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Stock Options, Restricted Stock and Restricted Stock Units (Tables)
 12 Months Ended
Dec. 31, 2013
Stock Options, Restricted Stock and Restricted Stock Units [Abstract]  
Schedule of restricted stock activity
 
 
 
Number of
shares
 
 
Weighted-
average
grant price
 
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
 
Grants
 
 
225,741
 
 
 
57.90
 
Vested shares
 
 
(51,916
)
 
 
164.22
 
Forfeitures
 
 
(120,491
)
 
 
140.30
 
Balance, December 31, 2013
 
 
487,773
 
 
$
131.51
 
 
Schedule of stock option activity
 
 
 
Number of
shares
 
 
Weighted-
average
exercise price
 
 
Weighted-
average
remaining
contractual
life (years)
 
 
Aggregate
intrinsic
value(1)
(in thousands)
 
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
 
 
$
–
 
Grants
 
 
100,000
 
 
 
51.95
 
 
 
 
 
 
 
 
 
Exercises
 
 
    
 
 
–
 
 
 
 
 
 
 
 
 
Forfeitures/Expirations
 
 
(100,000
)
 
 
107.28
 
 
 
 
 
 
 
 
 
Balance, December 31, 2013
 
 
100,000
 
 
$
51.95
 
 
 
7.0
 
 
$
–
 
Exercisable, December 31, 2013
 
 
–
 
 
$
–
 
 
 
–
 
 
 
–
 
 
(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, 2011
 
 
100,000
 
 
$
107.28
 
Exercisable, December 31, 2012
 
 
100,000
 
 
$
107.28
 
Exercisable, December 31, 2013
 
 
-
 
 
$
51.95
 
 
 
Schedule of stock-based compensation expense
 
 
 
2011
 
 
2012
 
 
2013
 
Instruction and educational support
 
$
3,635
 
 
$
3,273
 
 
$
1,976
 
Marketing
 
 
65
 
 
 
–
 
 
 
–
 
Admissions advisory
 
 
–
 
 
 
–
 
 
 
–
 
General and administration
 
 
9,534
 
 
 
2,191
 
 
 
7,315
 
Stock-based compensation expense included in operating expense
 
 
13,234
 
 
 
5,464
 
 
 
9,291
 
Tax benefit
 
 
5,245
 
 
 
2,158
 
 
 
3,698
 
Stock-based compensation expense, net of tax
 
$
7,989
 
 
$
3,306
 
 
$
5,593
 
 
Schedule of information regarding share-based payment arrangements
 
 
 
For the year ended
December 31,
 
 
 
2011
 
 
2012
 
 
2013
 
Proceeds from stock options exercised
 
$
–
 
 
$
–
 
 
$
–
 
Excess tax benefits (shortfall) related to share-based payment arrangements
 
$
(569
)
 
$
(245
)
 
$
(3,567
)
Intrinsic value of stock options exercised(1)
 
$
–
 
 
$
–
 
 
$
–
 
 
(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.