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Stock Options and Restricted Stock (Tables) | 12 Months Ended
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Dec. 31, 2012
Stock Options and Restricted Stock [Abstract] |
Schedule of restricted stock activity |
|  | Number of shares |  |  | Weighted-average grant price |
Balance, December 31, 2009 |  |  | 352,728 |  |  | $ | 194.39 |
Grants |  |  | 51,739 |  |  |  | 173.09 |
Vested shares |  |  | (51,187 | ) |  |  | 106.68 |
Forfeitures |  |  | (11,840 | ) |  |  | 176.75 |
Balance, December 31, 2010 |  |  | 341,440 |  |  | $ | 204.89 |
Grants |  |  | 74,868 |  |  |  | 130.96 |
Vested shares |  |  | (17,574 | ) |  |  | 131.31 |
Forfeitures |  |  | (17,790 | ) |  |  | 155.01 |
Balance, December 31, 2011 |  |  | 380,944 |  |  | $ | 194.26 |
Grants |  |  | 82,741 |  |  |  | 111.44 |
Vested shares |  |  | (26,189 | ) |  |  | 195.58 |
Forfeitures |  |  | (3,057 | ) |  |  | 127.51 |
Balance, December 31, 2012 |  |  | 434,439 |  |  | $ | 178.88 |
Schedule of stock option activity |
|  | Number of shares |  |  | Weighted-average exercise price |  |  | Weighted- average remaining contractual life (yrs.) |  |  | Aggregate intrinsic value(1) (in thousands) |
Balance, December 31, 2009 |  |  | 106,667 |  |  | $ | 104.81 |  |  |  | 2.9 |  |  | $ | 11,489 |
Grants |  |  | – |  |  |  | – |  |  |  |  |  |  |  |  |
Exercises |  |  | (6,667 | ) |  |  | 67.84 |  |  |  |  |  |  |  |  |
Forfeitures |  |  | – |  |  |  | – |  |  |  |  |  |  |  |  |
Balance, December 31, 2010 |  |  | 100,000 |  |  | $ | 107.28 |  |  |  | 2.1 |  |  | $ | 4,494 |
Grants |  |  | – |  |  |  | – |  |  |  |  |  |  |  |  |
Exercises |  |  | – |  |  |  | – |  |  |  |  |  |  |  |  |
Forfeitures |  |  | – |  |  |  | – |  |  |  |  |  |  |  |  |
Balance, December 31, 2011 |  |  | 100,000 |  |  | $ | 107.28 |  |  |  | 1.1 |  |  | $ | – |
Grants |  |  | – |  |  |  | – |  |  |  |  |  |  |  |  |
Exercises |  |  | – |  |  |  | – |  |  |  |  |  |  |  |  |
Forfeitures |  |  | – |  |  |  | – |  |  |  |  |  |  |  |  |
Balance, December 31, 2012 |  |  | 100,000 |  |  | $ | 107.28 |  |  |  | 0.1 |  |  | $ | – |
Exercisable, December 31, 2012 |  |  | 100,000 |  |  | $ | 107.28 |  |  |  | 0.1 |  |  |  | – |
(1) | The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the respective trading day and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holder had all option been exercised on the respective trading day. The amount of intrinsic value will change based on the fair market value of the Company’s common stock.
Summary of number of shares exercisable |
|  | Number of shares |  |  | Weighted-average exercise price |
Exercisable, December 31, 2010 |  |  | 100,000 |  |  | $ | 107.28 |
Exercisable, December 31, 2011 |  |  | 100,000 |  |  | $ | 107.28 |
Exercisable, December 31, 2012 |  |  | 100,000 |  |  | $ | 107.28 |
Schedule of stock-based compensation expense |
|  | 2010 |  |  | 2011 |  |  | 2012 |
Instruction and educational support |  | $ | 2,400 |  |  | $ | 3,635 |  |  | $ | 3,273 |
Marketing |  |  | 80 |  |  |  | 65 |  |  |  | – |
Admissions advisory |  |  | – |  |  |  | – |  |  |  | – |
General and administration |  |  | 9,507 |  |  |  | 9,534 |  |  |  | 2,191 |
Stock-based compensation expense included in operating expense |  |  | 11,987 |  |  |  | 13,234 |  |  |  | 5,464 |
Tax benefit |  |  | 4,735 |  |  |  | 5,245 |  |  |  | 2,158 |
Stock-based compensation expense, net of tax |  | $ | 7,252 |  |  | $ | 7,989 |  |  | $ | 3,306 |
Schedule of information regarding share-based payment arrangements |
|  | For the year ended December 31, |
|  | 2010 |  |  | 2011 |  |  | 2012 |
Proceeds from stock options exercised |  | $ | 452 |  |  | $ | – |  |  | $ | – |
Excess tax benefits (shortfall) related to share-based payment arrangements |  | $ | 2,808 |  |  | $ | (569 | ) |  | $ | (245 | )
Intrinsic value of stock options exercised(1) |  | $ | 1,184 |  |  | $ | – |  |  | $ | – |
(1) | Intrinsic value of stock options exercised is estimated by taking the difference between the Company’s closing stock price on the date of exercise and the exercise price, multiplied by the number of options exercised for each option holder and then aggregated.

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