XML 62 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net income $ 16,425 $ 65,930 $ 106,044
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization of gain on sale of assets (281) (281) (281)
Amortization of deferred rent (462) 323 1,177
Gain on sale of marketable securities       (66)
Amortization of deferred financing costs 780 795 663
Depreciation and amortization 35,563 23,973 21,525
Deferred income taxes (23,435) (38) 3,722
Stock-based compensation 9,291 5,464 13,234
Changes in assets and liabilities:      
Tuition receivable, net 4,024 1,744 (2,995)
Other current assets 2,434 (2,130) (768)
Other assets 494 (135) 102
Accounts payable and accrued expenses (116) 5,673 (3,360)
Income taxes payable and income taxes receivable 7,799 (4,306) (1,279)
Unearned tuition 2,059 (14,870) 11,841
Other long-term liabilities 29,518 (80) 4,804
Net cash provided by operating activities 84,093 82,062 154,363
Cash flows from investing activities:      
Purchases of property and equipment (8,726) (24,733) (29,991)
Purchases of marketable securities       (2)
Proceeds from the sale of marketable securities       12,388
Acquisition of assets       (7,000)
Net cash used in investing activities (8,726) (24,733) (24,605)
Cash flows from financing activities:      
Repurchase of common stock (24,999) (25,001) (202,664)
Payments on term loan (3,125) (20,000) (2,500)
Proceeds from term loan    47,500 100,000
Payments on revolving credit facility    (83,000) (100,000)
Proceeds from revolving credit facility    63,000 120,000
Common dividends paid    (47,328) (49,105)
Payment of deferred financing costs    (2,120) (2,459)
Net cash used in financing activities (28,124) (66,949) (136,728)
Net (decrease) increase in cash and cash equivalents 47,243 (9,620) (6,970)
Cash and cash equivalents - beginning of year 47,517 57,137 64,107
Cash and cash equivalents - end of year 94,760 47,517 57,137
Non-cash transactions:      
Purchases of property and equipment included in accounts payable $ 47 $ 529 $ 1,115