<SEC-DOCUMENT>0001157523-12-002106.txt : 20120426
<SEC-HEADER>0001157523-12-002106.hdr.sgml : 20120426
<ACCEPTANCE-DATETIME>20120426063045
ACCESSION NUMBER:		0001157523-12-002106
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120424
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Submission of Matters to a Vote of Security Holders
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120426
DATE AS OF CHANGE:		20120426

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:		12781283

	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>a50252643.htm
<DESCRIPTION>STRAYER EDUCATION, INC. 8-K
<TEXT>
<html>
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    <title></title>
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  <body style="font-family: Times New Roman; font-size: 10pt">
    <p style="text-align: center">

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


    <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-family: Times New Roman; font-size: 18pt"></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; height: 1.0 pt; width: 20%; text-align: center">


    <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; height: 1.0 pt; width: 20%; text-align: center">


    <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 24, 2012</b></font><br>
    </p>
    <hr style="color: #000000; height: 1.0 pt; width: 20%; text-align: center">


    <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; height: 1.0 pt; width: 20%; text-align: center">


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

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

        </td>
        <td style="width: 32%; padding-left: 0.0px; text-align: center" valign="top">
          <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="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; margin-left:auto;margin-right:auto; font-size: 10pt">
      <tr>
        <td style="width: 40%; padding-left: 0.0px; text-align: center" valign="bottom">
          <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 style="padding-right: 0.0px; width: 40%; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>20171</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 40%; padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><font style="font-family: Times New Roman; font-size: 10pt"><b>(Address
            of principal executive offices)</b></font></i>
          </p>
        </td>
        <td style="width: 20%">

        </td>
        <td style="width: 40%; padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><font style="font-family: Times New Roman; font-size: 10pt"><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><br><b> Not Applicable</b><br><i> (Former name or
      former address, if changed since last report)</i><br>
    </p>
    <hr style="color: #000000; height: 1.0 pt; width: 20%; 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="text-align: justify">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p style="text-align: justify">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p style="text-align: justify">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p style="text-align: justify">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <hr style="color: #000000; height: 1.0 pt; width: 100%; text-align: center">


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

    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; width: 100%; margin-left: 0pt; margin-right: 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="color: black; height: 1.5pt">

        </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 26, 2012, Strayer Education, Inc. (the &#8220;Company&#8221;) issued a press
      release announcing its financial results for the quarter ended March 31,
      2012.&#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 Exhibit 99.1 is deemed furnished
      under this Item, and 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>
    <p style="white-space: nowrap">
      <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="text-indent: 60.0px">
      The Company held its 2012 Annual Meeting of Stockholders on April&#160;24,
      2012. There were 11,864,469&#160;shares of common stock eligible to be voted
      at the Annual Meeting and 10,882,764 shares were presented in person or
      represented by proxy at the meeting which constituted a quorum to
      conduct business.
    </p>
    <p style="text-indent: 60.0px">
      There were three 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 eleven 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="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 10pt">
      <tr>
        <td style="width: 24%; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>Nominee</b>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td style="width: 18%; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>Votes For</b>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td style="width: 18%; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>Votes Against</b>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td style="width: 18%; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>Abstain</b>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td style="width: 18%; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>Broker Non-Vote</b>
        </td>
      </tr>
      <tr>
        <td style="width: 24%; padding-left: 0.0px; text-align: left" valign="bottom">
          Robert S. Silberman
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          10,094,959
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          32,083
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          46,045
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          709,677
        </td>
      </tr>
      <tr>
        <td style="width: 24%; padding-left: 0.0px; text-align: left" valign="bottom">
          Robert R. Grusky
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          10,158,561
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          8,852
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          5,674
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          709,677
        </td>
      </tr>
      <tr>
        <td style="width: 24%; padding-left: 0.0px; text-align: left" valign="bottom">
          Dr. Charlotte F. Beason
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          10,159,805
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          7,624
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          5,658
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          709,677
        </td>
      </tr>
      <tr>
        <td style="width: 24%; padding-left: 0.0px; text-align: left" valign="bottom">
          William E. Brock
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          10,103,045
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          64,454
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          5,588
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          709,677
        </td>
      </tr>
      <tr>
        <td style="width: 24%; padding-left: 0.0px; text-align: left" valign="bottom">
          Dr. John T. Casteen III
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          9,391,901
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          775,612
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          5,574
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          709,677
        </td>
      </tr>
      <tr>
        <td style="width: 24%; padding-left: 0.0px; text-align: left" valign="bottom">
          David A. Coulter
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          10,102,233
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          65,280
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          5,574
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          709,677
        </td>
      </tr>
      <tr>
        <td style="width: 24%; padding-left: 0.0px; text-align: left" valign="bottom">
          Robert L. Johnson
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          9,373,187
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          793,968
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          5,932
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          709,677
        </td>
      </tr>
      <tr>
        <td style="width: 24%; padding-left: 0.0px; text-align: left" valign="bottom">
          Karl McDonnell
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          10,159,114
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          8,375
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          5,598
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          709,677
        </td>
      </tr>
      <tr>
        <td style="width: 24%; padding-left: 0.0px; text-align: left" valign="bottom">
          Todd A. Milano
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          10,159,903
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          7,825
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          5,359
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          709,677
        </td>
      </tr>
      <tr>
        <td style="width: 24%; padding-left: 0.0px; text-align: left" valign="bottom">
          G. Thomas Waite, III
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          10,159,383
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          8,015
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          5,689
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          709,677
        </td>
      </tr>
      <tr>
        <td style="width: 24%; padding-left: 0.0px; text-align: left" valign="bottom">
          J. David Wargo
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          10,159,540
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          7,857
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          5,690
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 18%; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="top">
          709,677
        </td>
      </tr>
    </table>
    </div>
    <p>
      <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, 2012.</i>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 10pt">
      <tr>
        <td style="width: 20%; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>Votes For</b>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td style="width: 20%; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>Votes Against</b>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td style="width: 20%; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>Abstain</b>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td style="width: 20%; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>Broker Non-Vote</b>
        </td>
        <td style="width: 17%">

        </td>
      </tr>
      <tr>
        <td style="padding-right: 0.0px; width: 20%; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="top">
          10,853,787
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 20%; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="top">
          26,608
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 20%; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="top">
          2,369
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 20%; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="top">
          0
        </td>
        <td style="width: 17%">

        </td>
      </tr>
    </table>
    </div>
    <p style="white-space: nowrap">
      <br>
      <i>Proposal 3:&#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="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 10pt">
      <tr>
        <td style="width: 20%; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>Votes For</b>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td style="width: 20%; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>Votes Against</b>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td style="width: 20%; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>Abstain</b>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td style="width: 20%; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <b>Broker Non-Vote</b>
        </td>
        <td style="width: 17%">

        </td>
      </tr>
      <tr>
        <td style="padding-right: 0.0px; width: 20%; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="top">
          9,230,654
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 20%; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="top">
          934,357
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 20%; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="top">
          8,076
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-right: 0.0px; width: 20%; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="top">
          709,677
        </td>
        <td style="width: 17%">

        </td>
      </tr>
    </table>
    </div>
    <p style="white-space: nowrap">
      <b>Item 9.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Financial Statements and Exhibits.</b>
    </p>
    <p style="text-indent: 60.0px">
      (a)&#160; Not applicable.
    </p>
    <p style="text-indent: 60.0px">
      (b)&#160; Not applicable.
    </p>
    <p style="text-indent: 60.0px">
      (c)&#160; Not applicable.
    </p>
    <p style="text-indent: 60.0px">
      (d)&#160; Exhibits.
    </p>
    <p style="text-indent: 60.0px">
      The exhibits required by this item are set forth on the Exhibit&#160;Index
      attached hereto.
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 10pt">
      <tr>
        <td style="width: 14%; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="bottom">
          <b>Exhibit Number</b>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td style="width: 85%; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <b>Description</b>
        </td>
      </tr>
      <tr>
        <td style="width: 14%; padding-left: 0.0px; text-align: left" valign="top">

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

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

        </td>
        <td style="width: 85%; padding-left: 0.0px; text-align: left" valign="top">
          Press Release, dated April 26, 2012
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; text-indent: 0pt; width: 100%; margin-left: 0pt; margin-right: 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="color: black; height: 1.5pt">

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

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

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

    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; margin-left:auto;margin-right:auto; font-size: 10pt">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            STRAYER EDUCATION, INC.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="padding-right: 0.0px; width: 45%; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 47%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%; padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Date:
          </p>
        </td>
        <td style="padding-right: 0.0px; width: 45%; padding-left: 0.0px; white-space: nowrap; padding-bottom: 2.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            April 26, 2012
          </p>
        </td>
        <td style="width: 3%; padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            By:
          </p>
        </td>
        <td style="width: 47%; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ Mark C. Brown
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

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

        </td>
        <td style="width: 47%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Mark C. Brown
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

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

        </td>
        <td style="width: 47%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Executive Vice President and Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; text-indent: 0pt; width: 100%; margin-left: 0pt; margin-right: 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="color: black; height: 1.5pt">

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

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

    </p>
    <p style="text-align: center">
      <b>EXHIBIT INDEX</b><br><br>
    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; margin-left:auto;margin-right:auto; font-size: 10pt">
      <tr>
        <td style="width: 14%; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Exhibit Number</b>
          </p>
        </td>
        <td style="width: 2%; padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="width: 84%; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Description</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 14%">

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

        </td>
        <td style="width: 84%; padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-right: 0.0px; width: 14%; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            99.1
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td style="width: 84%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Press Release, dated April 26, 2012
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
  </body>
</html>
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     PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN"
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a50252643-ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2012 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 8pt">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Strayer
      Education, Inc. Reports</b></font><b><font style="font-family: Times New Roman; font-size: 12pt">
      </font><font style="font-family: Times New Roman; font-size: 12pt">First
      Quarter 2012 Revenues and Earnings;</font><font style="font-family: Times New Roman; font-size: 12pt">
      </font><font style="font-family: Times New Roman; font-size: 12pt">and
      Spring Term 2012 Enrollments</font></b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>-- First
      Quarter Diluted EPS $2.09 --</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>-- Spring
      2012 Total Enrollments Down 9%, New Enrollments Increase 12% --</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>-- Four
      New Campuses Planned for 2012 Summer Term --</b></font>
    </p>
    <p>
      HERNDON, Va.--(BUSINESS WIRE)--April 26, 2012--Strayer Education, Inc.
      (NASDAQ: STRA) today announced financial results for the three months
      ended March 31, 2012. 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, 2012 decreased 13% to
        $149.5 million, compared to $172.0 million for the same period in
        2011, principally due to lower enrollment partly offset by a 3%
        tuition increase which commenced in January 2012.
      </li>
      <li style="margin-bottom: 10.0px">
        Income from operations was $40.9 million compared to $59.2 million for
        the same period in 2011, a decrease of 31%. Operating income margin
        was 27.3% compared to 34.4% for the same period in 2011.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income was $24.0 million compared to $35.8 million for the same
        period in 2011, a decrease of 33%. Diluted earnings per share was
        $2.09 compared to $2.80 for the same period in 2011, a decrease of
        25%. Diluted weighted average shares outstanding decreased 10% to
        11,477,000 from 12,794,000 for the same period in 2011.
      </li>
    </ul>
    <div style="margin-bottom: 10pt; text-indent: 0pt; width: 100%; margin-left: 0pt; margin-right: 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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p>
      <b>Balance Sheet and Cash Flow</b>
    </p>
    <p>
      At March 31, 2012, the Company had cash and cash equivalents of $52.7
      million. The Company generated $36.5 million from operating activities
      in the first quarter of 2012, compared to $67.2 million during the same
      period in 2011. Capital expenditures were $4.1 million for the three
      months ended March 31, 2012, compared to $11.4 million for the same
      period in 2011.
    </p>
    <p>
      As previously announced, the Company entered into an amended and
      restated revolving credit and term loan agreement on April 4, 2011. This
      credit facility, which is secured by the assets of the Company, provides
      a $100.0 million revolving credit facility and a $100.0 million term
      loan facility with a maturity date of March 31, 2014. At March 31, 2012,
      the Company had $92.5 million outstanding under its term loan and no
      outstanding balance under its revolving credit facility.
    </p>
    <p>
      During the three months ended March 31, 2012, the Company paid a
      regular, quarterly cash dividend totaling $11.9 million ($1.00 per
      share). The Company had $80.0 million of share repurchase authorization
      remaining at March 31, 2012. No shares were repurchased in the first
      quarter 2012.
    </p>
    <p>
      For the first quarter 2012, bad debt expense as a percentage of revenues
      was 3.8% compared to 3.5% for the same period in 2011. Days sales
      outstanding was 14 days at the end of the first quarter of 2012 compared
      to 13 days at the end of the first quarter of 2011.
    </p>
    <p>
      <b>Student Enrollment</b>
    </p>
    <p>
      Total enrollments at Strayer University for the 2012 spring term
      decreased 9% to 50,896 students compared to 55,974 students for the same
      term in 2011. Across the Strayer University campus and online system,
      new student enrollments increased 12%, while continuing student
      enrollments decreased 13%. Global online students decreased 6%. Students
      taking 100% of their classes online (including campus based students)
      also decreased 6%.
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 8pt">
      <tr>
        <td colspan="13">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="13">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>Student Enrollment</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          Spring
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          Spring
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">

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

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

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>2011</u>
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top">

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

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>2012</u>
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Change</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">

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

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="top">
          New Campuses (27 in operation 3 years or less)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="top">
          Classroom Students
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,711
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          2,048
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          20%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Online Students
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            2,086
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          2,713
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; padding-bottom: 2.0px; text-align: right" valign="bottom">
          30%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 75.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Total New Campus Based Students
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            3,797
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          4,761
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; padding-bottom: 2.0px; text-align: right" valign="bottom">
          25%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="top">
          Mature Campuses (65 in operation more than 3 years)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="top">
          Classroom Students
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          21,994
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          18,459
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          -16%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Online Students
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            24,708
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          22,530
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; padding-bottom: 2.0px; text-align: right" valign="bottom">
          -9%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 75.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Total Mature Campus Based Students
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            46,702
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          40,989
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          50,499
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          45,750
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            5,475
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          5,146
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; padding-bottom: 2.0px; text-align: right" valign="bottom">
          -6%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          Total University Enrollment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; text-align: right" valign="bottom">
          50,896
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; padding-bottom: 4.0px; text-align: right" valign="bottom">
          -9%
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          30,389
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; text-indent: 0pt; width: 100%; margin-left: 0pt; margin-right: 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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p>
      <b>New Campus Openings</b>
    </p>
    <p>
      The Company announced today that it plans to open four new campuses for
      the 2012 summer term subject to regulatory approval. Two of the new
      campuses are located in Minneapolis, Minnesota, a new market for Strayer
      University. The other two new campuses are planned to open in Chicago,
      Illinois and will represent the University&#8217;s third and fourth campuses
      in that market. Including these four new campuses, the Company plans to
      open a total of eight new campuses in 2012, subject to regulatory
      approval.
    </p>
    <p>
      <b>Jack Welch Management Institute Names New Dean</b>
    </p>
    <p>
      Strayer University today announced the appointment of Daniel Szpiro,
      Ph.D., as the dean of the Jack Welch Management Institute. Dr. Szpiro
      currently serves as the associate dean for executive education at
      Cornell University&#8217;s Johnson Graduate School of Management. He joins the
      Jack Welch Management Institute following a long and distinguished
      career in executive education, both at Cornell University, and at the
      Queen&#8217;s University School of Business in Canada, where he served as
      director of its Executive MBA Program. Dr. Szpiro also spent more than
      10 years in private industry holding senior business leadership roles.
    </p>
    <p>
      &quot;We are very pleased that Dr. Szpiro is joining the Strayer University
      team,&quot; said Robert S. Silberman, Chairman and CEO of Strayer Education,
      Inc. &quot;His extensive experience in executive education and high quality
      online MBA programs will serve as an asset to the Jack Welch Management
      Institute and its students.&#8221;
    </p>
    <p>
      <b>Quarterly Cash Dividend</b>
    </p>
    <p>
      The Company announced today that its Board of Directors had declared a
      regular, quarterly cash dividend of $1.00 per share. This dividend will
      be paid on June 11, 2012 to shareholders of record as of May 29, 2012.
    </p>
    <p>
      <b>Stock-based Compensation Activity</b>
    </p>
    <p>
      In February 2012, the Company&#8217;s Board of Directors approved grants of
      approximately 72,000 shares of restricted stock to certain individuals
      under the Company&#8217;s 2011 Equity Compensation Plan. The Company&#8217;s stock
      price closed at $115.55 on the date of these restricted stock grants.
    </p>
    <p>
      <b>Shares and Options Outstanding</b>
    </p>
    <p>
      At March 31, 2012, the Company had 11,863,940 common shares issued and
      outstanding, and 100,000 stock options outstanding, all vested, with an
      exercise price of $107.28 and a remaining contractual life of
      approximately one year.
    </p>
    <p>
      <b>Business Outlook</b>
    </p>
    <p>
      Based on enrollments announced for the 2012 spring term, the Company
      estimates second quarter 2012 diluted EPS will be in the range of $1.84
      to $1.86.
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; width: 100%; margin-left: 0pt; margin-right: 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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p>
      <b>Conference Call with Management</b>
    </p>
    <p>
      Strayer Education, Inc. will host a conference call to discuss its first
      quarter 2012 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 (855) 859-2056 (conference id 39822016)
      starting at 1:00 p.m. (ET) today and will be available through Thursday,
      May 3, 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 working adult students at 92 campuses in 22 states
      and Washington, D.C. and worldwide via the Internet. Strayer University
      also offers an executive MBA online through its Jack Welch Management
      Institute. 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 assumptions, uncertainties and risks. 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 from those expressed in or implied
      by such statements.</i> <i>The assumptions, 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, 2011 and in its subsequent
      filings with the Securities and Exchange Commission, all of which are
      incorporated herein by reference and which are available from the
      Commission.</i> <i>We undertake no obligation to update or revise
      forward looking statements.</i>
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; width: 100%; margin-left: 0pt; margin-right: 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="color: black; height: 1.5pt">

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

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

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom" colspan="6">
          For the three months
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: center" valign="bottom" colspan="2">
          2011
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: center" valign="bottom" colspan="2">
          2012
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          149,532
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Costs and expenses:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          Instruction and educational support
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          73,764
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          Marketing
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          15,469
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          Admissions advisory
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          6,793
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          General and administration
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          12,648
        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="bottom">
          Income from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          40,858
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Interest expense
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          1,208
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          39,651
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          15,662
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Net income
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; text-align: right" valign="bottom">
          23,989
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Earnings per share:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          Basic
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          2.10
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          Diluted
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          11,419
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          12,794
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          11,477
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Shares outstanding at end of quarter
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          11,864
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Dividends per share
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; text-indent: 0pt; width: 100%; margin-left: 0pt; margin-right: 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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 8pt">
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="11">
          <b>STRAYER EDUCATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="11">
          <b>UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="11">
          <b>(in thousands, except share and per share data)</b>
        </td>
      </tr>
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="bottom" colspan="3">
          December 31,
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="bottom" colspan="3">
          March 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: center" valign="bottom" colspan="3">
          2011
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: center" valign="bottom" colspan="3">
          2012
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>ASSETS</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          57,137
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          52,704
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Tuition receivable, net of allowances for doubtful accounts of
            $7,279 and $8,108 at December 31, 2011 and March 31, 2012,
            respectively
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          25,006
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          23,320
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          Income taxes receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          394
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Other current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          12,131
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          13,365
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="bottom">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          94,668
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          89,389
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          121,149
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          119,542
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          3,326
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          3,388
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          6,800
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          6,800
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          5,190
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          5,115
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Total assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; text-align: right" valign="bottom">
          231,133
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; text-align: right" valign="bottom">
          224,234
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          Accounts payable and accrued expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          34,039
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          36,517
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          Income taxes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          15,789
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          Unearned tuition
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          15,364
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,303
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          Other current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Current portion of term loan
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          27,500
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          30,000
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="bottom">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          77,184
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          83,890
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Revolving credit facility
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          20,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Term loan, less current portion
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          70,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          62,500
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          21,656
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          21,818
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Total liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          188,840
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          168,208
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Commitments and contingencies
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Common stock, par value $.01; 20,000,000 shares authorized;
            11,792,456 and 11,863,940 shares issued and outstanding at
            December 31, 2011 and March 31, 2012, respectively
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          119
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="bottom">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,944
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="bottom">
          Retained earnings
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          42,491
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          54,615
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Accumulated other comprehensive income (loss)
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          (611
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          (652
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 75.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Total stockholders' equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          42,293
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          56,026
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 75.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Total liabilities and stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; text-align: right" valign="bottom">
          231,133
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; text-align: right" valign="bottom">
          224,234
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; text-indent: 0pt; width: 100%; margin-left: 0pt; margin-right: 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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 8pt">
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="11">
          <b>STRAYER EDUCATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="11">
          <b>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="11">
          <b>(in thousands)</b>
        </td>
      </tr>
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: center" valign="top" colspan="8">
          <p style="margin-bottom: 0px; margin-top: 0px">
            For the three months ended
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            March 31,
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: center" valign="bottom" colspan="3">
          2011
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: center" valign="bottom" colspan="3">
          2012
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Cash flows from operating activities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          Net income
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          23,989
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          Adjustments to reconcile net income to net cash provided by
          operating activities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="bottom">
          Amortization of gain on sale of assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (70
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="bottom">
          Amortization of deferred rent
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="bottom">
          Gain on sale of marketable securities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="bottom">
          Amortization of deferred financing costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="bottom">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          5,817
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="bottom">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (317
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="bottom">
          Stock-based compensation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          2,390
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          Changes in assets and liabilities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="bottom">
          Tuition receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,686
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="bottom">
          Other current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (957
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="bottom">
          Other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (154
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="bottom">
          Accounts payable and accrued expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          2,369
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="bottom">
          Income taxes payable and income taxes receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          15,443
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left" valign="bottom">
          Unearned tuition
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (14,061
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          --
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 75.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Net cash provided by operating activities
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          36,482
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Cash flows from investing activities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          Purchases of property and equipment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (4,050
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          Purchases of marketable securities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Proceeds from the sale of marketable securities
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          --
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 75.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Net cash provided by (used in) investing activities
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          (4,050
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Cash flows from financing activities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          Common dividends paid
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (11,865
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          Repurchase of common stock
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (127,237
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          Proceeds from revolving credit facility
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          Payments on revolving credit facility
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (20,000
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          Payments on term loan
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (5,000
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Payment of deferred financing costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          (776
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          --
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 75.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Net cash used in financing activities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          (61,187
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          (36,865
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 75.0px; text-align: left" valign="bottom">
          Net increase (decrease) in cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (4,433
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Cash and cash equivalents &#8212; beginning of period
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap; text-align: right" valign="bottom">
          57,137
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Cash and cash equivalents &#8212; end of period
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; text-align: right" valign="bottom">
          71,094
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap; text-align: right" valign="bottom">
          52,704
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Non-cash transactions:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="bottom">
          Purchases of property and equipment included in accounts payable
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,225
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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