deposits and money market mutual funds. The Company
       places its cash and temporary cash investments with various
       financial institutions. The Company considers all highly liquid
       instruments purchased with a maturity of three months or less at
       the date of purchase to be cash equivalents.
   &lt;/div&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Marketable
       Securities&lt;/font&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The Company invested some of its excess cash in a diversified,
       short-term, investment grade, tax-exempt bond fund. As of
       December&amp;#160;31, 2010, the Company had $12.4&amp;#160;million, as
       determined by the quoted market price, invested in this fund,
       which has since been liquidated. The investment is considered
       &lt;font style="white-space: nowrap"&gt;&amp;#8220;available-for-sale&amp;#8221;&lt;/font&gt;
       as it is not held for trading and will not be held to maturity,
       in accordance with the Investments&amp;#160;&amp;#8212; Debt and Equity
       Securities Topic, ASC&amp;#160;320. The Company records the net
       unrealized gains and losses for changes in fair value as a
       component of accumulated other comprehensive income in
       stockholders&amp;#8217; equity. Realized gains and losses from the
       sale of marketable securities are based on the specific
       identification method. Accounting Standards Codification
       &lt;font style="white-space: nowrap"&gt;820-10&lt;/font&gt;
       &amp;#8220;Fair Value Measurement&amp;#8221; (ASC
       &lt;font style="white-space: nowrap"&gt;820-10)&lt;/font&gt;
       establishes a framework for measuring fair value, establishes a
       fair value hierarchy based upon the observability of inputs used
       to measure fair value, and expands disclosures about fair value
       measurements.
   Under
       &lt;font style="white-space: nowrap"&gt;ASC&amp;#160;820-10,&lt;/font&gt;
       fair value of an investment is the price that would be received
       to sell an asset or to transfer a liability in an orderly
       transaction between market participants at the measurement date.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The hierarchy gives the highest priority to investments with
       readily available quoted prices in an active market and the
       lowest priority to unobservable inputs which require a higher
       degree of judgment when measuring fair value, with Level&amp;#160;1
       investments using quoted prices in active markets for identical
       assets or liabilities as of the measurement date.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       At December&amp;#160;31, 2010, all of the Company&amp;#8217;s investments
       were classified as Level&amp;#160;1. Items not subject to fair value
       reporting include cash and cash equivalents and restricted cash
       totaling $64.6&amp;#160;million.
   &lt;/div&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Revenues&lt;/font&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The Company&amp;#8217;s educational programs are offered on a
       quarterly basis. Approximately 97% of the Company&amp;#8217;s
       revenues during the year ended December&amp;#160;31, 2010 consisted
       of tuition revenue. Tuition revenue is recognized in the quarter
       of instruction. Tuition revenue is shown net of any refunds,
       withdrawals, corporate discounts, scholarships and employee
       tuition discounts. At the time of registration, a liability
       (unearned tuition) is recorded for academic services to be
       provided and a tuition receivable is recorded for the portion of
       the tuition not paid upfront in cash. Revenues also include
       textbook-related income, application fees, placement test fees,
       withdrawal fees, loan administration fees and other income,
       which are all recognized when incurred.
   &lt;/div&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Concentration
       of Credit Risk&lt;/font&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The Company places its cash and temporary cash investments in
       money market mutual funds and bank overnight deposits with
       various financial institutions. Cash and cash equivalent
       balances are in excess of the FDIC insurance limit. The Company
       has not experienced any losses on its cash and cash equivalents.
       The Company has also invested its excess cash in a diversified,
       short-term, investment grade, tax-exempt bond fund that is
       classified under &amp;#8220;Marketable Securities.&amp;#8221;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       Tuition receivables are not collateralized; however, credit risk
       is minimized as a result of the diverse nature of the
       University&amp;#8217;s student base. The University establishes an
       allowance for doubtful tuition accounts based upon historical
       trends and other information.
   &lt;/div&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Property
       and Equipment&lt;/font&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       Property and equipment are stated at cost less accumulated
       depreciation and amortization. In accordance with the Property,
       Plant and Equipment Topic, ASC&amp;#160;360, the carrying values of
       the Company&amp;#8217;s assets are re-evaluated when events or
       changes in circumstances indicate that the carrying amount of an
       asset may not be recoverable. If it is determined that an
       impairment loss has occurred based on expected undiscounted
       future cash flows, then a loss is recognized using a fair-value
       based model. Through 2010, no such impairment loss had occurred.
       Depreciation and amortization of property and equipment is
       calculated using the straight-line method over the estimated
       useful lives ranging from 3 to 40&amp;#160;years. Depreciation and
       amortization amounted to $10.8&amp;#160;million, $13.9&amp;#160;million
       and $17.3&amp;#160;million for the years ended December&amp;#160;31,
       2008, 2009, and 2010 respectively.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       Construction in progress includes costs of computer software
       developed for internal use, and is accounted for in accordance
       with the Internal-Use Software Topic,
       &lt;font style="white-space: nowrap"&gt;ASC&amp;#160;350-40.&lt;/font&gt;
       Computer software development costs that are incurred in the
       preliminary project stage are expensed as incurred. During the
       development stage direct consulting costs, payroll and
       payroll-related costs for employees that are directly associated
       with the project are capitalized and will be amortized over the
       estimated useful life of the software once placed into operation.
   &lt;/div&gt;
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   &lt;div align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
   &lt;b&gt;
   &lt;font style="font-family: 'Times New Roman', Times"&gt;
   &lt;/font&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;!-- XBRL Pagebreak End --&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       Purchases of property and equipment and changes in accounts
       payable for each of the three years in the period ended
       December&amp;#160;31, 2010 in the Consolidated Statements of Cash
       Flows have been adjusted to exclude non-cash purchases of
       property and equipment transactions during that period.
   &lt;/div&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Income
       Taxes&lt;/font&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The Company provides for deferred income taxes based on
       temporary differences between financial statement and income tax
       bases of assets and liabilities using enacted tax rates in
       effect in the year in which the differences are expected to
       reverse.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The Fair Value Measurements and Disclosures Topic, ASC&amp;#160;740,
       requires the company to determine whether uncertain tax
       positions should be recognized within the Company&amp;#8217;s
       financial statements. As a result of the implementation of
       ASC&amp;#160;740, no material adjustment in the liability for
       unrecognized income tax benefits was recognized. The amount of
       unrecognized tax benefits at the adoption date of
       January&amp;#160;1, 2007 and at December&amp;#160;31, 2010 was
       immaterial. The Company recognizes interest and penalties
       related to uncertain tax positions in income tax expense. As of
       December&amp;#160;31, 2010, the amount of accrued interest and
       penalties related to uncertain tax positions was immaterial. The
       tax years
       &lt;font style="white-space: nowrap"&gt;2008-2010&lt;/font&gt;
       remain open to examination by the major taxing jurisdictions in
       which the Company is subject.
   &lt;/div&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Advertising
       Costs&lt;/font&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The Company expenses advertising costs in the quarter incurred,
       except for costs associated with the production of television
       commercials which are expensed when the commercial is first
       aired.
   &lt;/div&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Long-Term
       Liabilities&lt;/font&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       At December&amp;#160;31, 2010, the Company has no borrowings under
       its credit facility. Most of the Company&amp;#8217;s long-term
       liabilities are for lease incentives related to the opening of
       new campuses, the straight-lining of rent expense and a deferred
       gain related to the sale and lease back of a campus facility. In
       conjunction with the opening of some new campuses and other
       facilities, the Company was reimbursed by the lessors for
       improvements made to those leased properties. In accordance with
       the Operating Leases Subtopic,
       &lt;font style="white-space: nowrap"&gt;ASC&amp;#160;840-20,&lt;/font&gt;
       these reimbursements were capitalized as leasehold improvements
       and a long-term liability established. The leasehold
       improvements and the long-term liability are amortized on a
       straight-line basis over the corresponding lease terms, which
       range from five to ten years. In accordance with
       &lt;font style="white-space: nowrap"&gt;ASC&amp;#160;840-20,&lt;/font&gt;
       the Company records rent expense on a straight-line basis over
       the initial term of a lease. The difference between the rent
       payment and the straight-line rent expense is recorded as a
       long-term liability. The Company also records the non-current
       portion of the gain related to the sale and lease back of a
       campus facility as a long-term liability. (See Note&amp;#160;7 below
       for more information.)
   &lt;/div&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Authorized
       Stock&lt;/font&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The Company has authorized 20,000,000&amp;#160;shares of common
       stock, par value $.01, of which 13,957,596 and
       13,316,822&amp;#160;shares were issued and outstanding as of
       December&amp;#160;31, 2009 and 2010, respectively. The Company also
       has authorized 8,000,000&amp;#160;shares of preferred stock, none of
       which has been issued or outstanding since 2004. Before any
       preferred stock may be issued in the future, the Board of
       Directors would need to establish the preferences, conversion or
       other rights, voting powers, restrictions, limitations as to
       dividends, qualifications, and the terms or conditions of the
       redemption of the preferred stock.
   &lt;/div&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Stock-Based
       Compensation&lt;/font&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       As required by the Stock Compensation Topic, ASC&amp;#160;718, the
       Company measures and recognizes compensation expense for all
       share-based payment awards made to employees and directors,
       including
   employee stock options and employee stock purchases related to
       the Company&amp;#8217;s Employee Stock Purchase Plan, based on
       estimated fair values. Stock-based compensation expense
       recognized in the Consolidated Statements of Income for each of
       the three years in the period ended December 31 2010, is based
       on awards ultimately expected to vest and, therefore, has been
       adjusted for estimated forfeitures. The Company is required to
       estimate forfeitures at the time of grant and revise, if
       necessary, the estimate in subsequent periods if actual
       forfeitures differ from those estimates. The forfeiture rate
       used is based on historical experience.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Net
       Income Per Share&lt;/font&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       Basic earnings per share is computed by dividing net income by
       the weighted average number of shares of common stock
       outstanding during the periods. Diluted earnings per share
       reflects the potential dilution that could occur assuming
       conversion or exercise of all dilutive unexercised stock options
       and restricted stock. The dilutive effect of stock awards was
       determined using the treasury stock method. Under the treasury
       stock method, all of the following are assumed to be used to
       repurchase shares of the Company&amp;#8217;s common stock:
       (1)&amp;#160;the proceeds received from the exercise of stock
       options, (2)&amp;#160;the amount of compensation cost associated
       with the stock awards for future service not yet recognized by
       the Company, and (3)&amp;#160;the amount of tax benefits that would
       be recorded in additional paid-in capital when the stock awards
       become deductible for income tax purposes. Stock options are not
       included in the computation of diluted earnings per share when
       the stock option exercise price of an individual grant exceeds
       the average market price for the period. At December&amp;#160;31,
       2010, the Company had no issued and outstanding stock options
       that were excluded from the calculation.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       Set forth below is a reconciliation of shares used to calculate
       basic and diluted earnings per share (in thousands).
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"&gt;
   &lt;!-- Table Width Row BEGIN --&gt;
   &lt;tr style="font-size: 1pt" valign="bottom"&gt;
       &lt;td width="76%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=01 type=maindata --&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=lead --&gt;
       &lt;td width="3%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=hang1 --&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=lead --&gt;
       &lt;td width="3%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=hang1 --&gt;
       &lt;td width="3%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=lead --&gt;
       &lt;td width="3%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=hang1 --&gt;
   &lt;/tr&gt;
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   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2008&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2009&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2010&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="line-height: 3pt; font-size: 1pt"&gt;
   &lt;td&gt;&amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- TableOutputBody --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -9pt; margin-left: 9pt"&gt;
       Weighted average shares outstanding used to compute basic
       earnings per share
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       14,015
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       13,703
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       13,426
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -9pt; margin-left: 9pt"&gt;
       Incremental shares issuable upon the assumed exercise of stock
       options
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       63
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       49
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       36
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -9pt; margin-left: 9pt"&gt;
       Unvested restricted stock
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       164
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       73
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       73
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -9pt; margin-left: 9pt"&gt;
       Shares used to compute diluted earnings per share
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       14,242
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       13,825
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       13,535
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Use of
       Estimates&lt;/font&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The preparation of financial statements in conformity with
       accounting principles generally accepted in the United States of
       America requires management to make estimates and assumptions
       that affect the reported amounts of assets and liabilities at
       the date of the financial statements and the reported amounts of
       expenses during the period reported. The most significant
       management estimates included allowances for uncollectible
       accounts, accrued expenses, forfeiture rates for stock-based
       awards, and the provision for income taxes. Actual results could
       differ from those estimates.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Comprehensive
       Income&lt;/font&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       Comprehensive income consists of net income and unrealized gains
       (losses) on investments in marketable securities, net of income
       taxes.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Recent
       Accounting Pronouncements&lt;/font&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       In June 2008, the FASB issued paragraph&amp;#160;ASC
       &lt;font style="white-space: nowrap"&gt;260-45-61A&lt;/font&gt;
       of the Earnings Per Share Topic. This paragraph requires certain
       share-based payment awards that entitle holders to receive
       non-forfeitable dividends before they vest to be treated as
       participating securities in basic and diluted EPS calculations.
       &lt;font style="white-space: nowrap"&gt;ASC&amp;#160;260-45-61A&lt;/font&gt;
       is effective for the first fiscal year beginning after
       December&amp;#160;15, 2008. The adoption of
       &lt;font style="white-space: nowrap"&gt;ASC&amp;#160;260-45-61A,&lt;/font&gt;
       effective January&amp;#160;1, 2009, did not have a material effect
       on the Company&amp;#8217;s consolidated financial statements.
   &lt;/div&gt;
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   &lt;!-- BEGIN PAGE WIDTH --&gt;
   &lt;div align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
   &lt;b&gt;
   &lt;font style="font-family: 'Times New Roman', Times"&gt;
   &lt;/font&gt;
   &lt;/b&gt;
   &lt;/div&gt;
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   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       In May 2009, the FASB issued ASC&amp;#160;855, the Subsequent Events
       Topic, which establishes general accounting and disclosure
       guidelines for events that occur after the balance sheet date
       but before financial statements are issued or available to be
       issued. The Company adopted the provisions of ASC 855 effective
       June&amp;#160;15, 2009.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       In June 2009, the FASB issued &lt;i&gt;The FASB Accounting Standards
       Codification and the Hierarchy of Generally Accepted Accounting
       Principles&amp;#160;&amp;#8212; a replacement of FASB Statement
       No.&amp;#160;162 &lt;/i&gt;(SFAS&amp;#160;168). Under the new FASB ASC,
       SFAS&amp;#160;168 is now the Generally Accepted Accounting
       Principles Topic (ASC 105). The ASC becomes the single,
       authoritative source for US accounting and reporting standards
       and supersedes all previously issued FASB statements and related
       accounting literature references for reporting purposes. The
       Company adopted the provisions of ASC&amp;#160;105 for reporting
       periods ending after September&amp;#160;15, 2009.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       In October 2009, the FASB issue Accounting Standards Update
       &lt;font style="white-space: nowrap"&gt;No.&amp;#160;2009-13,&lt;/font&gt;
       &lt;i&gt;Revenue Recognition (Topic 605): Multiple-Deliverable Revenue
       Arrangements&amp;#160;&amp;#8212; a consensus of the FASB Emerging Issues
       Task Force &lt;/i&gt;(ASU
       &lt;font style="white-space: nowrap"&gt;2009-13),&lt;/font&gt;
       which provides guidance on the recognition of multiple elements
       within a revenue transaction. ASU
       &lt;font style="white-space: nowrap"&gt;2009-13&lt;/font&gt; is
       effective for the first annual reporting period beginning on or
       after June&amp;#160;15, 2010. The Company believes the adoption of
       ASU &lt;font style="white-space: nowrap"&gt;2009-13&lt;/font&gt;
       will not have a material impact on its financial condition,
       results of operations and disclosures.
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1/1/2010 - 12/31/2010
USD ($)
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1/1/2010 - 12/31/2010
USD ($)
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1/1/2010 - 12/31/2010
USD ($)
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USD ($)

USD ($) / shares
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Cell><Cell><Id>4</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>181000</NumericAmount><RoundedNumericAmount>181</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>5</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>188507000</NumericAmount><RoundedNumericAmount>188507</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasSc
enarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Total of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph A3
 -Appendix A

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Staff Accounting Bulletin (SAB)
 -Number Topic 4
 -Section E

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 29, 30, 31
 -Article 5

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 -Publisher AICPA
 -Name Accounting Principles Board Opinion (APB)
 -Number 12
 -Paragraph 10

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 04
 -Article 3

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 29, 30, 31
 -Article 5

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 -Publisher AICPA
 -Name Accounting Principles Board Opinion (APB)
 -Number 12
 -Paragraph 10

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 04
 -Article 3

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 29, 30
 -Article 5

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 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 123R
 -Paragraph 62

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 -Number 210
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 -Paragraph 29, 30, 31
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Principles Board Opinion (APB)
 -Number 12
 -Paragraph 10

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 04
 -Article 3

Reference 4: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 43
 -Chapter 1
 -Section B
 -Paragraph 11A

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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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 -Name Regulation S-X (SX)
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 -Section 04
 -Article 3

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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 -Publisher FASB
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 -Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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 -Name Accounting Research Bulletin (ARB)
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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 -Number 87-21

Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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 -Publisher AICPA
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 -Paragraph A3
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Staff Accounting Bulletin (SAB)
 -Number Topic 4
 -Section E

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 29, 30, 31
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ntReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 03
 -Paragraph 19
 -Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 38
 -Subparagraph d

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph A7
 -Appendix A

Reference 4: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 38
 -Subparagraph a

Reference 5: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 04
 -Paragraph 20
 -Article 9

Reference 6: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 130
 -Paragraph 10, 15

Reference 7: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Emerging Issues Task Force (EITF)
 -Number 87-21

Reference 8: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 28, 29, 30

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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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 -Name Accounting Research Bulletin (ARB)
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    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
  </Element>
  <Element Id="us-gaap_CommitmentsAndContingencies2009">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
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  <Element Id="us-gaap_CommonStockParOrStatedValuePerShare">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
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    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
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  <Element Id="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
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  <Element Id="us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock">
    <definition>No authoritative reference available.</definition>
    <reference>No authoritative reference available.</reference>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>30
<FILENAME>R21.xml
<DESCRIPTION>IDEA: Valuation and Qualifying Accounts
<TEXT>
<XBRL>
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   &lt;!-- xbrl,nx --&gt;
   &lt;div style="display: none"&gt;
   &lt;/div&gt;
   &lt;div style="display: none"&gt;
   Valuation and Qualifying Accounts
   &lt;/div&gt;
   &lt;br /&gt;
   &lt;div align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;STRAYER
       EDUCATION, INC.&lt;br /&gt;
       Schedule&amp;#160;II&amp;#160;&amp;#8212; Valuation and Qualifying
       Accounts&lt;br /&gt;
       (in thousands)&lt;/font&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
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       &lt;td width="3%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=hang1 --&gt;
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       &lt;td width="3%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=body --&gt;
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       &lt;td width="2%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=05 type=gutter --&gt;
       &lt;td width="2%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=05 type=lead --&gt;
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       &lt;td width="2%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=05 type=hang1 --&gt;
       &lt;td width="2%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=06 type=gutter --&gt;
       &lt;td width="3%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=06 type=lead --&gt;
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   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
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   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;Bad debt&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;Balance&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;Additions&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;Balance&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;expense as&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;beginning&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;charged&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;end of&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;a % of&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;Description&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;of period&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;to expense&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;Deductions&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;period&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;revenue&lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="line-height: 3pt; font-size: 1pt"&gt;
   &lt;td&gt;&amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- TableOutputBody --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="top"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Deduction from asset account:
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="top"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Allowance for doubtful accounts:
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="top"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 30pt"&gt;
       Year ended December&amp;#160;31, 2010
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       6,175
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       24,216
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (22,456
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       7,935
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       3.8
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       %
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="top"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 30pt"&gt;
       Year ended December&amp;#160;31, 2009
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       4,776
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       20,808
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (19,409
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       6,175
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       4.1
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       %
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="top"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 30pt"&gt;
       Year ended December&amp;#160;31, 2008
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       3,206
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       12,707
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (11,137
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       4,776
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       3.2
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       %
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
   &lt;/div&gt;
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 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
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USD ($) / shares
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   &lt;div style="margin-left: 0%"&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent; text-align: left"&gt;
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       &lt;td width="3%"&gt;&lt;/td&gt;
       &lt;td width="97%"&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="top"&gt;
       &lt;td&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;6.&amp;#160;&amp;#160;&lt;/font&gt;&lt;/b&gt;
   &lt;/td&gt;
       &lt;td&gt;
       &lt;b&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Stock
       Options and Restricted Stock&lt;/font&gt;&lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       A total of 3,000,000&amp;#160;shares have been approved by the
       Company&amp;#8217;s stockholders for grants under the Company&amp;#8217;s
       1996 equity compensation plan (the &amp;#8220;Plan&amp;#8221;). The Plan
       provides for the grant of options intended to qualify as
       incentive stock options, and also provides for the grant of
       non-qualifying options and restricted stock to employees,
       officers and directors of the Company at the discretion of the
       Board of Directors. Vesting provisions are also at the
       discretion of the Board of Directors. Options may be granted at
       option prices based at or above the fair market value of the
       shares at the date of grant. The maximum term of the options
       granted under the Plan is 10&amp;#160;years.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       In October 2010, the Company&amp;#8217;s Board of Directors approved
       grants of 23,502&amp;#160;shares of restricted stock. These shares,
       which vest over a four year period, were awarded to certain
       employees pursuant to the Plan. The Company&amp;#8217;s stock price
       closed at $127.65 on the date of these restricted stock grants.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       In April 2010, the Company&amp;#8217;s Board of Directors approved
       grants of 3,018&amp;#160;shares of restricted stock. These shares,
       which vest over a
       &lt;font style="white-space: nowrap"&gt;three-year&lt;/font&gt;
       period, were awarded to various non-employee members of the
       Company&amp;#8217;s Board of Directors, as part of the Company&amp;#8217;s
       annual director compensation program. The Company&amp;#8217;s stock
       price closed at $248.75 on the date of these restricted stock
       grants.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       In February 2010, the Company&amp;#8217;s Board of Directors approved
       grants of 25,219&amp;#160;shares of restricted stock to certain
       employees. These shares, which vest over a
       &lt;font style="white-space: nowrap"&gt;three-year&lt;/font&gt;
       period, were granted to certain employees pursuant to the
       Company&amp;#8217;s annual equity compensation program. The
       Company&amp;#8217;s stock price closed at $206.39 on the date of
       these restricted stock grants.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       In February 2006, the Company&amp;#8217;s Board of Directors approved
       cash payments to the holders of vested stock options in an
       amount equivalent to the Company&amp;#8217;s common stock dividends.
       These cash payments were remitted on the same dates as the
       Company&amp;#8217;s dividends and amounted to $0.6&amp;#160;million in
       2008. The Company discontinued this form of compensation in
       2009. Dividends paid on unvested restricted stock are reimbursed
       to the Company if the recipient terminates his or her employment
       prior to vesting in the award.
   &lt;/div&gt;
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   &lt;b&gt;
   &lt;font style="font-family: 'Times New Roman', Times"&gt;
   &lt;/font&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;!-- XBRL Pagebreak End --&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;i&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Restricted
       Stock&lt;/font&gt;&lt;/i&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The table below sets forth the restricted stock activity for the
       years ended December&amp;#160;31, 2008, 2009 and 2010:
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"&gt;&lt;!-- TABLE 01 --&gt;
   &lt;!-- Table Width Row BEGIN --&gt;
   &lt;tr style="font-size: 1pt" valign="bottom"&gt;
       &lt;td width="71%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=01 type=maindata --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=lead --&gt;
       &lt;td width="6%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=lead --&gt;
       &lt;td width="11%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=hang1 --&gt;
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   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;Number of&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;Weighted-average&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;shares&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;grant price&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="line-height: 3pt; font-size: 1pt"&gt;
   &lt;td&gt;&amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- TableOutputBody --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Balance, December&amp;#160;31, 2007
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       225,642
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       103.97
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Grants
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       45,153
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       163.13
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Vested shares
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (146,484
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       101.79
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Forfeitures
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (2,216
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       115.73
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Balance, December&amp;#160;31, 2008
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       122,095
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       124.06
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Grants
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       259,912
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       216.67
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Vested shares
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (28,970
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       90.78
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Forfeitures
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (309
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       162.10
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Balance, December&amp;#160;31, 2009
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       352,728
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       194.39
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Grants
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       51,739
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       173.09
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Vested shares
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (51,187
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       106.68
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Forfeitures
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (11,840
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       176.75
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Balance, December&amp;#160;31, 2010
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       341,440
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       204.89
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;i&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Stock
       Options&lt;/font&gt;&lt;/i&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The table below sets forth the stock option activity for the
       years ended December&amp;#160;31, 2008, 2009 and 2010 and other
       stock option information at December&amp;#160;31, 2010:
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"&gt;&lt;!-- TABLE 01 --&gt;
   &lt;!-- Table Width Row BEGIN --&gt;
   &lt;tr style="font-size: 1pt" valign="bottom"&gt;
       &lt;td width="44%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=01 type=maindata --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=lead --&gt;
       &lt;td width="6%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=lead --&gt;
       &lt;td width="11%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=lead --&gt;
       &lt;td width="6%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=05 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=05 type=lead --&gt;
       &lt;td width="9%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=05 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=05 type=hang1 --&gt;
   &lt;/tr&gt;
   &lt;!-- Table Width Row END --&gt;
   &lt;!-- TableOutputHead --&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;Weighted-&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;average&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;Aggregate&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;remaining&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;intrinsic&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;Number of&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;Weighted-average&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;contractual&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;value&lt;sup style="font-size: 85%; vertical-align: top"&gt;(1)&lt;br /&gt;
       &lt;/sup&gt;&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;shares&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;exercise price&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;life (yrs.)&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;(in thousands)&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="line-height: 3pt; font-size: 1pt"&gt;
   &lt;td&gt;&amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- TableOutputBody --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Balance, December&amp;#160;31, 2007
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       390,084
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       71.35
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2.5
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       38,710
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Grants
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       &amp;#8212;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       &amp;#8212;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Exercises
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (223,000
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       47.68
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Forfeitures
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       &amp;#8212;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       &amp;#8212;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Balance, December&amp;#160;31, 2008
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       167,084
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       102.98
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       3.7
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       18,618
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Grants
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       &amp;#8212;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       &amp;#8212;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Exercises
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (60,417
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       99.75
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Forfeitures
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       &amp;#8212;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       &amp;#8212;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Balance, December&amp;#160;31, 2009
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       106,667
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       104.81
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2.9
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       11,489
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Grants
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       &amp;#8212;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       &amp;#8212;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Exercises
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       (6,667
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       )
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       67.84
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Forfeitures
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       &amp;#8212;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       &amp;#8212;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Balance, December&amp;#160;31, 2010
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       100,000
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       107.28
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2.1
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       4,494
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Vested, December&amp;#160;31, 2010
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       100,000
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       107.28
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2.1
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       4,494
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Exercisable, December&amp;#160;31, 2010
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       100,000
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       107.28
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2.1
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       4,494
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 3pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"&gt;&lt;!-- TABLE 06 --&gt;
   &lt;tr&gt;
       &lt;td width="2%"&gt;&lt;/td&gt;
       &lt;td width="1%"&gt;&lt;/td&gt;
       &lt;td width="97%"&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr&gt;
       &lt;td align="right" valign="top"&gt;
       &lt;font style="font-size: 8pt"&gt;(1)
       &lt;/font&gt;&lt;/td&gt;
       &lt;td&gt;&lt;/td&gt;
       &lt;td valign="bottom"&gt;
       &lt;font style="font-size: 8pt"&gt;The aggregate intrinsic value in
       the table above represents the total pre-tax intrinsic value
       (the difference between the Company&amp;#8217;s closing stock price
       on December 31 of each year and the exercise price, multiplied
       by the number of
       &lt;font style="white-space: nowrap"&gt;in-the-money&lt;/font&gt;
       options) that would have been received by the option holders had
       all option holders exercised their options on December 31 of
       that year. The amount of aggregate intrinsic value will change
       based on the fair market value of the Company&amp;#8217;s stock.
       &lt;/font&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;!-- XBRL Pagebreak Begin --&gt;
   &lt;/div&gt;
   &lt;!-- END PAGE WIDTH --&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="margin-left: 0%"&gt;
   &lt;!-- BEGIN PAGE WIDTH --&gt;
   &lt;div align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
   &lt;b&gt;
   &lt;font style="font-family: 'Times New Roman', Times"&gt;
   &lt;/font&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 0pt; font-size: 1pt"&gt;
   &lt;/div&gt;
   &lt;!-- XBRL Pagebreak End --&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The number of shares exercisable as of December&amp;#160;31, 2008,
       2009 and 2010 are as follows:
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"&gt;&lt;!-- TABLE 01 --&gt;
   &lt;!-- Table Width Row BEGIN --&gt;
   &lt;tr style="font-size: 1pt" valign="bottom"&gt;
       &lt;td width="74%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=01 type=maindata --&gt;
       &lt;td width="2%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=gutter --&gt;
       &lt;td width="3%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=body --&gt;
       &lt;td width="3%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=gutter --&gt;
       &lt;td width="6%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=body --&gt;
       &lt;td width="6%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=hang1 --&gt;
   &lt;/tr&gt;
   &lt;!-- Table Width Row END --&gt;
   &lt;!-- TableOutputHead --&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;Number of&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;Weighted-average&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;shares&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;exercise price&lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="line-height: 3pt; font-size: 1pt"&gt;
   &lt;td&gt;&amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- TableOutputBody --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="top"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Exercisable, December&amp;#160;31, 2008
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       16,667
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       64.22
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="top"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Exercisable, December&amp;#160;31, 2009
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       106,667
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       104.81
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="top"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Exercisable, December&amp;#160;31, 2010
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       100,000
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       107.28
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The following table summarizes information regarding share-based
       payment arrangements for the years ended December&amp;#160;31, 2008,
       2009 and 2010 (in thousands):
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"&gt;&lt;!-- TABLE 01 --&gt;
   &lt;!-- Table Width Row BEGIN --&gt;
   &lt;tr style="font-size: 1pt" valign="bottom"&gt;
       &lt;td width="73%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=01 type=maindata --&gt;
       &lt;td width="2%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=gutter --&gt;
       &lt;td width="3%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=body --&gt;
       &lt;td width="3%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=gutter --&gt;
       &lt;td width="2%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=body --&gt;
       &lt;td width="2%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=gutter --&gt;
       &lt;td width="2%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=lead --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=body --&gt;
       &lt;td width="2%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=hang1 --&gt;
   &lt;/tr&gt;
   &lt;!-- Table Width Row END --&gt;
   &lt;!-- TableOutputHead --&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="11" nowrap="nowrap" align="center" valign="bottom"&gt;
       &lt;b&gt;For the year ended&lt;br /&gt;
       &lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="11" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;December&amp;#160;31,&lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="font-size: 8pt" valign="bottom" align="center"&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2008&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2009&lt;/b&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"&gt;
       &lt;b&gt;2010&lt;/b&gt;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="line-height: 3pt; font-size: 1pt"&gt;
   &lt;td&gt;&amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- TableOutputBody --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Proceeds from stock options exercised
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       10,633
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       6,027
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       452
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Excess tax benefits related to share-based payment arrangements
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       18,033
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       3,011
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2,808
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Intrinsic value of stock options
       exercised&lt;sup style="font-size: 85%; vertical-align: top"&gt;(1)&lt;/sup&gt;
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       28,581
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       6,032
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       1,184
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 3pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"&gt;&lt;!-- TABLE 06 --&gt;
   &lt;tr&gt;
       &lt;td width="2%"&gt;&lt;/td&gt;
       &lt;td width="1%"&gt;&lt;/td&gt;
       &lt;td width="97%"&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr&gt;
       &lt;td align="right" valign="top"&gt;
       &lt;font style="font-size: 9pt"&gt;(1)
       &lt;/font&gt;&lt;/td&gt;
       &lt;td&gt;&lt;/td&gt;
       &lt;td valign="bottom"&gt;
       &lt;font style="font-size: 9pt"&gt;Intrinsic value of stock options
       exercised is estimated by taking the difference between the
       Company&amp;#8217;s closing stock price on the date of exercise and
       the exercise price, multiplied by the number of options
       exercised for each option holder and then aggregated.
       &lt;/font&gt;&lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"&gt;
       &lt;i&gt;&lt;font style="font-family: 'Times New Roman', Times"&gt;Valuation
       and Expense Information Under Stock Compensation Topic
       ASC&amp;#160;718&lt;/font&gt;&lt;/i&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       At December&amp;#160;31, 2010, total stock-based compensation cost
       which has not yet been recognized was $49.0&amp;#160;million, all
       for unvested restricted stock. This cost is expected to be
       recognized over the next 75&amp;#160;months on a weighted-average
       basis.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       The following table sets forth the amount of stock-based
       compensation expense recorded in each of the expense line items
       (in thousands):
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"&gt;&lt;!-- TABLE 01 --&gt;
   &lt;!-- Table Width Row BEGIN --&gt;
   &lt;tr style="font-size: 1pt" valign="bottom"&gt;
       &lt;td width="69%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=01 type=maindata --&gt;
       &lt;td width="2%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=lead --&gt;
       &lt;td width="5%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=02 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=lead --&gt;
       &lt;td width="5%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=body --&gt;
       &lt;td width="1%" align="left"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=03 type=hang1 --&gt;
       &lt;td width="4%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=gutter --&gt;
       &lt;td width="1%" align="right"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=lead --&gt;
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   &amp;#160;
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   &amp;#160;
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       &lt;b&gt;2008&lt;/b&gt;
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   &amp;#160;
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   &lt;td&gt;
   &amp;#160;
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       &lt;b&gt;2009&lt;/b&gt;
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   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
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       &lt;b&gt;2010&lt;/b&gt;
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   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
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   &lt;tr style="line-height: 3pt; font-size: 1pt"&gt;
   &lt;td&gt;&amp;#160;
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       Instruction and educational support
   &lt;/div&gt;
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   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       1,218
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       1,774
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       2,319
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
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   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Marketing and admissions
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   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       867
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       127
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       191
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       General and administration
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   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       9,042
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       9,053
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       9,477
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
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   &lt;td&gt;
   &amp;#160;
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   &lt;td&gt;
   &amp;#160;
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   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
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   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Stock-based compensation expense included in operating expense
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   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       11,127
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       10,954
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       11,987
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
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       Tax benefit
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   &amp;#160;
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   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       4,227
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       4,329
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
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   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       4,735
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
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   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
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   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
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   &lt;td&gt;
   &amp;#160;
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   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
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       Stock-based compensation expense, net of tax
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   &lt;td&gt;
   &amp;#160;
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   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       6,900
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   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       6,625
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   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
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   &lt;td&gt;
   &amp;#160;
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   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       7,252
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   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
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   &amp;#160;
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   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
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   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
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   &lt;td&gt;
   &amp;#160;
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wCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurr
encySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>Document And Entity Information.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Document and Entity Information [Abstract]</Label></Row><Row><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>dei_EntityRegistrantName</ElementName><ElementPrefix>dei</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquity
PrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>STRAYER EDUCATION INC</NonNumbericText><NonNumericTextHeader>STRAYER EDUCATION INC</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount>
<NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:normalizedStringItemType</ElementDataType><SimpleDataType>normalizedstring</SimpleDataType><ElementDefenition>The
 exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation 12B
 -Number 240
 -Section 12b
 -Subsection 1

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Entity Registrant Name</Label></Row><Row><Id>4</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>dei_EntityCentralIndexKey</ElementName><ElementPrefix>dei</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><N
umericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>0001013934</NonNumbericText><NonNumericTextHeader>0001013934</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</Is
Ratio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>us-types:centralIndexKeyItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation 12B
 -Number 240
 -Section 12b
 -Subsection 1

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Entity Central Index Key</Label></Row><Row><Id>5</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>dei_DocumentType</ElementName><ElementPrefix>dei</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericA
mount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>10-K</NonNumbericText><NonNumericTextHeader>10-K</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroA
sNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>us-types:SECReportItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type should be limited to the same value as the supporting SEC submission type. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, NCSR, N-Q, and Other.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsT
otalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Document Type</Label></Row><Row><Id>6</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>dei_DocumentPeriodEndDate</ElementName><ElementPrefix>dei</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><Ro
undedNumericAmount>0</RoundedNumericAmount><NonNumbericText>2010-12-31</NonNumbericText><NonNumericTextHeader>2010-12-31</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>true</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>true</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</Dis
playZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>true</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:dateItemType</ElementDataType><SimpleDataType>date</SimpleDataType><ElementDefenition>The end date of the period reflected on the cover page if a periodic report.  For all other reports and registration statements this will be the filing date. The format of the date is CCYY-MM-DD.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Document Period End Date</Label></Row><Row><Id>7</Id><IsAbstractGroupTitle>false</IsAbstract
GroupTitle><Level>0</Level><ElementName>dei_AmendmentFlag</ElementName><ElementPrefix>dei</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>false</NonNumbericText><NonNumericTextHeader>false</NonNumericTextHeader><FootnoteInde
xer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /
><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:booleanItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>If the value is true, then the document as an amendment to previously-filed/accepted document.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Amendment Flag</Label></Row><Row><Id>8</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>dei_DocumentFiscalYearFocus</ElementName><ElementPrefix>dei</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDe
finition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>2010</NonNumbericText><NonNumericTextHeader>2010</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios
></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Ce
ll></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:gYearItemType</ElementDataType><SimpleDataType>positiveinteger</SimpleDataType><ElementDefenition>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Document Fiscal Year Focus</Label></Row><Row><Id>9</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>dei_DocumentFiscalPeriodFocus</ElementName><ElementPrefix>dei</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>f
alse</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>FY</NonNumbericText><NonNumericTextHeader>FY</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</Di
splayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>us-types:fiscalPeriodItem
Type</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Document Fiscal Period Focus</Label></Row><Row><Id>10</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>dei_CurrentFiscalYearEndDate</ElementName><ElementPrefix>dei</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>fal
se</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>--12-31</NonNumbericText><NonNumericTextHeader>--12-31</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>
0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>3</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:gMonthDayItemType</ElementDataType><SimpleDataType
>monthday</SimpleDataType><ElementDefenition>End date of current fiscal year in the format --MM-DD.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Current Fiscal Year End Date</Label></Row><Row><Id>11</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>dei_EntityWellKnownSeasonedIssuer</ElementName><ElementPrefix>dei</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsRever
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</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>33
<FILENAME>R2.xml
<DESCRIPTION>IDEA: Consolidated Balance Sheets
<TEXT>
<XBRL>
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USD ($)

USD ($) / shares
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USD ($)

USD ($) / shares

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splayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Current assets:</Label></Row><Row><Id>5</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_CashAndCashEquivalentsAtCarryingValue</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><ShortDefiniti
on>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>64107000</NumericAmount><RoundedNumericAmount>64107</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><h
asScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>63958000</NumericAmount><RoundedNumericAmount>63958</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>true</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw fund
s at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances agains
t borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 7, 26

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 8, 9

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 7
 -Footnote 1

Reference 4: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 1
 -Article 5

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Cash and cash equivalents</Label></Row><Row><Id>6</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_AvailableForSaleSecuritiesCurrent</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</
IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>12386000</NumericAmount><RoundedNumericAmount>12386</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>52558000</NumericAmount><RoundedNumericAmount>52558</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Un
it>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Investments in debt and equity securities which are categorized neither as trading securities nor held-to-maturity securities and which are intended be sold or mature within one year from the balance sheet date or the normal operating cycle, whichever is longer. Such securities are reported at fair value; unrealized gains and losses related to Available-for-sale securities are excluded from earnings and reported in a separate component of shareholders' equity (other comprehensive income), unless the Available-for-sale security is designated as a hedge or is determined to have had an other than temporary decline in fair value below its amortized cost basis. All or a portion of the unrealized holding gain or loss of an Available-for-sale Security that is designated as being hedged in a fair value hedge shall be recognized in earnings during the period of the hedge, as should ot
her than temporary declines in fair value below costs basis.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 43
 -Chapter 3
 -Section A
 -Paragraph 4, 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 115
 -Paragraph 13, 17

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 115
 -Paragraph 12
 -Subparagraph b

Reference 4: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 115
 -Paragraph 16

Reference 5: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 133
 -Paragraph 22

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Marketable securities available for sale, at fair value</Label></Row><Row><Id>7</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_AccountsReceivableNetCurrent</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</I
sNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>199600000</NumericAmount><RoundedNumericAmount>199600</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>165142000</NumericAmount><RoundedNumericAmount>165142</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><Origin
alInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 3
 -Subparagraph a(1)
 -Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 4
 -Article 5

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Tuition receivable, net of allowances for doubtful accounts of $6,175 and $7,935 in 2009 and 2010, respectively</Label></Row><Row><Id>8</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_OtherAssetsCurrent</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>totallabel</PreferredLabelRole><FootnoteIndexer
 /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>10231000</NumericAmount><RoundedNumericAmount>10231</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>8317000</NumericAmount><RoundedNumericAmount>8317</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>fals
e</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Aggregate carrying amount, as of the balance sheet date, of current assets not separately presented elsewhere in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer).</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 8
 -Article 5

</ElementReferences><IsTotalLabel>true</IsTotalLabel><IsEPS>false</IsEPS><Label>Other current assets</Label></Row><Row><Id>9</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_AssetsCurrent</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone
>false</DisplayZeroAsNone><NumericAmount>286324000</NumericAmount><RoundedNumericAmount>286324</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>289975000</NumericAmount><RoundedNumericAmount>289975</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><Ele
mentDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 9
 -Article 5

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Total current assets</Label></Row><Row><Id>10</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_PropertyPlantAndEquipmentNet</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><
DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>116063000</NumericAmount><RoundedNumericAmount>116063</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>84675000</NumericAmount><RoundedNumericAmount>84675</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Mone
tary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, and production equipment.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 13
 -Subparagraph a
 -Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 12
 -Paragraph 5
 -Subparagraph b, c

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 03
 -Paragraph 8
 -Article 7

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Property and equipment, net</Label></Row><Row><Id>11</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_DeferredTaxAssetsNetNoncurrent</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</
IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>8374000</NumericAmount><RoundedNumericAmount>8374</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>9316000</NumericAmount><RoundedNumericAmount>9316</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>M
onetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>The noncurrent portion as of the balance sheet date of the aggregate carrying amount of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after the valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference.</ElementDefenition><ElementRe
ferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 109
 -Paragraph 41, 42, 43

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Deferred income taxes</Label></Row><Row><Id>12</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_RestrictedCashAndCashEquivalentsNoncurrent</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>f
alse</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>500000</NumericAmount><RoundedNumericAmount>500</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>500000</NumericAmount><RoundedNumericAmount>500</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit
>Monetary</Unit><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Cash and equivalents whose use in whole or in part is restricted for the long-term, generally by contractual agreements or regulatory requirements.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 1
 -Article 5

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Restricted cash</Label></Row><Row><Id>13</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_OtherAssetsNoncurrent</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>debit</BalanceType><PeriodType>instant</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>totallabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsN
one>false</DisplayZeroAsNone><NumericAmount>1506000</NumericAmount><RoundedNumericAmount>1506</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell><Cell><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>1339000</NumericAmount><RoundedNumericAmount>1339</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Monetary</Unit><ElementD
ataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet due to materiality considerations. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 02
 -Paragraph 17
 -Article 5

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 -Name Statement of Financial Accounting Concepts (CON)
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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 -Name FASB Interpretation (FIN)
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 -Paragraph 15, 21

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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 -Name Statement of Financial Accounting Standard (FAS)
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>36
<FILENAME>0000950123-11-016592-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
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 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 03
 -Paragraph 19
 -Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 38
 -Subparagraph d

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph A7
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 38
 -Subparagraph a

Reference 5: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 04
 -Paragraph 20
 -Article 9

Reference 6: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 130
 -Paragraph 10, 15

Reference 7: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Emerging Issues Task Force (EITF)
 -Number 87-21

Reference 8: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 95
 -Paragraph 28, 29, 30

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 -Name Statement of Financial Accounting Standard (FAS)
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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 -Name Regulation S-X (SX)
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 115
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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       The University participates in various federal student financial
       assistance programs which are subject to audit. Management
       believes that the potential effects of audit adjustments, if
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       As of December&amp;#160;31, 2010, the Company had 97 long-term,
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       administrative locations. Rent expense was $19.7&amp;#160;million,
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       The rents on the Company&amp;#8217;s leases are subject to annual
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   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr style="line-height: 3pt; font-size: 1pt"&gt;
   &lt;td&gt;&amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;!-- TableOutputBody --&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       2011
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       34,933
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       2012
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       35,484
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       2013
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       34,223
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       2014
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       31,980
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       2015
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       28,992
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 10pt"&gt;
       Thereafter
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       87,259
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 1px solid #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -10pt; margin-left: 20pt"&gt;
       Total
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
       $
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       252,871
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="font-size: 1pt"&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td style="border-top: 3px double #000000"&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;/table&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       At December&amp;#160;31, 2010, the Company had available a
       $15&amp;#160;million revolving credit facility. There have been no
       borrowings by the Company under this facility. On
       January&amp;#160;3, 2011, this facility was replaced with a new
       $100&amp;#160;million revolving credit facility. See Note&amp;#160;13
       below for more information.
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
   &lt;/div&gt;
   &lt;div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"&gt;
       From time to time, the Company is involved in litigation and
       other legal proceedings arising out of the ordinary course of
       its business. On October&amp;#160;15, 2010, a putative securities
       class action was filed in the United States District Court for
       the Middle District of Florida. The Company believes the lawsuit
       is without merit and will contest the lawsuit vigorously. While
       the outcome of any legal proceedings
   cannot be predicted with certainty, the Company does not expect
       any matter will have a material effect on its financial
       condition or results of operations.
   &lt;/div&gt;
   &lt;/div&gt;
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