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Stock Options and Restricted Stock (Tables)

12 Months Ended

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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Tabular disclosure of the amount of cash proceeds received from the exercise of stock options and similar instruments granted under share-based payment arrangements and the tax benefit realized from stock options exercised during the period. Disclosure may also include the intrinsic value of stock options exercised during the period.

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Tabular disclosure of the changes in outstanding nonvested restricted stock units.

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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.

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Tabular disclosure of the following for fully vested share options (or share units) and share options expected to vest at the date of the latest statement of financial position: the number, weighted-average exercise price (or conversion ratio), aggregate intrinsic value (except for nonpublic entities), and weighted-average remaining contractual term of options (or share units) currently exercisable (or convertible).

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