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Stock Options, Restricted Stock and Restricted Stock Units (Tables)

6 Months Ended

Jun. 30, 2014

Stock Options, Restricted Stock and Restricted Stock Units [Abstract]

Schedule of restricted stock and restricted stock units activity

	Number of shares or units			Weighted- average grant price
Balance, December 31, 2013		487,773		$	131.51
Grants		108,606		$	38.95
Vested shares		(61,600	)	$	175.13
Forfeitures		(227	)	$	132.23
Balance, June 30, 2014		534,552		$	115.73

Schedule of stock option activity and other stock option information

	Number of shares		Weighted-average exercise price		Weighted-average remaining contractual life (years)		Aggregate intrinsic value(1) (in thousands)
Balance, December 31, 2013		100,000	$	51.95		7.0	$	—
Grants		—		—
Exercises		—		—
Forfeitures/Expirations		—		—
Balance, June 30, 2014		100,000	$	51.95		6.5	$	56
Exercisable, June 30, 2014		—	$	—		—	$	—

(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 options 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.

Schedule of stock-based compensation expense

	For the three months ended June 30,				For the six months ended June 30,
	2013		2014		2013		2014
Instruction and educational support	$	844	$	475	$	1,941	$	909
Marketing		—		—		—		—
Admissions advisory		—		—		—		—
General and administration		2,138		2,071		3,291		3,598
Stock-based compensation expense included in operating expense		2,982		2,546		5,232		4,507
Tax benefit		1,187		1,013		2,082		1,794
Stock-based compensation expense, net of income tax	$	1,795	$	1,533	$	3,150	$	2,713