<SEC-DOCUMENT>0001157523-11-002377.txt : 20110428
<SEC-HEADER>0001157523-11-002377.hdr.sgml : 20110428
<ACCEPTANCE-DATETIME>20110428063024
ACCESSION NUMBER:		0001157523-11-002377
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110426
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Submission of Matters to a Vote of Security Holders
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110428
DATE AS OF CHANGE:		20110428

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:		11785472

	BUSINESS ADDRESS:	
		STREET 1:		2303 DULLES STATION BOULEVARD
		CITY:			HERNDON
		STATE:			VA
		ZIP:			20171
		BUSINESS PHONE:		703-561-1600

	MAIL ADDRESS:	
		STREET 1:		2303 DULLES STATION BOULEVARD
		CITY:			HERNDON
		STATE:			VA
		ZIP:			20171
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a6700053.htm
<DESCRIPTION>STRAYER EDUCATION, INC. 8-K
<TEXT>
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    <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): April 26, 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="width: 100%; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px; margin-left:auto;margin-right:auto">
      <tr>
        <td valign="top" style="width: 32%; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>MARYLAND</b>
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td valign="top" style="width: 32%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>0-21039</b>
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td valign="top" style="width: 32%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>52-1975978</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 32%; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 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%; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>(Commission File Number)</b></i>
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td valign="top" style="width: 32%; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 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="width: 100%; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px; margin-left:auto;margin-right:auto">
      <tr>
        <td valign="bottom" style="width: 40%; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>2303 Dulles Station Boulevard</b><br><b>Herndon, VA</b>
          </p>
        </td>
        <td style="width: 20%">
          &#160;
        </td>
        <td valign="bottom" style="width: 40%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>20171</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="width: 40%; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 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%; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 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">
      <b>(703) 247-2500</b><br><i> (Registrant&#8217;s telephone number, including
      area code)</i><br><br><b> Not Applicable</b><br><i> (Former name or
      former address, if changed since last report)</i><br>
    </p>
    <hr style="width: 20%; height: 1.0 pt; color: #000000; text-align: center">


    <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="font-size: 10pt; text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <hr style="width: 100%; height: 1.0 pt; color: #000000; text-align: center">


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

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

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

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

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

        </div>
      </div>
    </div>
    <p style="white-space: nowrap">
      <b>Item 2.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Results of Operations and Financial Condition.</b>
    </p>
    <p>
      <b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</b>On
      April 28, 2011, Strayer Education, Inc. (the &#8220;Company&#8221;) issued a press
      release announcing its financial results for the quarter ended March 31,
      2011.&#160;&#160;A copy of the press release is furnished as Exhibit 99.1 hereto
      and is hereby incorporated by reference into this Item 2.02.
    </p>
    <p>
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The information contained in this current report on Form 8-K,
      including Exhibit 99.1, shall not be deemed &#8220;filed&#8221; with the Securities
      and Exchange Commission nor incorporated by reference in any
      registration statement filed by the Company under the Securities Act of
      1933, as amended.
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="width: 9%; padding-left: 0.0px; text-align: left">
          <b>Item 5.02.</b>
        </td>
        <td valign="top" style="width: 1%; padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="top" style="width: 90%; padding-left: 0.0px; text-align: left">
          <b>Departure of Directors or Certain Officers; Election of
          Directors; Appointment of Certain Officers; Compensatory
          Arrangements of Certain Officers.</b>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-indent: 30.0px">
      <b>New Compensatory Plan.</b>&#160;&#160;At the Annual Meeting of Stockholders of
      the Company (the &#8220;Annual Meeting&#8221;) held on April 26, 2011, the
      stockholders approved the Company&#8217;s 2011 Equity Compensation Plan (&#8220;2011
      Plan&#8221;).&#160;&#160;&#160;The purpose of the 2011 Plan is to provide eligible persons
      with an incentive to contribute to the success of the Company and to
      manage the Company&#8217;s business in a manner that will provide for the
      Company&#8217;s long-term growth and profitability to benefit its stockholders
      and other important stakeholders, including its employees and customers,
      and to provide a means of obtaining, rewarding and retaining key
      personnel, all in compliance with applicable law.&#160;&#160;The 2011 Plan also
      will be used for the annual restricted stock grants that form a
      principal part of the compensation of directors of the Company.&#160;&#160;The
      2011 Plan replaces our 1996 Stock Option Plan, as amended (the &#8220;1996
      Plan&#8221;), which is now no longer available for additional grants.
    </p>
    <p style="text-indent: 30.0px">
      The number of shares of our common stock reserved for issuance under the
      2011 Plan is 300,000 authorized but unissued shares, plus the number of
      shares (approximately 55,000) available for grant under the 1996 Plan at
      the time of stockholder approval of the 2011 Plan and plus the number of
      shares which may in the future become available under the 1996 Plan due
      to forfeitures of outstanding awards.&#160;&#160;
    </p>
    <p style="text-indent: 30.0px">
      A summary of the 2011 Plan is set forth in our proxy statement for the
      Annual Meeting filed with the Securities and Exchange Commission on
      March&#160;29, 2011 (the &#8220;Proxy Statement&#8221;), and is incorporated herein by
      reference. That summary and the foregoing description of the 2011 Plan
      are qualified in their entirety by reference to the text of the 2011
      Plan, which was filed as Appendix A to the Company&#8217;s Proxy Statement and
      is incorporated herein by reference.
    </p>
    <p>
      <b>Item&#160;5.07.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Submission of Matters to a Vote of Security
      Holders.</b>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      The Company held its 2011 Annual Meeting of Stockholders on April&#160;26,
      2011. There were 12,594,919&#160;shares of common stock eligible to be voted
      at the Annual Meeting and 11,168,970 shares were presented in person or
      represented by proxy at the meeting which constituted a quorum to
      conduct business.
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      There were five proposals submitted to the Company&#8217;s stockholders at the
      Annual Meeting.&#160;&#160;All proposals were passed.&#160;&#160;The final results of voting
      on each of the proposals are as follows:
    </p>
    <p>
      <i>Proposal 1: To elect ten directors to the Board of Directors from the
      nominees named in the attached proxy statement to serve for a term of
      one year or until their respective successors are elected and qualified.</i>
    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="width: 24%; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          <b>Nominee</b>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td valign="top" style="width: 18%; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          <b>Votes For</b>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td valign="top" style="width: 18%; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          <b>Votes Against</b>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td valign="top" style="width: 18%; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          <b>Abstain</b>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td valign="top" style="width: 18%; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          <b>Broker Non-Vote</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="width: 24%; padding-left: 0.0px; text-align: left">
          Robert S. Silberman
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          10,578,377
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          20,624
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          5,056
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          564,913
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="width: 24%; padding-left: 0.0px; text-align: left">
          David A. Coulter
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          10,571,779
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          27,316
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          4,962
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          564,913
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="width: 24%; padding-left: 0.0px; text-align: left">
          Dr. Charlotte F. Beason
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          10,582,922
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          16,703
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          4,432
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          564,913
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="width: 24%; padding-left: 0.0px; text-align: left">
          William E. Brock
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          10,577,003
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          21,895
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          5,159
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          564,913
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="width: 24%; padding-left: 0.0px; text-align: left">
          John T. Casteen III
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          9,674,901
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          924,106
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          5,050
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          564,913
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="width: 24%; padding-left: 0.0px; text-align: left">
          Robert R. Grusky
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          10,595,810
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          3,146
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          5,101
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          564,913
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="width: 24%; padding-left: 0.0px; text-align: left">
          Robert L. Johnson
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          10,595,694
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          3,373
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          4,990
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          564,913
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="width: 24%; padding-left: 0.0px; text-align: left">
          Todd A. Milano
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          10,559,521
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          39,491
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          5,045
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          564,913
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="width: 24%; padding-left: 0.0px; text-align: left">
          G. Thomas Waite, III
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          10,582,003
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          17,369
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          4,685
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          564,913
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="width: 24%; padding-left: 0.0px; text-align: left">
          J. David Wargo
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          10,594,524
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          4,497
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          5,036
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          564,913
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>
      <i>Proposal 2: To ratify the appointment of PricewaterhouseCoopers LLP
      as the Corporation&#8217;s independent registered public accounting firm for
      the fiscal year ending December&#160;31, 2011.</i>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="width: 25%; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          <b>Votes For</b>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td valign="top" style="width: 24%; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          <b>Votes Against</b>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td valign="top" style="width: 24%; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          <b>Abstain</b>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td valign="top" style="width: 24%; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          <b>Broker Non-Vote</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 25%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          11,122,358
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 24%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          39,467
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 24%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          7,145
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 24%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          0
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>
      <i>Proposal 3:&#160;&#160;To approve the Corporation&#8217;s 2011 Equity Compensation
      Plan, which will increase the number of shares available for issuance as
      equity compensation by 300,000&#160;shares.</i>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="width: 25%; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          <b>Votes For</b>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td valign="top" style="width: 24%; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          <b>Votes Against</b>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td valign="top" style="width: 24%; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          <b>Abstain</b>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td valign="top" style="width: 24%; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          <b>Broker Non-Vote</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 25%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          10,485,416
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 24%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          109,712
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 24%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          8,929
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 24%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          564,913
        </td>
      </tr>
    </table>
    </div>
    <p style="white-space: nowrap">
      <br>
      <i>Proposal 4:&#160;&#160;To conduct an advisory vote on the compensation of the
      named executive officers.</i>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="width: 25%; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          <b>Votes For</b>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td valign="top" style="width: 24%; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          <b>Votes Against</b>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td valign="top" style="width: 24%; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          <b>Abstain</b>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td valign="top" style="width: 24%; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          <b>Broker Non-Vote</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 25%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          9,431,249
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 24%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          1,162,609
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 24%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          6,859
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 24%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          568,253
        </td>
      </tr>
    </table>
    </div>
    <p style="white-space: nowrap">
      <br>
      <i>Proposal 5:&#160;&#160;To conduct an advisory vote on the frequency of
      stockholder votes on executive compensation. </i>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="width: 20%; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          <b>1 Year</b>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td valign="top" style="width: 19%; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          <b>2 Years</b>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td valign="top" style="width: 19%; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          <b>3 Years</b>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td valign="top" style="width: 19%; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          <b>Abstain</b>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td valign="top" style="width: 19%; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          <b>Broker Non-Vote</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 20%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          7,738,428
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 19%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          20,989
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 19%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          2,827,249
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 19%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          15,568
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 19%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          566,736
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>
      Based on these voting results, the Company&#8217;s Board of Directors has
      determined that an advisory vote on the compensation of the Company&#8217;s
      named executive officers will be conducted every year.
    </p>
    <p>
      <br>
      <b>Item 9.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Financial Statements and Exhibits.</b>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="padding-left: 45.0px; text-align: left">
          (a) Not applicable.
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 45.0px; text-align: left">
          (b) Not applicable.
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 45.0px; text-align: left">
          (c) Not applicable.
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 45.0px; text-align: left">
          (d) Exhibits.
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 45.0px; text-align: left">
          The exhibits required by this item are set forth on the Exhibit
          Index attached hereto.
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td valign="bottom" style="width: 14%; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left">
          <b>Exhibit Number</b>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td valign="bottom" style="width: 85%; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          <b>Description</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 14%; padding-left: 0.0px; text-align: left">

        </td>
        <td valign="top" style="width: 1%; padding-left: 0.0px; text-align: left">

        </td>
        <td valign="top" style="width: 85%; padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 14%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          99.1
        </td>
        <td valign="top" style="width: 1%; padding-left: 0.0px; text-align: left">

        </td>
        <td valign="top" style="width: 85%; padding-left: 0.0px; text-align: left">
          Press Release, dated April 28, 2011
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      <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="font-size: 10pt; text-indent: 30.0px">

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

        </td>
        <td style="width: 30%">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            STRAYER EDUCATION, INC.
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 25%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 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="width: 25%; padding-right: 0.0px; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Date: April 28, 2011
          </p>
        </td>
        <td style="width: 30%">

        </td>
        <td valign="top" style="width: 2%; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            By:
          </p>
        </td>
        <td valign="top" style="width: 43%; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 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%; padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 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%; padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Executive Vice President and Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <b>EXHIBIT INDEX</b><br><br>
    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="width: 100%; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px; margin-left:auto;margin-right:auto">
      <tr>
        <td valign="top" style="width: 14%; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Exhibit Number</b>
          </p>
        </td>
        <td valign="top" style="width: 1%; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="top" style="width: 85%; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Description</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 14%">

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

        </td>
        <td style="width: 85%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 14%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            99.1
          </p>
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="width: 85%; padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Press Release, dated April 28, 2011
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
  </body>
</html>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a6700053ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<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 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Strayer
      Education, Inc. Reports First Quarter 2011 Revenues and Earnings; and
      Spring Term 2011 Enrollments</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>--
      Strayer First Quarter Revenues Up 9% --</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>--
      Strayer First Quarter Diluted EPS $2.80, Up 6% --</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>--
      Strayer Spring 2011 Total Enrollments Unchanged vs. 2010 / New Students
      Down 19% --</b></font>
    </p>
    <p>
      HERNDON, Va.--(BUSINESS WIRE)--April 28, 2011--Strayer Education, Inc.
      (NASDAQ: STRA) today announced financial results for the three months
      ended March 31, 2011. Financial highlights are as follows:
    </p>
    <p>
      <b>Three Months Ended March 31</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Revenues for the three months ended March 31, 2011 increased 9% to
        $172.0 million, compared to $157.9 million for the same period in
        2010, principally due to increased enrollment and a 5% tuition
        increase which commenced in January 2011.
      </li>
      <li style="margin-bottom: 10.0px">
        Income from operations was $59.2 million compared to $59.9 million for
        the same period in 2010, a decrease of 1%. Operating income margin was
        34.4% compared to 38.0% for the same period in 2010.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income was $35.8 million compared to $36.4 million for the same
        period in 2010, a decrease of 2%. Diluted earnings per share was $2.80
        compared to $2.65 for the same period in 2010, an increase of 6%,
        reflecting a lower share count due to share repurchases. Diluted
        weighted average shares outstanding decreased to 12,794,000 from
        13,729,000 for the same period in 2010.
      </li>
    </ul>
    <p>
      <b>Balance Sheet and Cash Flow</b>
    </p>
    <p>
      At March 31, 2011, the Company had cash and cash equivalents of $71.1
      million. The Company generated $67.2 million from operating activities
      in the first quarter of 2011, compared to $63.1 million during the same
      period in 2010. Capital expenditures were $11.4 million for the three
      months ended March 31, 2011, compared to $12.2 million for the same
      period in 2010.
    </p>
    <div style="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      On January 3, 2011, the Company entered into an unsecured new revolving
      credit facility with maximum amount of borrowings available of $100
      million and a three year term. At March 31, 2011, the Company had $80
      million outstanding under this facility. On April 4, 2011, the Company
      entered into an amended and restated revolving credit and term loan
      agreement. This credit facility, which is secured by the assets of the
      Company, provides for a $100.0 million revolving credit facility and
      $100.0 million term loan facility with a maturity date of March 31,
      2014. Proceeds from the term loan were used to pay off the $80.0 million
      outstanding at March 31, 2011 under the original revolving credit
      facility.
    </p>
    <p>
      During the three months ended March 31, 2011, the Company invested
      $127.2 million to repurchase approximately 936,000 shares of its common
      stock at an average price of $135.91 per share as part of a previously
      announced common stock repurchase authorization. The Company&#8217;s remaining
      authorization for common stock repurchases was $80.5 million at March
      31, 2011. During the three months ended March 31, 2011, the Company paid
      a regular, quarterly common stock dividend of $13.2 million ($1.00 per
      share).
    </p>
    <p>
      For the first quarter 2011, bad debt expense as a percentage of revenues
      was 3.5% compared to 3.2% for the same period in 2010. Days sales
      outstanding was 13 days at the end of the first quarter of 2011 compared
      to 12 days at the end of the first quarter of 2010.
    </p>
    <p>
      <b>Student Enrollment</b>
    </p>
    <p>
      Enrollment at Strayer University for the 2011 spring term was 55,974
      students compared to 55,970 for the same term in 2010. Across the
      Strayer University campus and online system, new student enrollments
      decreased 19%, while continuing student enrollments increased 4%. Global
      online students increased 1%. Students taking 100% of their classes
      online (including campus based students) decreased 3%.
    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td colspan="8">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="8">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>Student Enrollment</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px">

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

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

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center">
          2010
        </td>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: center">

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center">
          2011
        </td>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: center">

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center" colspan="2">
          % Change
        </td>
      </tr>
      <tr>
        <td valign="top" style="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="top" style="padding-left: 20.0px; text-align: left">
          New Campuses (34 in operation 3 years or less)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          3,504
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          49
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 40.0px; text-align: left">
          Online Students
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          2,764
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          4,046
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; text-align: right">
          46
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 60.0px; text-align: left">
          Total New Campus Based Students
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          5,113
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          7,550
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; text-align: right">
          48
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Mature Campuses (55 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="padding-left: 40.0px; text-align: left">
          Classroom Students
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          20,455
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          20,201
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          -1
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 40.0px; text-align: left">
          Online Students
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          24,910
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          22,665
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; text-align: right">
          -9
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 60.0px; text-align: left">
          Total Mature Campus Based Students
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          45,365
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          42,866
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; text-align: right">
          -6
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px">
          Total Campus Based Students
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          50,478
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          50,416
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px">
          Global Online Students
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          5,492
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          5,558
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; text-align: right">
          1
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px">
          Total University Enrollment
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          55,970
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          55,974
        </td>
        <td>

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

        </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="padding-left: 0.0px">
          Total Students Taking 100% of Courses Online
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          33,166
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          32,269
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          -3
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          %
        </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 had successfully opened two new
      campuses for the 2011 spring term. 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 Dividend</b>
    </p>
    <p>
      The Company announced today that its Board of Directors had declared its
      regular, quarterly cash dividend of $1.00 per share. This dividend will
      be paid on June 10, 2011 to shareholders of record as of May 27, 2011.
    </p>
    <p>
      <b>Stock-based Compensation Activity</b>
    </p>
    <p>
      On April 26, 2011, the Company awarded 7,070 shares of restricted stock
      to various non-employee members of the Company&#8217;s Board of Directors, as
      part of the Company&#8217;s annual director compensation program. The
      Company&#8217;s stock price closed at $118.80 on the date of this restricted
      stock grant.
    </p>
    <p>
      <b>Shares and Options Outstanding</b>
    </p>
    <p>
      At March 31, 2011, the Company had 12,446,489 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 enrollments announced for the 2011 spring term, the Company
      estimates second quarter 2011 diluted EPS will be in the range of $2.36
      to $2.38.
    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <b>Presentation of Operating Expenses and Balance Sheet</b>
    </p>
    <p>
      Effective during the first quarter of 2011, the Company changed its
      presentation of operating expenses and reclassified prior periods to
      conform to the current presentation. Also effective during the first
      quarter of 2011, the Company changed its presentation of tuition
      receivable and unearned tuition in the balance sheet. The Company
      believes that these changes provide more meaningful information,
      increased transparency of its operations, and improve the comparability
      of results with others in the educational services industry. The changes
      have been reported retrospectively for all periods presented and had no
      impact on income from operations, net income, earnings per share,
      working capital, retained earnings, stockholders&#8217; equity or on net cash
      provided by operating activities, nor did they affect the Company&#8217;s
      revenue recognition policies.
    </p>
    <p>
      <b>Conference Call with Management</b>
    </p>
    <p>
      Strayer Education, Inc. will host a conference call to discuss its first
      quarter 2011 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 54712198)
      starting at 1:00 p.m. (ET) today and will be available through Thursday,
      May 5, 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>
    <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="width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

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

        </td>
        <td>
          &#160;
        </td>
        <td colspan="5">

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

        </td>
        <td>

        </td>
        <td colspan="5">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center" colspan="2">
          2010
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center" colspan="2">
          2011
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          157,901
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          171,956
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Costs and expenses:
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          63,384
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          74,976
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Marketing
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          13,851
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          16,042
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Admissions advisory
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          6,049
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          7,191
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left">
          General and administration
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          14,691
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          14,522
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 35.0px; text-align: left">
          Income from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          59,926
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          59,225
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Investment income
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          118
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Interest expense
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          183
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          60,170
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          59,160
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          23,791
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          23,369
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 15.0px; text-align: left">
          Net income
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          36,379
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          35,791
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Earnings per share:
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          2.68
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          2.81
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Diluted
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          2.65
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          2.80
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Weighted average shares outstanding:
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          13,596
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          12,744
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          13,729
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          12,794
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Shares outstanding at end of quarter
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          13,914
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          12,446
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Dividends per share
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          1.00
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center" colspan="2">
          2010
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center" colspan="2">
          2011
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center">
          <b>ASSETS</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          71,094
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Investment in marketable securities held for sale
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          12,386
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          -
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Tuition receivable, net of allowances for doubtful accounts of
            $7,935 and $6,783 at December 31, 2010 and March 31, 2011,
            respectively
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          22,011
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          25,711
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left">
          Other current assets
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          10,231
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          11,415
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 40.0px; text-align: left">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          108,735
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          108,220
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          118,957
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          7,768
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Restricted cash
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          1,506
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          2,172
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 40.0px; text-align: left">
          Total assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          235,178
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          237,617
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          27,107
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Accrued expenses
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          5,732
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Income taxes payable
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          22,715
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Unearned tuition
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          3,523
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          15,331
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left">
          Gain on sale of assets
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          281
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 35.0px; text-align: left">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          46,530
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          71,166
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Revolving credit facility
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          80,000
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Long-term liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          12,644
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          13,148
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 35.0px; text-align: left">
          Total liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          59,174
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          164,314
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Commitments and contingencies
        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 35.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Common stock, par value $.01; 20,000,000 shares authorized;
            13,316,822 and 12,446,489 shares issued and outstanding at
            December 31, 2010 and March 31, 2011, respectively
          </p>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          124
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 35.0px; text-align: left">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          -
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 35.0px; text-align: left">
          Retained earnings
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          174,625
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          73,179
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 35.0px; text-align: left">
          Accumulated other comprehensive income
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          40
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          -
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 60.0px; text-align: left">
          Total stockholders' equity
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          176,004
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          73,303
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 60.0px; text-align: left">
          Total liabilities and stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          235,178
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          237,617
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="6">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="8">
          <b>STRAYER EDUCATION, INC.</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="8">
          <b>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="8">
          <b>(in thousands)</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="6">

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="6">
          For the three months ended
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="6">
          March 31,
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center" colspan="2">
          2010
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center" colspan="2">
          2011
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          36,379
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          35,791
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Adjustments to reconcile net income to net cash provided by
            operating activities:
          </p>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (66
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 35.0px; text-align: left">
          Amortization of deferred rent
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (70
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (70
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 35.0px; text-align: left">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          4,198
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <p style="margin-bottom: 0px; margin-top: 0px">
            4,904
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 35.0px; text-align: left">
          Amortization of deferred financing costs
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          65
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (740
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          818
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          3,059
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          2,892
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Changes in assets and liabilities:
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (2,913
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (3,700
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 35.0px; text-align: left">
          Other current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (1,043
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (1,989
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 35.0px; text-align: left">
          Other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          62
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          2,246
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (559
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 35.0px; text-align: left">
          Accrued expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (1,039
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (4,780
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 35.0px; text-align: left">
          Income taxes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          20,418
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          21,467
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (1,581
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          3,633
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          11,808
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          603
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          196
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          63,107
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          67,172
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (12,170
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (11,384
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Purchases of marketable securities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (191
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (2
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left">
          Sale of marketable securities
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          12,388
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (12,361
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          1,002
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Proceeds from revolving credit facility
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          80,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Payment of deferred financing costs
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (776
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Common dividends paid
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (10,470
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (13,174
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Repurchase of common stock
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (15,001
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (127,237
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Excess tax benefits from stock-based payment arrangements
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          1,581
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left">
          Proceeds from exercise of stock options
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          452
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 50.0px; text-align: left">
          Net cash used in financing activities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (23,438
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (61,187
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 50.0px; text-align: left">
          Net increase in cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          27,308
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          6,987
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          63,958
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          64,107
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          91,266
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <p style="margin-bottom: 0px; margin-top: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          71,094
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          1,247
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right">
          1,894
        </td>
        <td>

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

    </p>
    <p>
      CONTACT:<br>Strayer Education, Inc.<br>Mark C. Brown, Executive Vice
      President and<br>Chief Financial Officer<br>703-247-2514<br>or<br>Sonya
      Udler, Senior Vice President,<br>Corporate Communications<br>703-247-2517<br><u>sonya.udler@strayer.edu</u>
    </p>
    <p style="white-space: nowrap">

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