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<SEC-DOCUMENT>0001157523-11-000942.txt : 20110217
<SEC-HEADER>0001157523-11-000942.hdr.sgml : 20110217
<ACCEPTANCE-DATETIME>20110217063022
ACCESSION NUMBER:		0001157523-11-000942
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110217
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110217
DATE AS OF CHANGE:		20110217

FILER:

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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21039
		FILM NUMBER:		11619219

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

	MAIL ADDRESS:	
		STREET 1:		1100 WILSON BLVD., SUITE 2500
		CITY:			ARLINGTON
		STATE:			VA
		ZIP:			22209
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a6615432.htm
<DESCRIPTION>STRAYER EDUCATION, INC. 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2011 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 10pt; font-family: Times New Roman">
    <p style="text-align: center">

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


    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 18pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 18pt"><br style="font-size: 18pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 18pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><font style="font-family: Times New Roman; font-size: 12pt"><b>Washington,
      D.C. 20549</b></font><br><br>
    </p>
    <hr style="color: #000000; text-align: center; height: 1.0 pt; width: 20%">


    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 18pt"><b>FORM 8-K</b></font>
    </p>
    <hr style="color: #000000; text-align: center; height: 1.0 pt; width: 20%">


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

    </p>
    <p style="font-size: 10pt; text-align: center">
      <font style="font-size: 12pt"><b>CURRENT REPORT </b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt"><b>Pursuant
      to Section&#160;13 or 15(d) of the</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt"><b>Securities
      Exchange Act of 1934</b></font><br><br><font style="font-family: Times New Roman; font-size: 10pt"><b>
      Date of report (Date of earliest event reported): February 17, 2011</b></font><br>
    </p>
    <hr style="color: #000000; text-align: center; height: 1.0 pt; width: 20%">


    <p style="text-align: center">
      <font style="font-size: 24pt"><b>Strayer Education, Inc.</b></font><br><font style="font-family: Times New Roman; font-size: 8pt"><b>(Exact
      name of registrant as specified in its charter)</b></font><br>
    </p>
    <hr style="color: #000000; text-align: center; height: 1.0 pt; width: 20%">


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

    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; margin-left:auto;margin-right:auto; font-size: 10pt; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="width: 32%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>MARYLAND</b>
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td valign="top" style="padding-right: 0.0px; width: 32%; text-align: center; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>0-21039</b>
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td valign="top" style="padding-right: 0.0px; width: 32%; text-align: center; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>52-1975978</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 32%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><b>(State or other jurisdiction of<br>incorporation or
            organization)</b></i>
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td valign="top" style="width: 32%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><b>(Commission File Number)</b></i>
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td valign="top" style="width: 32%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><b>(I.R.S. Employer<br>Identification Number)</b></i>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>

    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; margin-left:auto;margin-right:auto; font-size: 10pt; margin-bottom: 10.0px">
      <tr>
        <td valign="bottom" style="width: 40%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>1100 Wilson Blvd., Suite 2500</b><br><b>Arlington, VA</b>
          </p>
        </td>
        <td style="width: 20%">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; width: 40%; text-align: center; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>22209</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="width: 40%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><font style="font-size: 10pt; font-family: Times New Roman"><b>(Address
            of principal executive offices)</b></font></i>
          </p>
        </td>
        <td style="width: 20%">

        </td>
        <td valign="bottom" style="width: 40%; text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><font style="font-size: 10pt; font-family: Times New Roman"><b>(Zip
            Code)</b></font></i>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      <b>(703) 247-2500</b><br><b> (Registrant&#8217;s telephone number, including
      area code)</b><br><br><b> Not Applicable</b><br><b> (Former name or
      former address, if changed since last report)</b><br>
    </p>
    <hr style="color: #000000; width: 20%; text-align: center; height: 1.0 pt">


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

    </p>
    <p style="text-align: justify">
      Check the appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions (see<i> </i>General Instruction A.2. below):
    </p>
    <p style="text-align: justify">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      &#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p style="text-align: justify">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      &#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p style="text-align: justify">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      &#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p style="text-align: justify">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      &#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <hr style="color: #000000; width: 100%; text-align: center; height: 1.0 pt">


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

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

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

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

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

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

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; font-size: 10pt; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="width: 15%; text-align: left; padding-left: 0.0px">
          Item 2.02
        </td>
        <td valign="top" style="width: 85%; text-align: left; padding-left: 0.0px">
          Results of Operations and Financial Condition.
        </td>
      </tr>
    </table>
    </div>
    <p>
      On February 17, 2011, Strayer Education, Inc. announced fourth quarter
      2010 revenues, earnings, and confirmed previously announced 2011 winter
      term enrollments. The February 17, 2011 press release is attached hereto
      as an exhibit and incorporated herein by reference. The information
      contained in the February 17, 2011 press release is deemed furnished
      under this Item; and should not be deemed &#8220;filed&#8221; for purposes of
      Section 18 of the Securities Exchange Act, as amended (the &#8220;Exchange
      Act&#8221;), or otherwise subject to that section, nor shall it be deemed
      incorporated by reference in any filing under the Securities Act of
      1933, as amended, or the Exchange Act.
    </p>
    <p>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; font-size: 10pt; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="width: 15%; text-align: left; padding-left: 0.0px">
          Item 9.01
        </td>
        <td valign="top" style="width: 85%; text-align: left; padding-left: 0.0px">
          Financial Statements and Exhibits.
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; font-size: 10pt; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="width: 15%; text-align: left; padding-left: 0.0px">
          Exhibit 99.01
        </td>
        <td valign="top" style="width: 85%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press Release dated February 17, 2011. (The information contained
            in the February 17, 2011 press release is deemed furnished under
            Item 2.02.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

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

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

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

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

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

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <font style="font-size: 10pt; font-family: Times New Roman">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">

    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; margin-left:auto;margin-right:auto; font-size: 10pt; margin-bottom: 10.0px">
      <tr>
        <td style="width: 25%">

        </td>
        <td style="width: 30%">
          &#160;
        </td>
        <td valign="top" colspan="2" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            STRAYER EDUCATION, INC.
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; width: 25%; text-align: left; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 30%">

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

        </td>
        <td style="width: 43%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; width: 25%; text-align: left; padding-bottom: 2.0px; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date: February 17, 2011
          </p>
        </td>
        <td style="width: 30%">

        </td>
        <td valign="top" style="width: 2%; text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            By:
          </p>
        </td>
        <td valign="top" style="width: 43%; text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Mark C. Brown
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 25%">

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

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

        </td>
        <td valign="top" style="width: 43%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Mark C. Brown
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 25%">

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

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

        </td>
        <td valign="top" style="width: 43%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Executive Vice President and Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

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

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

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

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

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

    </p>
    <p style="text-align: center">
      <u><b>Exhibit Index</b></u><br><br>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; font-size: 10pt; margin-bottom: 10.0px">
      <tr>
        <td valign="bottom" style="width: 13%; text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>Exhibit No.</b>
        </td>
        <td valign="bottom" style="width: 5%; text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="width: 20%; text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          <b>Description</b>
        </td>
        <td style="width: 62%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; width: 13%; text-align: left; white-space: nowrap; padding-left: 0.0px">
          99.01
        </td>
        <td valign="bottom" style="width: 5%; text-align: left; padding-left: 0.0px">

        </td>
        <td valign="bottom" colspan="2" style="text-align: left; padding-left: 0.0px">
          Press Release dated February 17, 2011.
        </td>
      </tr>
    </table>
    </div>
    <p>

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

    </p>
  </body>
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     PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN"
     "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">-->
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.01
<SEQUENCE>2
<FILENAME>a6615432_ex9901.htm
<DESCRIPTION>EXHIBIT 99.01
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2011 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.01</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Strayer
      Education, Inc. Reports Fourth Quarter and Full Year 2010 Revenues and
      Earnings and Confirms Winter Term 2011 Enrollments</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Strayer
      Fourth Quarter Revenues Up 17%</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Strayer
      Fourth Quarter Diluted EPS $2.73, Up 18%</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Strayer
      Full Year Diluted EPS $9.70, Up 28%</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Strayer
      Winter 2011 Total Enrollments Up 4%, New Students Down 20%</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Strayer
      Repurchase Authorization Increased by $100 Million</b></font>
    </p>
    <p>
      ARLINGTON, Va.--(BUSINESS WIRE)--February 17, 2011--Strayer Education,
      Inc. (Nasdaq: STRA) today announced financial results for the three
      months and year ended December 31, 2010, and confirmed previously
      announced winter term 2011 enrollments. Financial highlights are as
      follows:
    </p>
    <p>
      <b>Three Months Ended December 31</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Revenues for the three months ended December 31, 2010 increased 17% to
        $172.0 million, compared to $147.2 million for the same period in
        2009, due to increased enrollment and a 5% tuition increase which
        commenced in January 2010.
      </li>
      <li style="margin-bottom: 10.0px">
        Income from operations was $58.9 million compared to $52.4 million for
        the same period in 2009, an increase of 12%. Operating income margin
        was 34.3% compared to 35.6% in 2009.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income was $35.9 million compared to $31.9 million for the same
        period in 2009, an increase of 13%. Diluted earnings per share was
        $2.73 compared to $2.32 for the same period in 2009, an increase of
        18%. Diluted weighted average shares outstanding decreased to
        13,156,000 from 13,751,000 for the same period in 2009.
      </li>
    </ul>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <b>Year Ended December 31</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Revenues for the year ended December 31, 2010 increased 24% to $636.7
        million, compared to $512.0 million for the same period in 2009, due
        to increased enrollment and a 5% tuition increase effective for 2010.
      </li>
      <li style="margin-bottom: 10.0px">
        Income from operations was $215.8 million compared to $172.4 million
        for the same period in 2009, an increase of 25%. Operating income
        margin was 33.9% compared to 33.7% in 2009.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income was $131.3 million compared to $105.1 million in 2009, an
        increase of 25%. Diluted earnings per share was $9.70 compared to
        $7.60 in 2009, an increase of 28%. Diluted weighted average shares
        outstanding decreased to 13,535,000 from 13,825,000 in 2009.
      </li>
    </ul>
    <p>
      &#8220;We are pleased with both our fourth quarter and year-end financial
      results,&#8221; said Robert S. Silberman, Chairman and Chief Executive Officer
      of Strayer Education, Inc. &#8220;We had a successful start to 2011 with the
      opening of new campuses in Cincinnati and Dayton, Ohio and in Milwaukee,
      Wisconsin. We look forward to our two new campus openings for the 2011
      spring term: one in Indianapolis, Indiana and one in Dallas, Texas, our
      third campus in that market.&#8221;
    </p>
    <p>
      <b>Balance Sheet and Cash Flow</b>
    </p>
    <p>
      At December 31, 2010, the Company had cash, cash equivalents and
      marketable securities of $76.5 million and no debt. The Company
      generated $162.8 million in cash from operating activities in 2010
      compared to $141.8 million in 2009. The Company&#8217;s cash flow from
      operations for the year ended December 31, 2009 was favorably affected
      by the timing of tax benefits related to the vesting of restricted stock
      in the fourth quarter of 2008. Capital expenditures in 2010 were $46.0
      million compared to $30.4 million in 2009.
    </p>
    <p>
      During the fourth quarter of 2010, the Company invested $42.3 million to
      repurchase approximately 296,000 shares of stock at an average price of
      $143.00 per share as part of a previously announced stock repurchase
      authorization. During the year ended December 31, 2010, the Company
      invested $115.5 million to repurchase approximately 687,000 shares of
      common stock at an average price of $168.00 per share. At December 31,
      2010, the Company&#8217;s remaining share repurchase authorization was $107.7
      million. The Company announced today that the Company&#8217;s Board of
      Directors amended the share repurchase program to authorize the
      repurchase of up to an additional $100 million in value of the Company&#8217;s
      common stock in 2011. During the year ended December 31, 2010, the
      Company paid regular, quarterly dividends totaling $44.5 million.
    </p>
    <p>
      For the fourth quarter of 2010, bad debt expense as a percentage of
      revenues was 4.2% compared to 4.3% for the same period in 2009. Days
      sales outstanding, adjusted to exclude tuition receivable related to
      future quarters, was 13 days at the end of the fourth quarter of 2010,
      compared to 14 days at the end of the fourth quarter of 2009.
    </p>
    <div style="margin-left: 0pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <b>Student Enrollment</b>
    </p>
    <p>
      Total enrollment at Strayer University for the 2011 winter term
      increased 4% to 57,608 students compared to 55,106 students for the same
      term in 2010. Across the Strayer University campus network, continuing
      student enrollments increased approximately 10% and new student
      enrollments decreased approximately 20%. Global (out of area) online
      students increased 10%, while students taking 100% of their classes
      online (including campus based students) was essentially unchanged.
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td colspan="8">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="8" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Student Enrollment</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td>

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

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

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

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

        </td>
        <td>

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

          <p style="margin-top: 0px; margin-bottom: 0px">
            2010
          </p>
        </td>
        <td>

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

          <p style="margin-top: 0px; margin-bottom: 0px">
            2011
          </p>
        </td>
        <td>

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

          <p style="margin-top: 0px; margin-bottom: 0px">
            Change
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Campus Based Students:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          New Campuses (34 in operation 3 or less years)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 40.0px">
          Classroom Students
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          2,647
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          4,449
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          68
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 40.0px">
          Online Students
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          2,861
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          4,437
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-bottom: 2.0px; white-space: nowrap; padding-left: 0.0px">
          55
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-bottom: 2.0px; white-space: nowrap; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 65.0px">
          Total New Campus Based Students
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          5,508
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          8,886
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-bottom: 2.0px; white-space: nowrap; padding-left: 0.0px">
          61
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-bottom: 2.0px; white-space: nowrap; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Mature Campuses (53 in operation more than 3 years)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 40.0px">
          Classroom Students
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          19,337
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          20,064
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          4
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 40.0px">
          Online Students
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          24,759
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          22,620
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-bottom: 2.0px; white-space: nowrap; padding-left: 0.0px">
          -9
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-bottom: 2.0px; white-space: nowrap; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 65.0px">
          Total Mature Campus Based Students
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          44,096
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          42,684
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-bottom: 2.0px; white-space: nowrap; padding-left: 0.0px">
          -3
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-bottom: 2.0px; white-space: nowrap; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Total Campus Based Students
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          49,604
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          51,570
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          4
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          Global Online Students
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          5,502
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          6,038
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-bottom: 2.0px; white-space: nowrap; padding-left: 0.0px">
          10
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-bottom: 2.0px; white-space: nowrap; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px">
          Total University Enrollment
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px">
          55,106
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px">
          57,608
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-bottom: 4.0px; white-space: nowrap; padding-left: 0.0px">
          4
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-bottom: 4.0px; white-space: nowrap; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Total Students Taking 100% Courses Online
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          33,122
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          33,095
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <b>New Campus Openings</b>
    </p>
    <p>
      The Company announced today that it will open two new campuses for the
      2011 spring term, one of which is in a new market. The first new campus
      is located in Indianapolis, Indiana, a new market for Strayer
      University. The second new campus is located in Dallas, Texas,
      representing the University&#8217;s third campus in that market. Including the
      three new campuses successfully opened for the 2011 winter term in
      Cincinnati and Dayton, Ohio and Milwaukee, Wisconsin, the Company has
      now opened five of the eight new campuses planned for 2011.
    </p>
    <p>
      <b>Quarterly Cash Dividends</b>
    </p>
    <p>
      The Company announced today that its Board of Directors has declared its
      regular, quarterly cash dividend of $1.00 per share. This dividend will
      be paid on March 10, 2011 to shareholders of record as of March 3, 2011.
    </p>
    <div style="margin-left: 0pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <b>Stock-Based Compensation Activity</b>
    </p>
    <p>
      In February 2011, the Company&#8217;s Board of Directors approved grants of
      approximately 69,000 shares of restricted stock to certain individuals
      pursuant to the Company&#8217;s existing annual equity compensation program.
      The Company&#8217;s stock price closed at $132.23 on the date of these
      restricted stock grants, all of which vest on February 15, 2014.
    </p>
    <p>
      <b>Shares and Options Outstanding</b>
    </p>
    <p>
      At December 31, 2010, the Company had 13,316,822 common shares issued
      and outstanding and 100,000 stock options outstanding with an exercise
      price of $107.28 and a remaining contractual life of approximately two
      years.
    </p>
    <p>
      <b>Business Outlook</b>
    </p>
    <p>
      Based on the enrollment growth announced for the 2011 winter term and
      the planned investments in opening new campuses, the Company estimates
      first quarter 2011 diluted EPS will be in the range of $2.65 to $2.67.
    </p>
    <p>
      <b>2011 Annual Meeting of Stockholders</b>
    </p>
    <p>
      The Company announced today that its 2011 Annual Meeting of Stockholders
      will take place on Tuesday, April 26, 2011 at the Company&#8217;s office
      located at 2303 Dulles Station Blvd., Herndon, Virginia 20171. The
      record date for this annual meeting will be March 18, 2011.
    </p>
    <p>
      <b>Conference Call with Management</b>
    </p>
    <p>
      Strayer Education, Inc. will host a conference call to discuss its
      fourth quarter 2010 earnings at 10:00 a.m. (ET) today. To participate on
      the live call, investors should dial (877) 303-9047 10 minutes prior to
      the start time. In addition, the call will be available via live Webcast
      over the Internet. To access the live Webcast of the conference call,
      please go to <u>www.strayereducation.com</u> 15 minutes prior to the
      start time of the call to register. An archived replay of the conference
      call will be available at (800) 642-1687 (conference id 38456711)
      starting at 1:00 p.m. (ET) today and will be available through Friday,
      February 25, 2011, and archived at <u>www.strayereducation.com</u> for
      90 days.
    </p>
    <p>
      <b>About Strayer Education, Inc.</b>
    </p>
    <p>
      Strayer Education, Inc. (Nasdaq: STRA) is an education services holding
      company that owns Strayer University and certain other assets. Strayer&#8217;s
      mission is to make higher education achievable for working adults in
      today&#8217;s economy. Strayer University is a proprietary institution of
      higher learning that offers undergraduate and graduate degree programs
      in business administration, accounting, information technology,
      education, health services administration, public administration, and
      criminal justice to approximately 57,000 working adult students at 89
      campuses in 21 states and Washington, D.C. and worldwide via the
      Internet. Strayer University is committed to providing an education that
      prepares working adult students for advancement in their careers and
      professional lives. Founded in 1892, Strayer University is accredited by
      the Middle States Commission on Higher Education.
    </p>
    <p>
      For more information on Strayer Education, Inc. visit <u>www.strayereducation.com</u>
      and for Strayer University visit <u>www.strayer.edu</u>.
    </p>
    <div style="margin-left: 0pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <b>Forward-Looking Statements</b>
    </p>
    <p>
      <i>This press release contains statements that are forward looking and
      are made pursuant to the &#8220;safe-harbor&#8221; provisions of the Private
      Securities Litigation Reform Act of 1995 (the &#8220;Reform Act&#8221;).</i>
      <i>Such statements may be identified by the use of words such as
      &#8220;expect,&#8221; &#8220;estimate,&#8221; &#8220;assume,&#8221; &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;will,&#8221;
      &#8220;forecast,&#8221; &#8220;plan,&#8221; &#8220;project,&#8221; or similar words.</i>
      <i>The statements are based on the Company&#8217;s current expectations and
      are subject to a number of uncertainties and risks.</i> <i>In connection
      with the safe-harbor provisions of the Reform Act, the Company has
      identified important factors that could cause the Company&#8217;s actual
      results to differ materially.</i> <i>The uncertainties and risks include
      the pace of growth of student enrollment, our continued compliance with
      Title IV of the Higher Education Act, and the regulations thereunder, as
      well as regional accreditation standards and state regulatory
      requirements, rulemaking by the Department of Education and increased
      focus by the U. S. Congress on for-profit education institutions,
      competitive factors, risks associated with the opening of new campuses,
      risks associated with the offering of new educational programs and
      adapting to other changes, risks relating to the timing of regulatory
      approvals, our ability to implement our growth strategy, risks
      associated with the ability of our students to finance their education
      in a timely manner, and general economic and market conditions.</i> <i>Further
      information about these and other relevant risks and uncertainties may
      be found in the Company&#8217;s Annual Report on Form 10-K for the fiscal year
      ended December 31, 2009 and in its subsequent filings with the
      Securities and Exchange Commission, all of which are incorporated herein
      by reference and which are available from the Commission.</i> <i>We
      undertake no obligation to update or revise forward looking statements.</i>
    </p>
    <div style="margin-left: 0pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="9" style="text-align: center; padding-left: 0.0px">
          <b>STRAYER EDUCATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="9" style="text-align: center; padding-left: 0.0px">
          <b>CONDENSED CONSOLIDATED STATEMENTS OF INCOME</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="9" style="text-align: center; padding-left: 0.0px">
          <b>(Amounts in thousands, except per share data)</b>
        </td>
      </tr>
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" colspan="3" style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          For the three months

          <p style="margin-top: 0px; margin-bottom: 0px">
            ended December 31,
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" colspan="3" style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          For the year

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          2009
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          2010
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          2010
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $147,201
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $171,951
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $511,961
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $636,732
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Costs and expenses:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          46,477
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          57,111
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          166,604
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          205,212
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px">
          Marketing and admissions
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          26,041
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          29,802
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          93,336
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          114,164
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px">
          General and administration
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          22,279
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          26,133
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          79,667
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          101,585
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 20.0px">
          Income from operations
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          52,404
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          58,905
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          172,354
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          215,771
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          Investment and other income
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          255
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          406
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          1,408
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          1,228
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 20.0px">
          Income before income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          52,659
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          59,311
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          173,762
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          216,999
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          20,800
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          23,428
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          68,684
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          85,739
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 4.0px; padding-left: 20.0px">
          Net income
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px">
          $31,859
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px">
          $35,883
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px">
          $105,078
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px">
          $131,260
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Net income per share:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $2.34
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $2.74
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $7.67
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $9.78
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px">
          Diluted
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $2.32
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $2.73
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $7.60
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $9.70
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Weighted average shares outstanding:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          13,630
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          13,083
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          13,703
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          13,426
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px">
          Diluted
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          13,751
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          13,156
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          13,825
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          13,535
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Shares outstanding at end of quarter
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          13,958
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          13,317
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          13,958
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          13,317
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Dividends per share
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $0.75
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $1.00
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $3.25
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td colspan="5">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="5" style="text-align: center; padding-left: 0.0px">
          <b>STRAYER EDUCATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="5" style="text-align: center; padding-left: 0.0px">
          <b>CONDENSED CONSOLIDATED BALANCE SHEETS</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="5" style="text-align: center; padding-left: 0.0px">
          <b>(Amounts in thousands, except share and per share data)</b>
        </td>
      </tr>
      <tr>
        <td colspan="5">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">

        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          December 31, 2009
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          December 31, 2010
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <b>ASSETS</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $63,958
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $64,107
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Marketable securities available for sale, at fair value
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          52,558
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          12,386
        </td>
      </tr>
      <tr>
        <td valign="bottom" rowspan="2" style="text-align: left; padding-left: 15.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Tuition receivable, net of allowances for doubtful accounts of
            $6,175 and $7,935 in 2009 and 2010, respectively
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" rowspan="2" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            165,142
          </p>
        </td>
        <td rowspan="2">

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          199,600
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px">
          Other current assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          8,317
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          10,231
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 35.0px">
          Total current assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          289,975
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          286,324
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          84,675
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          116,063
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          9,316
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          8,374
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Restricted cash
        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          1,339
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          1,506
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 4.0px; padding-left: 35.0px">
          Total assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px">
          $385,805
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px">
          $412,767
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $ 21,261
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $31,280
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Accrued expenses
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          7,794
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          10,512
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Income taxes payable
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          5,100
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          934
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Unearned tuition
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          149,804
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          181,112
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px">
          Other current liabilities
        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          184,240
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          224,119
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          Long-term liabilities
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          11,745
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          12,644
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 40.0px">
          Total liabilities
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          195,985
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          236,763
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Commitments and contingencies
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Common stock, par value $.01; 20,000,000 shares authorized;
            13,957,596 and 13,316,822 shares issued and outstanding as of
            December 31, 2009 and 2010, respectively
          </p>
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          133
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          1,157
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          1,206
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Retained earnings
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          188,218
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          174,625
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px">
          Accumulated other comprehensive income
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          305
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          40
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 45.0px">
          Total stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          189,820
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          176,004
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 4.0px; padding-left: 45.0px">
          Total liabilities and stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px">
          $385,805
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px">
          $412,767
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="7" style="text-align: center; padding-left: 0.0px">
          <b>STRAYER EDUCATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="7" style="text-align: center; padding-left: 0.0px">
          <b>CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="7" style="text-align: center; padding-left: 0.0px">
          <b>(Amounts in thousands)</b>
        </td>
      </tr>
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" colspan="5" style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px">
          For the year ended December 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: center; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          2010
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $105,078
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $131,260
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 35.0px">
          Loss on disposal of assets
        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          (281
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 35.0px">
          Amortization of deferred rent
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          275
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 35.0px">
          Gain on sale of marketable securities
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          (406
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 35.0px">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          13,937
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          17,309
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          (2,564
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 35.0px">
          Stock-based compensation
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          10,954
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          11,987
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          (33,684
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          (34,458
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 35.0px">
          Other current assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          (232
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          (1,153
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 35.0px">
          Other assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          (896
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          (258
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 35.0px">
          Accounts payable
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          2,056
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          7,428
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          3,227
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          2,718
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          11,645
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          (1,358
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 35.0px">
          Excess tax benefits from stock-based payment arrangements
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          (3,011
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          (2,808
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 35.0px">
          Unearned tuition
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          34,932
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          31,308
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 35.0px">
          Deferred lease incentives
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          471
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          141,772
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          162,821
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          (30,431
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          (46,015
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Purchases of marketable securities
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          (1,085
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          (559
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px">
          Proceeds from the sale of marketable securities
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          40,700
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          (31,516
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          (5,874
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Cash flows from financing activities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          (31,627
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          (44,541
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Proceeds from exercise of stock options
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          6,027
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          452
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          3,011
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          2,808
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          (80,088
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-bottom: 2.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          (115,517
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-bottom: 2.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: left; padding-bottom: 2.0px; padding-left: 55.0px">
          Net cash used in financing activities
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          (102,677
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-bottom: 2.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          (156,798
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-bottom: 2.0px; white-space: nowrap; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 55.0px">
          Net increase in cash and cash equivalents
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          7,579
        </td>
        <td valign="top" style="text-align: right; padding-left: 0.0px">

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          Cash and cash equivalents &#8211; beginning of period
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px">
          63,958
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px">
          $63,958
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px">
          $64,107
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $2,917
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px">
          $5,508
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br><b>Strayer Education, Inc.</b><br>Mark C. Brown,&#160;703-247-2514<br>Executive
      Vice President and Chief Financial Officer<br>or<br>Sonya
      Udler,&#160;703-247-2517<br>Senior Vice President, Corporate
      Communications<br><u>sonya.udler@strayer.edu</u>
    </p>
    <p>

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