XML 36 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Unaudited Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Cash flows from operating activities:    
Net income $ 49,303 $ 79,373
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of gain on sale of assets (210) (211)
Amortization of deferred rent 173 885
Gain on sale of marketable securities    (66)
Amortization of deferred financing costs 599 463
Depreciation and amortization 17,857 15,779
Deferred income taxes (2,827) 941
Stock-based compensation 9,358 9,798
Changes in assets and liabilities:    
Tuition receivable, net 897 811
Other current assets (1,992) (2,580)
Other assets (134) 80
Accounts payable and accrued expenses 5,307 4,505
Income taxes payable and income taxes receivable (7,630) 1,585
Unearned tuition (14,201) 11,089
Other long-term liabilities 746 297
Net cash provided by operating activities 57,246 122,749
Cash flows from investing activities:    
Purchases of property and equipment (18,165) (24,887)
Purchases of marketable securities    (2)
Proceeds from the sale of marketable securities    12,388
Net cash used in investing activities (18,165) (12,501)
Cash flows from financing activities:    
Common dividends paid (35,609) (37,161)
Repurchase of common stock    (182,664)
Proceeds from revolving credit facility 53,000 100,000
Payments on revolving credit facility (48,000) (95,000)
Proceeds from term loan    100,000
Payments on term loan (20,000)   
Payment of deferred financing costs    (2,459)
Net cash used in financing activities (50,609) (117,284)
Net decrease in cash and cash equivalents (11,528) (7,036)
Cash and cash equivalents – beginning of period 57,137 64,107
Cash and cash equivalents – end of period 45,609 57,071
Non-cash transactions:    
Purchases of property and equipment included in accounts payable $ 2,132 $ 2,087