<SEC-DOCUMENT>0001157523-14-001958.txt : 20140507
<SEC-HEADER>0001157523-14-001958.hdr.sgml : 20140507
<ACCEPTANCE-DATETIME>20140507063044
ACCESSION NUMBER:		0001157523-14-001958
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140506
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Submission of Matters to a Vote of Security Holders
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140507
DATE AS OF CHANGE:		20140507

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STRAYER EDUCATION INC
		CENTRAL INDEX KEY:			0001013934
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		IRS NUMBER:				521975978
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21039
		FILM NUMBER:		14818816

	BUSINESS ADDRESS:	
		STREET 1:		2303 DULLES STATION BOULEVARD
		CITY:			HERNDON
		STATE:			VA
		ZIP:			20171
		BUSINESS PHONE:		703-561-1600

	MAIL ADDRESS:	
		STREET 1:		2303 DULLES STATION BOULEVARD
		CITY:			HERNDON
		STATE:			VA
		ZIP:			20171
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a50859241.htm
<DESCRIPTION>STRAYER EDUCATION, INC. 8-K
<TEXT>
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    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 18pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 18pt"><br style="font-size: 18pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 18pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><font style="font-family: Times New Roman; font-size: 12pt"><b>Washington,
      D.C. 20549</b></font><br><br>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 18pt"><b>FORM 8-K</b></font>
    </p>
    <p>

    </p>
    <p style="font-size: 10pt; text-align: center">
      <font style="font-size: 12pt"><b>CURRENT REPORT</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt"><b>Pursuant
      to Section&#160;13 or 15(d) of the</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt"><b>Securities
      Exchange Act of 1934</b></font><br><br><font style="font-family: Times New Roman; font-size: 10pt"><b>
      Date of report (Date of earliest event reported): May 6, 2014</b></font><br><br><br><font style="font-size: 24pt"><b>Strayer
      Education, Inc.</b></font><br><font style="font-family: Times New Roman; font-size: 8pt"><b>(Exact
      name of registrant as specified in its charter)</b></font><br>
    </p>
    <p style="text-align: center">

    </p>
    <div style="text-align:center">
    <table style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-left:auto;margin-right:auto; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="width: 32%; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>MARYLAND</b>
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 32%; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>0-21039</b>
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 32%; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>52-1975978</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 32%; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><b>(State or other jurisdiction of<br>incorporation or
            organization)</b></i>
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td style="width: 32%; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><b>(Commission File Number)</b></i>
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td style="width: 32%; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><b>(I.R.S. Employer<br>Identification Number)</b></i>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>

    </p>
    <div style="text-align:center">
    <table style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-left:auto;margin-right:auto; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="width: 40%; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2303 Dulles Station Boulevard</b><br><b>Herndon, VA</b>
          </p>
        </td>
        <td style="width: 20%">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 40%; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>20171</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 40%; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><font style="font-size: 10pt; font-family: Times New Roman"><b>(Address
            of principal executive offices)</b></font></i>
          </p>
        </td>
        <td style="width: 20%">

        </td>
        <td style="width: 40%; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><font style="font-size: 10pt; font-family: Times New Roman"><b>(Zip
            Code)</b></font></i>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <b>(703) 561-1600</b><br><b> (Registrant&#8217;s telephone number, including
      area code)</b><br><br><br><b> Not Applicable</b><br><b> (Former name or
      former address, if changed since last report)</b><br>
    </p>
    <p>

    </p>
    <p style="text-align: justify">
      Check the appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions (see<i> </i>General Instruction A.2. below):
    </p>
    <p style="text-align: justify">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p style="text-align: justify">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p style="text-align: justify">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p style="text-align: justify">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <p>

    </p>
    <p style="text-align: left">

    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: left">

    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="width: 10%; text-align: left; padding-left: 0.0px" valign="top">
          <b>Item 2.02.</b>
        </td>
        <td style="width: 90%; text-align: left; padding-left: 0.0px" valign="top">
          <b>Results of Operations and Financial Condition.</b>
        </td>
      </tr>
    </table>
    </div>
    <p>
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On May 7, 2014, Strayer Education, Inc. (the &#8220;Company&#8221;) issued
      a press release announcing its financial results for the quarter ended
      March 31, 2014.&#160;&#160;A copy of the press release is furnished as Exhibit
      99.1 hereto and is hereby incorporated by reference into this Item 2.02.
    </p>
    <p>
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The information contained in Exhibit 99.1 is deemed furnished
      under this Item, and shall not be deemed &#8220;filed&#8221; with the Securities and
      Exchange Commission nor incorporated by reference in any registration
      statement filed by the Company under the Securities Act of 1933, as
      amended.
    </p>
    <p>

    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="width: 10%; text-align: left; padding-left: 0.0px" valign="top">
          <b>Item 5.07.</b>
        </td>
        <td style="width: 90%; text-align: left; padding-left: 0.0px" valign="top">
          <b>Submission of Matters to a Vote of Security Holders.</b>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-indent: 30.0px; font-size: 10pt">
      The Company held its 2014 Annual Meeting of Stockholders on May 6,
      2014.&#160;&#160;There were 10,843,301 shares of common stock eligible to be voted
      at the Annual Meeting and 10,014,184 shares were presented in person or
      represented by proxy at the meeting which constituted a quorum to
      conduct business.&#160;&#160;
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      There were three proposals submitted to the Company&#8217;s stockholders at
      the Annual Meeting.&#160;&#160;All proposals were passed.&#160;&#160;The final results of
      voting on each of the proposals are as follows:
    </p>
    <p style="text-align: justify">
      <i>Proposal 1: To elect ten directors to the Board of Directors from the
      nominees named in the attached proxy statement to serve for a term of
      one year or until their respective successors are elected and qualified.</i>
    </p>
    <p style="text-align: justify; margin-left: 60.0px">

    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="width: 20%; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>Nominee</b>
        </td>
        <td style="width: 20%; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>Votes For</b>
        </td>
        <td style="width: 20%; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>Votes Against</b>
        </td>
        <td style="width: 20%; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>Abstain</b>
        </td>
        <td style="width: 20%; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>Broker</b> <b>Non-Vote</b>
        </td>
      </tr>
      <tr>
        <td style="width: 20%; text-align: left; padding-left: 0.0px" valign="bottom">
          Robert S. Silberman
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          8,692,455
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          315,280
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          4,199
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          1,002,250
        </td>
      </tr>
      <tr>
        <td style="width: 20%; text-align: left; padding-left: 0.0px" valign="bottom">
          Dr. John T. Casteen, III
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          8,765,615
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          242,255
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          4,064
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          1,002,250
        </td>
      </tr>
      <tr>
        <td style="width: 20%; text-align: left; padding-left: 0.0px" valign="bottom">
          Dr. Charlotte F. Beason
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          8,760,106
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          247,924
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          3,904
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          1,002,250
        </td>
      </tr>
      <tr>
        <td style="width: 20%; text-align: left; padding-left: 0.0px" valign="bottom">
          William E. Brock
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          8,732,007
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          275,663
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          4,264
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          1,002,250
        </td>
      </tr>
      <tr>
        <td style="width: 20%; text-align: left; padding-left: 0.0px" valign="bottom">
          Robert R. Grusky
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          8,761,721
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          246,049
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          4,164
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          1,002,250
        </td>
      </tr>
      <tr>
        <td style="width: 20%; text-align: left; padding-left: 0.0px" valign="bottom">
          Robert L. Johnson
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          8,407,239
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          600,431
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          4,264
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          1,002,250
        </td>
      </tr>
      <tr>
        <td style="width: 20%; text-align: left; padding-left: 0.0px" valign="bottom">
          Karl McDonnell
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          8,965,421
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          42,349
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          4,164
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          1,002,250
        </td>
      </tr>
      <tr>
        <td style="width: 20%; text-align: left; padding-left: 0.0px" valign="bottom">
          Todd A. Milano
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          8,755,983
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          247,751
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          8,200
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          1,002,250
        </td>
      </tr>
      <tr>
        <td style="width: 20%; text-align: left; padding-left: 0.0px" valign="bottom">
          G. Thomas Waite, III
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          8,759,382
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          248,388
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          4,164
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          1,002,250
        </td>
      </tr>
      <tr>
        <td style="width: 20%; text-align: left; padding-left: 0.0px" valign="bottom">
          J. David Wargo
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          8,731,306
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          276,464
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          4,164
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 20%; text-align: center; padding-left: 0.0px" valign="bottom">
          1,002,250
        </td>
      </tr>
    </table>
    </div>
    <p>
      P<i>roposal 2: To ratify the appointment of PricewaterhouseCoopers LLP
      as the Company&#8217;s independent registered public accounting firm for the
      fiscal year ending December 31, 2014.</i>
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="width: 25%; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>Votes For</b>
        </td>
        <td style="width: 25%; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>Votes Against</b>
        </td>
        <td style="width: 25%; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>Abstain</b>
        </td>
        <td style="width: 25%; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>Broker</b> <b>Non-Vote</b>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 25%; text-align: center; padding-left: 0.0px" valign="bottom">
          9,937,242
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 25%; text-align: center; padding-left: 0.0px" valign="bottom">
          74,991
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 25%; text-align: center; padding-left: 0.0px" valign="bottom">
          1,951
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 25%; text-align: center; padding-left: 0.0px" valign="bottom">
          0
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: justify">
      <i>Proposal 3: To conduct an advisory vote on the compensation of the
      named executive officers.</i>
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="width: 25%; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>Votes For</b>
        </td>
        <td style="width: 25%; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>Votes Against</b>
        </td>
        <td style="width: 25%; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>Abstain</b>
        </td>
        <td style="width: 25%; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>Broker</b> <b>Non-Vote</b>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 25%; text-align: center; padding-left: 0.0px" valign="bottom">
          8,578,417
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 25%; text-align: center; padding-left: 0.0px" valign="bottom">
          428,842
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 25%; text-align: center; padding-left: 0.0px" valign="bottom">
          4,675
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 25%; text-align: center; padding-left: 0.0px" valign="bottom">
          1,002,250
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="width: 10%; text-align: left; padding-left: 0.0px" valign="top">
          <b>Item 9.01.</b>
        </td>
        <td style="width: 90%; text-align: left; padding-left: 0.0px" valign="top">
          <b>Financial Statements and Exhibits.</b>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-indent: 60.0px">
      (a)&#160; Not applicable.
    </p>
    <p style="text-indent: 60.0px">
      (b)&#160; Not applicable.
    </p>
    <p style="text-indent: 60.0px">
      (c)&#160; Not applicable.
    </p>
    <p style="text-indent: 60.0px">
      (d)&#160; Exhibits.
    </p>
    <p style="text-indent: 60.0px">
      The exhibits required by this item are set forth on the Exhibit&#160;Index
      attached hereto.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="width: 10%; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Exhibit</b>

          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Number</b>
          </p>
        </td>
        <td style="padding-bottom: 2.0px; width: 2%; text-align: left; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="width: 88%; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>Description</b>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 10%; text-align: left; padding-left: 0.0px" valign="top">
          99.1
        </td>
        <td style="width: 2%">

        </td>
        <td style="width: 88%; text-align: left; padding-left: 0.0px" valign="top">
          Press Release, dated May 7, 2014
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: left">

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <font style="font-size: 10pt; font-family: Times New Roman">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">

    </p>
    <div style="text-align:center">
    <table style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-left:auto;margin-right:auto; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            STRAYER EDUCATION, INC.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 45%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 47%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date:
          </p>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 45%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            May 7, 2014
          </p>
        </td>
        <td style="width: 3%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            By:
          </p>
        </td>
        <td style="width: 47%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Mark C. Brown
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 47%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 47%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Mark C. Brown
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 47%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Executive Vice President and Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
  </body>
</html>
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     PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN"
     "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">-->
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a50859241ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2014 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Strayer
      Education, Inc. Reports First Quarter 2014 Revenues and Earnings; and
      Spring Term 2014 Enrollments</b></font>
    </p>
    <p>
      HERNDON, Va.--(BUSINESS WIRE)--May 7, 2014--Strayer Education, Inc.
      (NASDAQ: STRA) today announced financial results for the three months
      ended March 31, 2014. Financial highlights are as follows:
    </p>
    <p>
      <b>Three Months Ended March 31</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Revenues for the three months ended March 31, 2014 decreased 15% to
        $116.5 million, compared to $137.5 million for the same period in
        2013, principally due to lower enrollment.
      </li>
      <li style="margin-bottom: 10.0px">
        Income from operations was $25.9 million compared to $29.9 million for
        the same period in 2013, a decrease of 13%. Operating income margin
        was 22.2% compared to 21.8% for the same period in 2013.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income was $14.8 million compared to $17.2 million for the same
        period in 2013, a decrease of 14%. Diluted earnings per share was
        $1.40 compared to $1.59 for the same period in 2013, a decrease of
        12%. Diluted weighted average shares outstanding decreased 2% to
        10,581,000 from 10,850,000 for the same period in 2013.
      </li>
    </ul>
    <div style="text-indent: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Balance Sheet and Cash Flow</b>
    </p>
    <p>
      At March 31, 2014, the Company had cash and cash equivalents of $126.2
      million. The Company generated $33.2 million from operating activities
      in the first quarter of 2014, compared to $31.4 million during the same
      period in 2013. Capital expenditures were $1.0 million for the three
      months ended March 31, 2014, compared to $2.4 million for the same
      period in 2013.
    </p>
    <p>
      The Company is party to a revolving credit and term loan agreement. This
      credit facility, which is secured by the assets of the Company, provides
      for a $125.0 million term loan facility and $100.0 million revolving
      credit facility with a maturity date of December 31, 2016. At March 31,
      2014, the Company had $121.1 million outstanding under its term loan and
      no outstanding balance under its revolving credit facility.
    </p>
    <p>
      The company had $70.0 million of share repurchase authorization
      remaining at March 31, 2014. No shares were purchased in the first
      quarter of 2014.
    </p>
    <p>
      For the first quarter 2014, bad debt expense as a percentage of revenues
      was 4.3% compared to 4.0% for the same period in 2013. Days sales
      outstanding was 14 days at the end of the first quarter of 2014 compared
      to 15 days at the end of the first quarter of 2013.
    </p>
    <p>
      <b>Student Enrollment</b>
    </p>
    <p>
      Total enrollment at Strayer University for the 2014 spring term
      decreased 10% to 41,327 students compared to 46,130 students for the
      same term in 2013. Across the Strayer University campus and online
      system, new student enrollments increased 1%, while continuing student
      enrollments decreased 13%.
    </p>
    <p>
      <b>Stock-based Compensation Activity</b>
    </p>
    <p>
      In February 2014, the Company&#8217;s Board of Directors approved grants of
      restricted stock to certain individuals under the Company&#8217;s 2011 Equity
      Compensation Plan. The Company granted approximately 46,000 shares of
      restricted stock, which vest 100% in February 2018. The Company&#8217;s stock
      price closed at $33.65 on the date of these restricted stock grants.
    </p>
    <p>
      <b>Common Stock and Common Stock Equivalents</b>
    </p>
    <p>
      At March 31, 2014, the Company had 10,843,301 common shares issued and
      outstanding, including 286,647 shares of restricted stock. The company
      also had 200,000 restricted stock units outstanding, and 100,000
      unvested stock options outstanding.
    </p>
    <p>
      <b>Conference Call with Management</b>
    </p>
    <p>
      Strayer Education, Inc. will host a conference call to discuss its first
      quarter 2014 earnings at 10:00 a.m. (ET) today. To participate in the
      live call, investors should dial (877) 303-9047 10 minutes prior to the
      start time. In addition, the call will be available via live webcast. To
      access the live webcast of the conference call, please go to <u>www.strayereducation.com</u>
      15 minutes prior to the start time of the call to register. Following
      the call, the webcast will be archived and available at <u>www.strayereducation.com</u>.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>About Strayer Education, Inc.</b>
    </p>
    <p>
      Strayer Education, Inc. (Nasdaq: STRA) is an education services holding
      company that owns Strayer University. Strayer&#8217;s mission is to make
      higher education achievable for working adults in today&#8217;s
      economy.&#160;Strayer University is a proprietary institution of higher
      learning that offers undergraduate and graduate degree programs in
      business administration, accounting, information technology, education,
      health services administration, public administration, and criminal
      justice to working adult students. Strayer University also offers an
      executive MBA online and corporate training programs through its Jack
      Welch Management Institute. Strayer University is committed to providing
      an education that prepares working adult students for advancement in
      their careers and professional lives. Founded in 1892, Strayer
      University is based in Washington, D.C. and accredited by the Middle
      States Commission on Higher Education.
    </p>
    <p>
      For more information on Strayer Education, Inc. visit <u>www.strayereducation.com</u>
      and for Strayer University visit <u>www.strayer.edu</u>.
    </p>
    <p>
      <b>Forward-Looking Statements</b>
    </p>
    <p>
      This press release contains statements that are forward-looking and are
      made pursuant to the &#8220;safe-harbor&#8221; provisions of the Private Securities
      Litigation Reform Act of 1995 (the &#8220;Reform Act&#8221;). Such statements may be
      identified by the use of words such as &#8220;expect,&#8221; &#8220;estimate,&#8221; &#8220;assume,&#8221;
      &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;will,&#8221; &#8220;forecast,&#8221; &#8220;plan,&#8221; &#8220;project,&#8221; or
      similar words. The statements are based on the Company&#8217;s current
      expectations and are subject to a number of assumptions, uncertainties
      and risks. In connection with the safe-harbor provisions of the Reform
      Act, the Company has identified important factors that could cause the
      Company&#8217;s actual results to differ materially from those expressed in or
      implied by such statements. The assumptions, uncertainties and risks
      include the pace of growth of student enrollment, our continued
      compliance with Title IV of the Higher Education Act, and the
      regulations thereunder, as well as regional accreditation standards and
      state regulatory requirements, rulemaking by the Department of Education
      and increased focus by the U.S. Congress on for-profit education
      institutions, competitive factors, risks associated with the opening of
      new campuses, risks associated with the offering of new educational
      programs and adapting to other changes, risks relating to the timing of
      regulatory approvals, our ability to implement our growth strategy,
      risks associated with the ability of our students to finance their
      education in a timely manner, and general economic and market
      conditions. Further information about these and other relevant risks and
      uncertainties may be found in the Company&#8217;s Annual Report on Form 10-K
      for the fiscal year ended December 31, 2013 and in its subsequent
      filings with the Securities and Exchange Commission, all of which are
      incorporated herein by reference and which are available from the
      Commission. We undertake no obligation to update or revise
      forward-looking statements.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="5">

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom" colspan="7">
          <b>STRAYER EDUCATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom" colspan="7">
          <b>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom" colspan="7">
          <b>(Amounts in thousands, except per share data)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom" colspan="5">
          <b>For the three months ended March 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>2013</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom" colspan="2">
          <b>2014</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Revenues
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          137,506
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          116,468
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Costs and expenses:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Instruction and educational support
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          73,427
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          59,113
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Marketing
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          17,721
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          16,314
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Admissions advisory
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          5,351
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          4,119
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          General and administration
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          11,088
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          11,013
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Total costs and expenses
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          107,587
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          90,559
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Income from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          29,919
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          25,909
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Interest expense
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          1,296
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          1,353
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          28,623
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          24,557
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          11,392
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          9,774
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          Net income
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          17,231
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          14,783
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Earnings per share:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Basic
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1.59
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1.40
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Diluted
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1.59
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1.40
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Weighted average shares outstanding:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          10,813
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          10,529
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          10,850
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          10,581
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom" colspan="5">
          <b>STRAYER EDUCATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom" colspan="5">
          <b>UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom" colspan="5">
          <b>(Amounts in thousands, except share and per share data)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>December 31,</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>March 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>2013</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>2014</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom">
          <b>ASSETS</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Current assets:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $ 94,760
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $ 126,200
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Tuition receivable, net
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          15,842
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          15,481
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          Other current assets
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          16,738
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          16,095
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Total current assets
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          127,340
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          157,776
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          94,421
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          90,528
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          17,129
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          14,990
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Goodwill
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          6,800
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          6,800
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Other assets
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          8,576
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          7,520
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 20.0px" valign="bottom">
          Total assets
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          $ 254,266
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          $ 277,614
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom">
          <b>LIABILITIES &amp; STOCKHOLDERS' EQUITY</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Current liabilities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Accounts payable and accrued expenses
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $ 38,527
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $ 38,503
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Income taxes payable
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          2,569
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          10,937
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Deferred revenue
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          656
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1,947
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Other current liabilities
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          281
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          281
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          Current portion of term loan
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          3,125
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          3,906
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Total current liabilities
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          45,158
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          55,574
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Term loan, less current portion
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          118,750
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          117,188
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          51,456
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          50,685
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px" valign="bottom">
          Total liabilities
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          215,364
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          223,447
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Commitments and contingencies
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Stockholders' equity:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Common stock, par value $0.01, 20,000,000 shares authorized;
            10,797,464 and 10,843,301 shares issued and outstanding at
            December 31, 2013 and March 31, 2014, respectively
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          108
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          108
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          7,137
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          7,544
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Retained earnings
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          31,629
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          46,412
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          Accumulated other comprehensive income (loss)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          28
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          103
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px" valign="bottom">
          Total stockholders' equity
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          38,902
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          54,167
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 20.0px" valign="bottom">
          Total liabilities and stockholders' equity
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          $ 254,266
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          $ 277,614
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom" colspan="9">
          <b>STRAYER EDUCATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom" colspan="9">
          <b>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom" colspan="9">
          <b>(Amounts in thousands)</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom" colspan="7">
          <b>For the three months ended</b>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom" colspan="7">
          <b>March 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom" colspan="3">
          <b>2013</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom" colspan="3">
          <b>2014</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Cash flows from operating activities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Net income
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          17,231
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          14,783
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Adjustments to reconcile net income to net cash provided by
            operating activities:
          </p>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Amortization of gain on sale of assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (70
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (70
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Amortization of deferred rent
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          27
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (199
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Amortization of deferred financing costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          195
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          195
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          6,190
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          5,803
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (661
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (602
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Stock-based compensation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          2,250
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1,961
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Changes in assets and liabilities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 35.0px" valign="bottom">
          Tuition receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1,081
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1,338
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 35.0px" valign="bottom">
          Other current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1,645
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          926
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 35.0px" valign="bottom">
          Other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (4
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 35.0px" valign="bottom">
          Accounts payable and accrued expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (8,220
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (336
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 35.0px" valign="bottom">
          Income taxes payable and income taxes receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          11,847
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          9,224
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 35.0px" valign="bottom">
          Deferred revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (265
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          3,699
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 35.0px" valign="bottom">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          147
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (3,505
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 45.0px" valign="bottom">
          Net cash provided by operating activities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          31,393
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          33,217
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Cash flows from investing activities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          Purchases of property and equipment
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (2,368
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (996
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px" valign="bottom">
          Net cash used in investing activities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (2,368
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (996
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Cash flows from financing activities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Repurchase of common stock
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (24,999
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          Payments on term loan
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (781
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (781
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px" valign="bottom">
          Net cash used in financing activities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (25,780
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (781
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Net increase in cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          3,245
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          31,440
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Cash and cash equivalents - beginning of period
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          47,517
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          94,760
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Cash and cash equivalents - end of period
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          50,762
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          126,200
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Non-cash transactions:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          Purchases of property and equipment included in accounts payable
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          706
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          22
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>Strayer Education, Inc.<br>Mark C. Brown, Executive Vice
      President and Chief Financial Officer<br>703-247-2514<br><u>mark.brown@strayer.edu</u><br>or<br>Daniel
      Jackson, Senior Vice President and Treasurer<br>703-713-1862<br><u>daniel.jackson@strayer.edu</u>
    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
