<SEC-DOCUMENT>0001213900-15-001283.txt : 20150220
<SEC-HEADER>0001213900-15-001283.hdr.sgml : 20150220
<ACCEPTANCE-DATETIME>20150220160540
ACCESSION NUMBER:		0001213900-15-001283
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20141231
FILED AS OF DATE:		20150220
DATE AS OF CHANGE:		20150220

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:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21039
		FILM NUMBER:		15635669

	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>10-K
<SEQUENCE>1
<FILENAME>d32093_10-k.htm
<DESCRIPTION>ANNUAL REPORT
<TEXT>
<html>
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	<title>Unassociated Document</title>
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<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 0px; TOP-MARGIN: 4px; TEXT-ALIGN: LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2"><HR SIZE="4" NOSHADE COLOR="#000000"><HR SIZE="2" NOSHADE COLOR="#000000"></FONT></DIV></DIV></P>
<P ALIGN="CENTER"><DIV STYLE="TEXT-INDENT: 0px; TOP-MARGIN: 4px; TEXT-ALIGN: CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="4"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION<BR></B></FONT></DIV></DIV></P>
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>WASHINGTON, D.C. 20549<BR></B></FONT></DIV></P>
<P ALIGN="CENTER"><DIV STYLE="TEXT-INDENT: 0px; TOP-MARGIN: 12px; TEXT-ALIGN: CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="4"><B>FORM 10-K<BR></B></FONT></DIV></DIV></P>
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF<BR> THE
SECURITIES EXCHANGE ACT OF 1934</B></FONT></DIV></P>
<P ALIGN="CENTER"><DIV STYLE="TEXT-INDENT: 0px; TOP-MARGIN: 6px; TEXT-ALIGN: CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">For the fiscal year ended December 31, 2014<BR> Commission file number: 0-21039</FONT></DIV></DIV></P>
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="5"><B>STRAYER EDUCATION, INC.</B></FONT></DIV></P>
<P ALIGN="CENTER"><DIV STYLE="TEXT-INDENT: 0px; TOP-MARGIN: -15px; TEXT-ALIGN: CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(Exact name of registrant as specified in its charter)</FONT></DIV></DIV></P>
<TABLE ALIGN="CENTER" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="50%">
<TR VALIGN="TOP">
     <TD ALIGN="CENTER" WIDTH="50%" style='border-bottom: solid windowtext 1pt'><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><B>MARYLAND</B></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="CENTER" WIDTH="50%" COLSPAN="3" style='border-bottom: solid windowtext 1pt'><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES,
SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><B>52-1975978</B></DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="CENTER" WIDTH="50%"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">(State or other jurisdiction of<BR> incorporation or organization)</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="CENTER" WIDTH="50%" COLSPAN="3"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">(I.R.S. Employer Identification Number)</DIV></FONT></DIV></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>2303 Dulles Station Boulevard, Herndon, VA 20171<BR>
</B>(Address of principal executive offices)</FONT></DIV></P>
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>REGISTRANT&#146;S TELEPHONE NUMBER INCLUDING AREA CODE:
(703) 247-2500</B></FONT></DIV></P>
<P ALIGN="CENTER"><DIV STYLE="TEXT-INDENT: 0px; TOP-MARGIN: 6px; TEXT-ALIGN: CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2"><B>SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:</B></FONT></DIV></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="CENTER" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="50%">
<TR VALIGN="TOP">
     <TD ALIGN="CENTER" WIDTH="50%"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px"><B>COMMON STOCK, $.01 PAR VALUE</B></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="CENTER" WIDTH="50%" COLSPAN="3"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px"><B>NASDAQ GLOBAL SELECT MARKET</B></DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="CENTER" WIDTH="50%"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">(Title of class)</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="CENTER" WIDTH="50%" COLSPAN="3"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">(Name of each exchange on<BR> which registered)</DIV></FONT></DIV></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE
ACT:<BR> NONE</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Indicate by check mark if the
registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act: <FONT face=wingdings size=3>o</FONT>
<FONT face=wingdings size=3>&#254;</FONT> Yes&nbsp;&nbsp;<FONT face=wingdings size=3>o</FONT> No</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Indicate by check mark if the
registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act: <FONT face=wingdings size=3>o</FONT>
Yes&nbsp;&nbsp;<FONT face=wingdings size=3>&#254;</FONT> No</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Indicate by check mark whether the
Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the last
90 days. <FONT face=wingdings size=3>&#254;</FONT> Yes&nbsp;&nbsp;<FONT face=wingdings size=3>o</FONT> No</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Indicate by check mark whether the
registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted
pursuant to Rule 405 of Regulation S-T (&#167; 229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit and post such files). <FONT face=wingdings size=3>&#254;</FONT> Yes&nbsp;&nbsp;<FONT face=wingdings
size=3>o</FONT> No</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Indicate by check mark if disclosure of
delinquent filers pursuant to Item 405 of Regulation S-K (Section 229.405 of this chapter) is not contained herein, and will not be contained, to the
best of Registrant&#146;s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. <FONT face=wingdings size=3>&#254;</FONT></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Indicate by check mark whether the
registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of
&#147;large accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule 12b-2 of the Exchange Act. (Check
one):</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TD ALIGN="CENTER" WIDTH="25%"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px"><FONT face=wingdings size=3>&#254;</FONT> Large accelerated filer</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="CENTER" WIDTH="25%" COLSPAN="3"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px"><FONT face=wingdings size=3>o</FONT> Accelerated filer</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="CENTER" WIDTH="25%" COLSPAN="3"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px"><FONT face=wingdings size=3>o</FONT> Non-accelerated filer</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="CENTER" WIDTH="25%" COLSPAN="3"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px"><FONT face=wingdings size=3>o</FONT> Smaller reporting company</DIV></FONT></DIV></TD>
</TR></TABLE>
&nbsp;<BR>
<P ALIGN="CENTER"><DIV STYLE="TEXT-INDENT: 0px; TOP-MARGIN: 2px; TEXT-ALIGN: CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(Do not check if a smaller reporting company)</FONT></DIV></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-TOP: 3px; TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Indicate by check mark
whether the Registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act). <FONT face=wingdings size=3>o</FONT>
Yes&nbsp;&nbsp;<FONT face=wingdings size=3>&#254;</FONT> No</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The aggregate market value of the
voting and non-voting common stock held by non-affiliates (computed by reference to the price at which the common stock was last sold) as of June 30,
2014, the last business day of the Registrant&#146;s most recently completed second fiscal quarter, was $551 million.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The total number of shares of common
stock outstanding as of January 31, 2015 was 10,903,341.</FONT></DIV></P>
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>DOCUMENTS INCORPORATED BY REFERENCE</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Certain portions of the
Registrant&#146;s Definitive Proxy Statement for its 2015 Annual Meeting of Stockholders (which is expected to be filed with the Commission within 120
days after the end of the Registrant&#146;s 2014 fiscal year) are incorporated by reference into Part III of this Report.<BR></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 0px; TOP-MARGIN: 2px; TEXT-ALIGN: LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2"><HR SIZE="2" NOSHADE COLOR="#000000"><HR SIZE="4" NOSHADE COLOR="#000000"></FONT></DIV></DIV></P>
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<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></P>
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>STRAYER EDUCATION, INC.</B></FONT></DIV></P>
<P ALIGN="CENTER"><DIV STYLE="TEXT-INDENT: 0px; TOP-MARGIN: 6px; TEXT-ALIGN: CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2"><B>FORM 10-K</B></FONT></DIV></DIV></P>
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>INDEX</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="5%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Page<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="5%" nowrap><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">PART I</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="100%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px;
TEXT-INDENT: -10px">&nbsp;</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="5%" nowrap><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px;
TEXT-INDENT: -10px">Item 1</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="100%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px;
TEXT-INDENT: -10px">Business </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="5%" nowrap><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px;
TEXT-INDENT: -10px">Item 1A</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="100%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px;
TEXT-INDENT: -10px">Risk Factors </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">31</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="5%" nowrap><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px;
TEXT-INDENT: -10px">Item 1B</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="100%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px;
TEXT-INDENT: -10px">Unresolved Staff Comments </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">41</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="5%" nowrap><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px;
TEXT-INDENT: -10px">Item 2</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="100%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px;
TEXT-INDENT: -10px">Properties </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">41</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="5%" nowrap><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px;
TEXT-INDENT: -10px">Item 3</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="100%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px;
TEXT-INDENT: -10px">Legal Proceedings </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">42</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="5%" nowrap><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px;
TEXT-INDENT: -10px">Item 4</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="100%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px;
TEXT-INDENT: -10px">Mine Safety Disclosures </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">42</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="5%" nowrap><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">PART II</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="100%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px;
TEXT-INDENT: -10px">&nbsp;</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="5%" nowrap><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px;
TEXT-INDENT: -10px">Item 5</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="100%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px;
TEXT-INDENT: -10px">Market for Registrant&#146;s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">43</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="5%" nowrap><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px;
TEXT-INDENT: -10px">Item 6</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="100%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px;
TEXT-INDENT: -10px">Selected Financial Data </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">46</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="5%" nowrap><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px;
TEXT-INDENT: -10px">Item 7</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="100%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px;
TEXT-INDENT: -10px">Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">47</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="5%" nowrap><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px;
TEXT-INDENT: -10px">Item 7A</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="100%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px;
TEXT-INDENT: -10px">Quantitative and Qualitative Disclosures about Market Risk </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">56</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="5%" nowrap><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px;
TEXT-INDENT: -10px">Item 8</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="100%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px;
TEXT-INDENT: -10px">Financial Statements and Supplementary Data </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">57</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="5%" nowrap><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px;
TEXT-INDENT: -10px">Item 9</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="100%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px;
TEXT-INDENT: -10px">Changes in and Disagreements With Accountants on Accounting and Financial Disclosure </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">83</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="5%" nowrap><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px;
TEXT-INDENT: -10px">Item 9A</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="100%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px;
TEXT-INDENT: -10px">Controls and Procedures </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">83</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="5%" nowrap><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px;
TEXT-INDENT: -10px">Item 9B</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="100%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px;
TEXT-INDENT: -10px">Other Information </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">84</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="5%" nowrap><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">PART III</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="100%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px;
TEXT-INDENT: -10px">&nbsp;</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="5%" nowrap><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px;
TEXT-INDENT: -10px">Item 10</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="100%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px;
TEXT-INDENT: -10px">Directors, Executive Officers and Corporate Governance </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">85</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="5%" nowrap><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px;
TEXT-INDENT: -10px">Item 11</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="100%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px;
TEXT-INDENT: -10px">Executive Compensation </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">88</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="5%" nowrap><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px;
TEXT-INDENT: -10px">Item 12</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="100%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px;
TEXT-INDENT: -10px">Security Ownership of Certain Beneficial Owners and Management </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">88</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="5%" nowrap><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px;
TEXT-INDENT: -10px">Item 13</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="100%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px;
TEXT-INDENT: -10px">Certain Relationships and Related Transactions </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">88</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="5%" nowrap><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px;
TEXT-INDENT: -10px">Item 14</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="100%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px;
TEXT-INDENT: -10px">Principal Accounting Fees and Services </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">89</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="5%" nowrap><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">PART IV</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="100%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px;
TEXT-INDENT: -10px">&nbsp;</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="5%" nowrap><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px;
TEXT-INDENT: -10px">Item 15</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="100%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px;
TEXT-INDENT: -10px">Exhibits and Financial Statement Schedules </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">90</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="5%" COLSPAN=8 nowrap><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">SIGNATURES </DIV></FONT></DIV></TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">91</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
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<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></P>
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>PART I</B></FONT></DIV></P>
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>CAUTIONARY NOTICE REGARDING FORWARD-LOOKING
STATEMENTS:</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">This document and the documents
incorporated by reference herein include &#147;forward-looking statements,&#148; within the meaning of Section 27A of the Securities Act of 1933, as
amended (the &#147;Securities Act&#148;), and Section 21E of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), including,
in particular, the statements about our plans, strategies and prospects under the headings &#147;Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations&#148; and &#147;Business.&#148; We have typically used the words &#147;may,&#148; &#147;will,&#148;
&#147;expect,&#148; &#147;believe,&#148; &#147;estimate,&#148; &#147;plan,&#148; &#147;intend&#148; and similar expressions in this document and the
documents incorporated by reference herein to identify forward-looking statements. We have based these forward-looking statements on our current views
with respect to future events and financial performance. Actual results could differ materially from those projected in the forward-looking statements.
These forward-looking statements are subject to many risks, uncertainties and assumptions, including, among other things:</FONT></DIV></P>
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     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">student enrollment;</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">our continued compliance with Title IV of the Higher Education
Act of 1965, as amended (the &#147;Higher Education Act&#148;), and the regulations thereunder, as well as state regulatory requirements and
accrediting agency requirements;</FONT></TD>
</TR>
</TABLE>
<BR>
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     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">changes in regulation of the U.S. education industry and
eligibility of proprietary schools to participate in U.S. federal student financial aid programs;</FONT></TD>
</TR>
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<BR>
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     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">risks related to the timing of regulatory approvals;</FONT></TD>
</TR>
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<BR>
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     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">competitive factors;</FONT></TD>
</TR>
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<BR>
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     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">our ability to continue to implement our online growth
strategy;</FONT></TD>
</TR>
</TABLE>
<BR>
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<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">risks associated with the opening of new campuses;</FONT></TD>
</TR>
</TABLE>
<BR>
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<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">risks associated with the offering of new educational programs
and adapting to other program changes;</FONT></TD>
</TR>
</TABLE>
<BR>
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     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">risks associated with the acquisition of educational
institutions;</FONT></TD>
</TR>
</TABLE>
<BR>
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<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">risks associated with the ability of our students to finance
their education in a timely manner; and</FONT></TD>
</TR>
</TABLE>
<BR>
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     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">general economic and market conditions.</FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">You should not put undue reliance on
any forward-looking statements. You should understand that many important factors, including those discussed under the headings &#147;Management&#146;s
Discussion and Analysis of Financial Condition and Results of Operations&#148; and &#147;Business,&#148; could cause our results to differ materially
from those expressed or suggested in any forward-looking statements. Further information about these and other relevant risks and uncertainties may be
found in Item 1A (&#147;Risk Factors&#148;) below and elsewhere in this Annual Report on Form 10-K and in our other filings with the Securities and
Exchange Commission. We undertake no obligation to update or revise forward-looking statements, except as required by law.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">References to &#147;we,&#148;
&#147;our&#148; and the &#147;Company&#148; refer to Strayer Education, Inc., together in each case with our consolidated subsidiary unless the context
suggests otherwise.</FONT></DIV></P>
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     <TD WIDTH="47px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Item 1.</B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Business</B></FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Overview</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Our company provides post-secondary
education services. Our mission is to make higher education achievable for working adults. We work to fulfill this mission by offering a variety of
academic programs through our wholly-owned subsidiary, Strayer University (the &#147;University&#148;). Strayer University prides itself on making
post-secondary education relevant, accessible, and affordable to working adults who were previously unable to take advantage of higher education
opportunities.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Founded in 1892, Strayer University is
an 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 at approximately 80 physical campuses, predominantly
located in the Mid-Atlantic and Southern regions of the United States, and online. Strayer University also offers an executive MBA online through its
Jack Welch Management Institute. For the 2014 fall term, we had approximately 42,000 students enrolled in our programs. Strayer University is
accredited by the Middle States Commission on Higher Education (&#147;Middle States&#148; or &#147;Middle States Commission&#148;), one of the six
regional collegiate accrediting agencies recognized by the U.S. Department of Education (&#147;Department of Education&#148;). Middle States is located
at 3624 Market Street, Philadelphia, PA 19104 (267-284-5000). By offering its programs both online and in physical classrooms, the University provides
its working adult students more flexibility and convenience. Strayer University, with its online offerings, attracts students from around the country
and throughout the world.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">We generated net revenue of $446
million in 2014. For more information regarding our revenues, profits and financial condition, please refer to &#147;Management&#146;s Discussion and
Analysis of Financial Condition and Results of Operations&#148; and our consolidated financial statements included in this Annual Report on Form
10-K.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Industry Background</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The market for post-secondary education
is large and highly fragmented. The U.S. Census Bureau has reported that approximately 62 million adults over the age of 25 in the United States do not
have more than a high school education and approximately 35 million adults over the age of 25 have some college experience but no college degree.
Although demand for post-secondary education has been reduced during the past few years, we believe that over time the demand will increase as a result
of demographic, economic and social trends, including:</FONT></DIV></P>
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     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">increasing demand by employers for certain types of professional
and skilled workers;</FONT></TD>
</TR>
</TABLE>
<BR>
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<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">growth in the number of high school graduates from 2.8 million
in 1999-2000 to an estimated 3.3 million in 2014-2015, according to the National Center for Education Statistics;</FONT></TD>
</TR>
</TABLE>
<BR>
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<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">the significant and measurable income premium and enhanced
employment prospects attributable to post-secondary education; and</FONT></TD>
</TR>
</TABLE>
<BR>
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<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">a number of initiatives underway to reduce the cost of a
post-secondary education.</FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The adult education market is a
significant component of the post-secondary education market. We believe that the market for post-secondary adult education should increase as working
adults seek additional education to update and improve their skills. In addition, we believe that many working adults will seek degree programs from
regionally accredited institutions that provide flexibility to accommodate the fixed schedules and time commitments associated with their professional,
family and personal obligations.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">According to the National Center for
Education Statistics, in 2012-2013 there were 3,026 four-year degree-granting institutions in the United States, including 689 public colleges and
universities, 1,555 not-for-profit colleges and universities, and 782 for-profit institutions.</FONT></DIV></P>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Growth in the market for post-secondary
education has recently been negatively affected by weakness in the economy as well as by the uncertainty associated with legislative and regulatory
proposals. Controversy about the cost of higher education and the unemployment, or under-employment, of college graduates due to the difficult economic
conditions may also have caused some prospective students to question the value proposition of higher education. According to the National Student
Clearinghouse Research Center, college enrollments declined 1.5% and 1.3% in fall 2013 and 2014, respectively. The industry is heavily dependent on
continued availability of funding for programs under Title IV of the Higher Education Act (&#147;Title IV programs&#148;) and concerns about potential
reductions in such funding also can reduce the level of growth.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Company Strengths</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">We have a 123-year operating history
and a track record of providing practical and convenient education programs for working adults. We believe the following strengths position us to
capitalize on the demand for post-secondary education among working adults:</FONT></DIV></P>
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     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;</B></I></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Consistent operating history.</I></B> We have been in
continuous operation since 1892 and have demonstrated an ability to operate consistently and grow profitably.</FONT></TD>
</TR>
</TABLE>
<BR>
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     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;</B></I></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Practical and diversified curricula.</I></B> We offer core
curricula in practical areas of adult education. In order to keep pace with a changing knowledge-based economy, we constantly strive to meet the
evolving needs of our working adult students and their employers by regularly refining and updating our existing educational programs. In December
2011, we acquired the Jack Welch Management Institute, an online leadership education program that enables us to offer a differentiated executive MBA
degree and executive certificates to students and employees of leading corporations. In addition, we are able to offer programs that are successful in
a given region at other locations in our campus network. Strayer University currently offers approximately 90 different degree, diploma and certificate
programs, including emphases and concentrations, to its students.</FONT></TD>
</TR>
</TABLE>
<BR>
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<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;</B></I></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Focus on working adults pursuing degree programs.</I></B>
We focus on serving working adults who are pursuing undergraduate and graduate degrees in order to advance their careers and employment opportunities.
We believe this is an attractive market within the post-secondary education sector due to the number of working adults without an undergraduate degree
and the highly motivated nature of adult students. We consider adult students to be our primary customers, with the various business and government
organizations that provide tuition assistance to their employees as our secondary customers. In addition, we believe that the structure of our
curriculum, featuring associate, bachelor&#146;s and graduate-level degree programs, encourages students to continue their education and results in
extended periods of student enrollment. Approximately 99% of our students were enrolled in degree programs for the 2014 fall term.</FONT></TD>
</TR>
</TABLE>
<BR>
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<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;</B></I></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Flexible program offerings.</I></B> We maintain flexible
quarterly programs that allow working adult students to attend classes and complete coursework on a convenient evening and weekend schedule throughout
the calendar year. Our online programs enable students to pursue a degree partially or entirely via the Internet, thereby increasing the convenience,
accessibility and flexibility of our educational programs. Approximately 65% of our students enrolled for the 2014 fall term were taking all of their
courses online.</FONT></TD>
</TR>
</TABLE>
<BR>
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<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;</B></I></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Attractive and convenient campus locations.</I></B> Our
campuses are located in growing metropolitan areas, mostly in the Mid-Atlantic and Southern regions where there are large populations of working adults
with demographic characteristics similar to those of our typical students. Strayer University&#146;s campuses are attractive and modern, offering
conducive learning environments in convenient locations.</FONT></TD>
</TR>
</TABLE>
<BR>
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<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;</B></I></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Established brand name and alumni support.</I></B> With a
123-year operating history, Strayer University is an established brand name in post-secondary adult education, and our students and graduates work
throughout corporate America. Our alumni network fosters additional referral opportunities for students.</FONT></TD>
</TR>
</TABLE>
<BR>
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<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Company Strategy</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Our goal is to be a leading provider of
post-secondary education programs, primarily in the areas of business, accounting and information technology, that prepare working adults for
advancement in their careers and professional lives. We have identified the following strategic priorities as key to achieving our
goal:</FONT></DIV></P>
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     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;</B></I></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Improve student success</I></B> &#151; Our success as a
Company depends on the success of our students. The more we focus on helping our students succeed, the more likely it is that we will succeed. In order
to improve student success, we must continue to hire outstanding faculty, individuals who are experts in their fields and who are great at teaching
working adults. We must also offer high quality course content that is relevant in today&#146;s job market.</FONT></TD>
</TR>
</TABLE>
<BR>
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<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;</B></I></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Enhance student experience</I></B> &#151; Our students are
working adults who are pursuing degrees for advancement in their careers and professional lives. Since they are working, they must pursue their
education at night and on weekends. Given the lack of free time that our students have, we must make sure every interaction with our students is a
productive one. We are constantly looking for ways to serve them better. This includes providing outstanding service not only in the classroom but also
in areas such as student advising, tutoring, registration, technology, and administration. We measure our performance through student surveys and focus
groups.</FONT></TD>
</TR>
</TABLE>
<BR>
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<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;</B></I></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Address affordability</I></B> &#151; The cost of a
post-secondary degree has increased substantially over the last ten years while average earnings have failed to keep up. Recognizing that affordability
is an important factor in a prospective student&#146;s decision to pursue a college degree, we reduced our undergraduate tuition for new students by
20% beginning in our 2014 winter academic term. Also, in mid-2013, we introduced our Graduation Fund. Under this program, qualifying students enrolled
in a bachelor&#146;s degree program are eligible to receive one free course for every three courses taken towards a bachelor&#146;s degree. The free
courses earned are redeemable in one&#146;s final academic year. We will monitor these initiatives and look for other ways to make our offerings as
affordable as possible for the working adult student.</FONT></TD>
</TR>
</TABLE>
<BR>
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<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;</B></I></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Establish new platforms for growth</I></B> &#151; We are
constantly exploring new avenues for growth. Our acquisition of the Jack Welch Management Institute in 2011 and its subsequent partnership with
Skillsoft are good examples of the opportunities that exist. With our physical campus infrastructure and robust online platform, we have the capability
to offer new programs and products that focus on areas with high potential. We recently announced that Strayer University will be offering a new
program for registered nurses to earn a Bachelor of Science in Nursing degree beginning in the fall 2015 academic term.</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;</B></I></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Build a high performing culture &#151;</I></B> In order to
be a leading university, we must have talented and motivated faculty and employees, ones who are passionate about serving the working adult student. We
strive to attract the best talent and then develop and retain them. We want to be known as an employer of choice and be a place where one can build a
long-term career.</FONT></TD>
</TR>
</TABLE>
<BR>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4<BR></FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Strayer University</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Curriculum</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Strayer University offers business,
information technology and professional curricula to equip students with specialized and practical knowledge and skills for careers in business,
industry and government. Our Academic College Deans and Program Curriculum Committees regularly review and revise the University&#146;s course
offerings to improve the educational programs and respond to competitive changes in job markets. We regularly evaluate new programs and degrees to
ensure that we stay current with the needs of our students and their employers.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Strayer University offers programs in
the following areas:</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="50%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Graduate Programs<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" WIDTH="50%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Undergraduate Programs<HR SIZE=1 NOSHADE
COLOR="#000000" ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="50%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">&#149;&nbsp;&nbsp;Master of Business Administration (M.B.A.)<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Degree<BR>&#149;&nbsp;Jack Welch Executive Master of Business<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration
(M.B.A.) Degree<BR>&#149;&nbsp;Master of Education (M.Ed.) Degree<BR>&#149;&nbsp;Master of Science in Health Services Administration<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(M.S.H.S.A.)
Degree<BR>&#149;&nbsp;Master of Public Administration (M.P.A.) Degree<BR>&#149;&nbsp;Master of Science (M.S.) Degree<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
Assurance<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Systems<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounting<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Human Resource Management<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management<BR></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="50%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">&#149;&nbsp;&nbsp;Bachelor of Science (B.S.) Degree<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounting<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Systems<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Economics<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Criminal Justice<BR> &#149;&nbsp;Bachelor of Business Administration (B.B.A.)<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Degree<BR> &#149;&nbsp;Associate in Arts (A.A.)
Degree<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounting<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions and Contract Management<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business Administration<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Systems<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Economics<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing<BR> &#149;&nbsp;Diploma Program<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition and Contract Management<BR> &#149;&nbsp;Certificate in Business
Administration</DIV></FONT></DIV></TD>
</TR></TABLE>
&nbsp;<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Each undergraduate degree program
includes courses in oral and written communication skills as well as mathematics and various disciplines in the humanities and social sciences. In
addition to our degree, diploma and certificate programs, we offer classes to non-degree and non-program students wishing to take courses for personal
or professional enrichment.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Although all of our programs are
generally offered at each campus, the University adapts its course offerings to the demands of the student population at each location. Strayer
University students may enroll in courses at more than one campus and take courses online.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Strayer University structures its
curricula to allow students to advance sequentially from one learning level to another by applying credits earned in one program toward attainment of a
more advanced degree. For example, a student originally pursuing an associate&#146;s degree in information systems can extend his or her original
educational objective by taking additional courses leading to a bachelor&#146;s degree in information systems, and ultimately a master&#146;s degree in
information systems. This curriculum design provides students a level of competency and a measure of attainment in the event they interrupt their
education or choose to work in their field of concentration prior to obtaining their final degree.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Online</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In August 1997, the University began
offering classes online. Students may take classes online using either a synchronous (&#147;real time&#148;) or asynchronous (&#147;on demand&#148;)
format. The asynchronous format was first introduced by the University in the summer 2001 academic term and has grown significantly due to increasing
demand. Currently, almost all students taking classes online choose the asynchronous format. Students may</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5<BR></FONT></DIV></P>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>take all of their courses online or
may take online courses in combination with classroom-based courses. A student taking classes online has the same admission and financial aid
requirements, is subject to the same policies and procedures and receives the same student services and support as campus-based Strayer University
students. Tuition for online courses is the same as campus courses.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Faculty</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The University appoints faculty who
hold appropriate academic credentials, are dedicated, active professionals in their field and are enthusiastic and committed to teaching working
adults. In accordance with our educational mission, the University faculty focuses its efforts on teaching. The normal course load for a full-time
faculty member is four courses per quarter for each of three quarters, or 12 courses per academic year. In addition, the University requires full-time
faculty members to provide eight hours per week of service hours which may be dedicated to developing curriculum, mentoring new faculty, and tutoring
and other student support services. Further, many full-time faculty members participate actively in the University by providing leadership curriculum,
setting academic policy and serving on assessment committees.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">We provide financial support for
faculty members seeking to enhance their skills and knowledge. The University maintains a professional development funding program that reimburses
eligible faculty and deans for completing courses, continuing education, seminars and various programs that enhance their current credentials and
knowledge base to improve their content expertise. Full-time faculty (and all other full time employees) receive a 90% discount for all Strayer
University courses. The University also conducts annual in-house faculty workshops in each discipline. We believe that our dedicated and capable
faculty is one of the keys to our success.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Organization of Strayer University</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Overall academic and business decisions
of the University, including review and approval of the annual financial budget, are directed by its Board of Trustees. The Board of Trustees consists
of Dr. Charlotte F. Beason, Chairwoman, and currently eight other members. The University By-Laws prescribe that a majority of members be independent
from the University and Strayer Education, Inc. to assure independent oversight of all academic programs and services. Of the nine members, five are
independent from the University and Strayer Education, Inc. The current Trustees are listed below:</FONT></DIV></P>
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Board of Trustees</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="20%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Dr. Charlotte F. Beason</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="80%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Dr. Beason is the Chairwoman of the Board of Trustees. She has served as a member of the Board of Trustees since 1996. She has
extensive experience in education, distance learning, and the accreditation of education programs. (See Item 10 below for additional biographical
information.)</DIV></FONT></DIV></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="20%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Mr. Mark C. Brown</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="80%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Mr. Brown was elected to the Board of Trustees in February 2015. Mr. Brown joined Strayer Education, Inc. in 2001 and has been
serving as Executive Vice President &amp; Chief Financial Officer. He is retiring from this position effective March 1, 2015. (See Item 10 below for
additional biographical information.)</DIV></FONT></DIV></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="20%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Mr. Roland Carey*</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="80%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Mr. Carey has served as a member of the Board of Trustees since 1990 and is Chair of its Nominating Committee. He served for 23 years
as a U.S. Army Officer in the specialties of Air Defense Missile Evaluation and Military Education. He retired in 1986 as a Lieutenant Colonel. Mr.
Carey served 12 years as a mathematics instructor and as an Intervention Program Coordinator with Fairfax County Public Schools. Additionally, he has
served on two other organizational management and supervisory boards. Mr. Carey holds a bachelor&#146;s degree in mathematics from Florida A&amp;M
University and a master&#146;s degree in educational leadership from George Mason University.</DIV></FONT></DIV></TD>
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</TR>
</TABLE>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">6<BR></FONT></DIV></P>
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<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%"></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="20%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Dr. Jonathan Gueverra*</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="80%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Dr. Gueverra was elected to the Board of Trustees in 2012. He now serves as the President and Chief Executive Officer of Florida Keys
Community College. Prior to this appointment, he was the founding Chief Executive Officer of the Community College of the District of Columbia, the
first community college in Washington, D.C. With over 25 years of higher education experience, Dr. Gueverra has served in a variety of administrative
and faculty positions in two-year and four-year colleges and universities along the nation&#146;s east coast. He recently served as a member of the
board of the American Association for Community Colleges and co-chaired the Commission on Workforce Development. In addition, Dr. Gueverra led a task
force on distance education for the Council of Presidents for the Florida College System. Dr. Gueverra holds an associate degree from Newbury College,
a bachelor&#146;s degree from Providence College, and a master&#146;s degree in business administration and a doctorate in education both from the
University of Massachusetts.</DIV></FONT></DIV></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="20%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Mr. Todd A. Milano</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="80%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Mr. Milano has served as a member of the Board of Trustees since 1992 and has more than 30 years of experience in post-secondary
education. He is President Emeritus and Ambassador for Central Penn College, where he has devoted his entire professional career, having served as
President and Chief Executive Officer from 1989 to 2012. (See Item 10 below for additional biographical information.)</DIV></FONT></DIV></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="20%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Dr. Michael Plater</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="80%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Dr. Michael Plater was elected to the Board of Trustees in 2012 as an ex officio member. He has served as Strayer University
President since 2011. Dr. Plater joined Strayer in 2010 as the Provost and Chief Academic Officer. Prior to joining Strayer, Dr. Plater had a
distinguished career with various other academic institutions. (See Item 10 below for additional biographical information.)</DIV></FONT></DIV></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="20%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Dr. William C. Reha, MD*</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="80%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Dr. Reha has served as a member of the Board of Trustees since 2007 and is Chair of its Alumni and Student Affairs Committee. He is a
Board Certified Urologic Surgeon in Woodbridge, Virginia. He also serves as Speaker of the House for the Medical Society of Virginia and President of
the Virginia Urological Society. Dr. Reha is active in Strayer University alumni affairs and is the 2005 Outstanding Alumni Award winner. Dr. Reha has
served as president of the Prince William County Medical Society and the Potomac Hospital Medical Staff, and is a Fellow of the Claude Moore Physician
Leadership Institute. He holds a bachelor&#146;s degree in biochemistry from Binghamton University, an M.D. from New York Medical College, and a
master&#146;s in business administration from Strayer University. He completed his residency in Surgery/Urology at Georgetown
University.</DIV></FONT></DIV></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="20%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Dr. Peter D. Salins*</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="80%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Dr. Salins has served as a member of the Board of Trustees since 2002 and is Chair of its Curriculum and Assessment Committee. Having
served as Provost and Vice Chancellor for Academic Affairs of the State University of New York (SUNY) system from 1997 to 2006, he is currently
University Professor of Political Science at SUNY&#146;s Stony Brook University and Director of its graduate program in public policy. Dr. Salins is a
Fellow of the American Institute of Certified Planners and a Director of the Citizens Housing and Planning Council of New York. Dr. Salins holds a
bachelor&#146;s degree in architecture, a master&#146;s degree in regional planning and a doctorate in metropolitan studies and regional planning, all
from Syracuse University.</DIV></FONT></DIV></TD>
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</TR>
</TABLE>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">7<BR></FONT></DIV></P>
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<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%"></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="20%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Dr. J. Chris Toe*</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="80%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Dr. Toe has served as a member of the Board of Trustees since 2003. He served as President of Strayer University from 2003 to April
2006 and as Minister of Agriculture of the Republic of Liberia from 2006 to 2009. Dr. Toe now serves as Executive Chairman of Agrifore Advisory &amp;
Investment Services (AAIS), Incorporated in Liberia and Consultant for the World Food Programme, Food and Agriculture Organization, African Development
Bank and the World Bank, among others. Dr. Toe holds a bachelor&#146;s degree in economics from the University of Liberia, and a master&#146;s degree
in agricultural economics and a doctorate in economics, both from Texas Tech University.</DIV></FONT></DIV></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><HR SIZE="1"
WIDTH="72" ALIGN="left" NOSHADE COLOR="#000000"></FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">*</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Independent member.</FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Within the academic, strategic and
financial parameters set by the Board of Trustees, the University is managed on a daily basis by the University President. The President is charged
with the responsibility of overseeing the implementation of the policies established by the Board of Trustees and is supported in this function by
senior administrative officers, including the College Deans, one each for the College of Business, the College of Arts &amp; Sciences, and the Jack
Welch Management Institute. The majority of the University&#146;s operations are centralized within the President&#146;s Office or the
University&#146;s senior administrative staff offices, such as faculty development, curriculum development, institutional research and assessment,
library administration, student records, student affairs, accounting and auditing, human resources, operations, marketing, public relations,
facilities, information technology, and regulatory compliance, including oversight of the University&#146;s participation in federal student financial
aid programs.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Within this centralized structure,
responsibilities fit into two broad categories: academic functions and operational functions. The senior administrative officers that support the
President in performing academic functions include three Senior Vice Provosts who are also Deans of the University&#146;s three academic units (the
College of Business, the College of Arts &amp; Sciences, and the Jack Welch Management Institute) and a Senior Vice Provost of Campus Academics and
Student Affairs. Together, these individuals are responsible for faculty hiring and management; curriculum development; policy oversight; and student
learning outcomes. Each academic function receives further support from the University Registrar, the University Librarian and the Dean of
Institutional Research, Assessment and Evaluation.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Operational functions are the primary
responsibility of three Senior Vice Presidents who co-lead the three academic units with the Senior Vice Provosts/College Deans. These Senior Vice
Presidents manage course offering schedules and faculty course assignments; new program feasibility assessments; and oversight of the learning
management platform. Other senior administrative officers also support the President in areas such as legal compliance, accounting and auditing,
computer technology, insurance and human resources. All of the senior administrative officers collaborate to ensure that University operations meet the
annual budget established by the Board of Trustees and all applicable regulatory requirements.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>University Senior Management</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Dr. Michael A. Plater is University
President. His biographical information is set forth in Item 10 below. At the regional and campus levels, the academic functions are overseen by the
Associate Dean of Campus Academics and the Campus Dean. Day-to-day business operations are managed by a Campus Director. Campuses are staffed with
personnel performing instructional, academic advising, financial aid, student services, admissions and career development functions. A learning
resource center at each campus supports the University&#146;s instructional programs. Each learning resource center contains a library and computer
laboratories and is operated by a full-time manager and support staff who assist students in the use of research resources.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Strayer Education, Inc. Executive
Officers</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">For a description of Strayer Education,
Inc.&#146;s senior management, see the biographical information set forth in Item 10 below.</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">8<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
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<PAGE>
<BR>
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<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Outreach</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">To identify potential students, we
engage in a broad range of activities to inform working adults and their employers about the programs offered at Strayer University. These activities
include direct and digital marketing, marketing to our existing students and graduates, print and broadcast advertising, student referrals, and
corporate and government outreach activities. Direct response methods (direct and digital marketing) are used to generate inquiries from potential
students. Strayer University maintains booths and information tables at appropriate conferences and expos, as well as at transfer days at community
colleges. We also depend on the recommendation of our alumni network to maintain and enhance Strayer University&#146;s reputation and promote its
quality education. Our business-to-business outreach efforts include personal telephone calls, distribution of information through corporate intranets
and human resource departments, and on-site information meetings. We record inquiries in our database and track them through to application and
registration. Additionally, we provide information about new programs to students and alumni to encourage them to return for further
education.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Student Profile</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The majority of Strayer University
students are working adults completing their first college degree to improve their job skills and advance their careers. Of the students enrolled in
Strayer University&#146;s programs at the beginning of the 2014 fall quarter, approximately 66% were age 31 or older and approximately 84% were engaged
in part-time study (fewer than three courses each quarter for undergraduate students and fewer than two for graduate students). In the 2014 fall
quarter, our undergraduate students registered for an average of approximately two courses and our graduate students for an average of approximately
one course.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Strayer University has a very diverse
student population. At the beginning of the 2014 fall quarter, approximately 76% of students reporting ethnicity were minorities and approximately 65%
of students were women. Approximately 1% of the University&#146;s students were international, and approximately 1% were active duty military
personnel. Strayer University prides itself on making post-secondary education accessible to working adults who were previously unable to take
advantage of educational opportunities.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The following is a breakdown of our
students by program level as of the 2014 fall term:</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="LEFT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Program<HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="LEFT"
WIDTH="38.5ptpt"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Number of<BR> students<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Percentage of<BR> total students<HR SIZE=1 NOSHADE
COLOR="#000000" ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Bachelor&#146;s </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">23,788</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">57</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Master&#146;s </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">14,061</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">33</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Associate&#146;s </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3,923</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">9</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 30px; TEXT-INDENT:
-10px">Total Degree </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">41,772</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">99</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Diploma </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">14</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">*</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Undergraduate Certificate </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">33</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">*</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Graduate Certificate </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">89</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">*</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Undeclared </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">281</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">*</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 30px; TEXT-INDENT:
-10px">Total Non-Degree </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">417</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 30px; TEXT-INDENT:
-10px">Total Students </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">42,189</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">100</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><HR SIZE="1"
WIDTH="72" ALIGN="left" NOSHADE COLOR="#000000"></FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">*&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Represents less than 1%.</FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Our business is seasonal and as a
result, our quarterly results of operations tend to vary within the year due to student enrollment patterns. Enrollment generally is lowest in the
third quarter, or summer term.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Student Admissions</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Students attending Strayer
University&#146;s undergraduate programs must possess a high school diploma or a General Educational Development (GED) Certificate. Students attending
Strayer University&#146;s graduate programs must have a bachelor&#146;s degree from an accredited institution and meet certain other requirements. If a
student&#146;s undergraduate major varies widely from the student&#146;s proposed graduate course of study, certain undergraduate prerequisite courses
may also be necessary for admission. To maximize undergraduate students&#146;</FONT></DIV></P>
<!-- agabop mode="frill" last-style="h2" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">9<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
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<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_10-k PAGE POSITION: 12 -->
<!-- agabop mode="main" last-style="h2" -->
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>chances for academic success and to
ensure they receive the support they need, Strayer University evaluates incoming students&#146; proficiency in fundamental English and math prior to
the first quarter&#146;s registration.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">International students applying for
admission must meet the same admission requirements as other students. Those students whose native language is not English must provide evidence that
they are able to use the English language with sufficient facility to perform college-level work in an English-speaking institution.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Tuition and Fees</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Strayer University charges tuition by
the course. Tuition rates may vary in states with specific regulations governing tuition costs. Each course is 4.5 credit hours. As of January 1, 2015,
undergraduate students who were new to the University after January 1, 2014 are charged $1,420 per course. Undergraduate students who initially
enrolled at Strayer prior to January 1, 2014 are charged $1,700 per course if the student attends on a full-time basis or $1,775 per course if the
student attends on a part-time basis. Graduate students who are new to the University as of January 1, 2015 are charged at a rate of $2,450 per course
while all other graduate students are charged at a rate of $2,325 per course. For the Jack Welch Management Institute, students who were new as of July
1, 2014 are charged at a rate of $3,250 per course; new as of July 1, 2013 at a rate of $3,000 per course; and new prior to July 1, 2013 at a rate of
$2,580 per course. Under a variety of different programs and in connection with various corporate and government sponsorship and tuition reimbursement
arrangements, Strayer University offers scholarships and tuition discounts to students. One of these programs, the Graduation Fund, offers a student in
a bachelor&#146;s program an opportunity to earn up to a 25% reduction of the tuition required for a degree. A new undergraduate student seeking to
obtain a bachelor&#146;s degree in four years and who was eligible for our Graduation Fund would currently pay on average approximately $11,000 per
year in tuition.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Career Development Services</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Although most of Strayer
University&#146;s students are already employed, the University actively assists its students and alumni with career-related matters. The focus for
Career Services at Strayer University is to provide career guidance and resources to assist students and alumni in reaching their educational and
professional goals. Services are delivered through various media including online, in person, recorded video, books, periodicals, and by telephone. The
services provided include career webinars, recorded seminars, career teleconferences, career advising and resume review.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">We regularly conduct alumni surveys to
monitor the career progression of our graduates and to support outcome assessment efforts required by Middle States and state
regulators.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Employees</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">As of December 31, 2014, we had a total
of 1,455 full-time employees including 318 full-time faculty members and 1,137 non-faculty staff. Full-time faculty members teach on average 4-5
courses per quarter. The remainder of the classes are taught by adjunct faculty who normally teach 1-2 courses per quarter. Although we had
approximately 1,700 adjunct faculty, not all of them teach every quarter. In the 2014 fall quarter, approximately 30% of our courses were taught by
full-time faculty. Because we are not a research university, all faculty members are expected to spend their time teaching and advising students. In
addition to our faculty, we employ 1,137 non-faculty staff plus 79 part-time employees in the areas of information systems, financial aid, recruitment
and admissions, student administration, marketing and human resources, corporate accounting and other administrative functions.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Intellectual Property</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In the ordinary course of business, we
develop many kinds of intellectual property that are or will be the subject of copyright, trademark, service mark, patent, trade secret or other
protections. Such intellectual property includes, but is not limited to, our courseware materials for classes taught online or other distance-learning
means and business know-how and internal processes and procedures developed to respond to the requirements of our operations and various education
regulatory agencies. We also claim rights to certain</FONT></DIV></P>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>marks, and have obtained federal
registration of the marks, including the mark &#147;STRAYER&#148; for educational services.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Competition</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The higher education industry is highly
competitive, but with no single participant possessing a significant market share. We compete for students with traditional public and private two-year
and four-year degree-granting accredited colleges and universities, other proprietary degree-granting accredited schools and also alternatives to
higher education. In addition, we face competition from various nontraditional, credit-bearing and noncredit-bearing education programs, provided by
both proprietary and not-for-profit providers, including massive open online courses offered worldwide without charge by traditional educational
institutions and other direct-to-consumer education services. As the proportion of traditional colleges providing alternative learning modalities
increases, we will face increasing competition for students from traditional colleges, including colleges with well-established reputations for
excellence. As the online and distance learning segment of the post-secondary education market matures, we believe that the intensity of the
competition we face will continue to increase.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">We believe the key factors affecting
our competitive position include the quality of the programs offered, the quality of other services provided to students, our reputation among students
and in the general marketplace, the cost and perceived value of our offerings, the employment rate and terms of employment for our graduates, the ease
of access to our offerings, the quality and reputation of our faculty and other employees, the quality of our campus facilities and online platform,
the time commitment required to complete our program and obtain a degree, the quality and size of our alumni, and our relationship with other learning
institutions.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Regulation</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Regulatory
Environment</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">As an institution of higher education
accredited by Middle States and operating in multiple jurisdictions, Strayer University is subject to accreditation rules and varying state licensing
and regulatory requirements. In addition, the federal Higher Education Act and the regulations promulgated thereunder require all higher education
institutions that participate in the various Title IV programs, including Strayer University, both to comply with detailed substantive and reporting
requirements and to undergo periodic regulatory scrutiny. The Higher Education Act mandates specific regulatory responsibility for each of the
following components of the higher education regulatory triad: (1) the institutional accrediting agencies recognized by the U.S. Secretary of Education
(&#147;Secretary of Education&#148;); (2) state education regulatory bodies; and (3) the federal government through the Department of Education. The
regulations, standards and policies of these regulatory agencies are subject to frequent change.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2"><B><I>Accreditation</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Strayer University has been
institutionally accredited since 1981 by Middle States, a regional accrediting agency recognized by the Secretary of Education. Strayer
University&#146;s current period of accreditation by Middle States extends through 2017. Accreditation is a system for recognizing educational
institutions and their programs for integrity, educational quality, faculty, physical resources, administrative capability and financial stability that
signifies that they merit the confidence of the educational community and the public. In the United States, this recognition comes primarily through
private voluntary associations of institutions and programs of higher education. These associations establish criteria for accreditation, conduct
peer-review evaluations of institutions and programs, and publicly designate those institutions that meet their standards. Accredited schools are
subject to periodic review by accrediting bodies to determine whether such schools maintain the performance, integrity and quality required for
accreditation.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Middle States accredits degree-granting
public and private colleges and universities in its region (including Delaware, Washington, D.C., Maryland, New Jersey, New York, Pennsylvania, Puerto
Rico and the U.S. Virgin Islands), including distance education programs offered by those institutions. Accreditation by</FONT></DIV></P>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>Middle States is an important
attribute of Strayer University. Colleges and universities depend on accreditation in evaluating transfers of credit and applications to graduate
schools. Employers rely on the accreditation status of institutions when evaluating a candidate&#146;s credentials or considering tuition reimbursement
programs. Students rely on accreditation status for assurance that an institution maintains quality educational standards.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In order for institutions to be
eligible to participate in federal student financial assistance programs, they must be accredited by an institutional accreditor recognized by the
Department of Education. The Higher Education Act charges the National Advisory Committee on Institutional Quality and Integrity (&#147;NACIQI&#148;)
with recommending to the Secretary of Education which accrediting or state approval agencies should be recognized as reliable authorities for judging
the quality of post-secondary institutions and programs. In December 2012, NACIQI renewed its recognition of Middle States, and required Middle States
to submit a follow-up staff report.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">As with all its regulatory
relationships, Strayer University strives to maintain close contact with, and to provide frequent status updates to, Middle States regarding matters
pertinent to accrediting standards and policies. This regular contact keeps Middle States informed of the University&#146;s planned activities and aims
to ensure that the University&#146;s performance continues to meet Middle States&#146; expectations. To this end, Strayer University is committed to
evaluating periodically its own performance, submitting reports to Middle States and making any necessary improvements to continue meeting Middle
States&#146; accreditation standards as the University grows and expands geographically. If an institution&#146;s performance were ever not to meet its
accrediting agency&#146;s (or other regulator&#146;s) expectations or applicable standards, then its operations could be conditioned, severely
constrained or even curtailed, depending on the severity of the non-compliance.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Accordingly, Strayer University
endeavors proactively to keep Middle States (and all of its other regulators) fully informed and satisfied with its performance and strives to maintain
good regulatory relationships as a key University priority. Beginning in 2013, Middle States undertook a review of its accreditation standards and, in
June 2014, approved revised accreditation standards. Both accreditation standards remain in effect, and Middle States will begin measuring some
institutions against the revised standards starting with the 2016-2017 institutional evaluations, but institutions scheduled for evaluations during
that time frame were given the opportunity to proceed under either set of standards. Strayer&#146;s next evaluation, which will commence with a
self-study scheduled to begin in spring 2015, will proceed under the accreditation standards in place prior to the revision.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In 2006, Strayer University completed a
comprehensive self-study report, which was submitted to Middle States in support of Strayer University&#146;s request for early reaffirmation of
accreditation prior to Middle States&#146; next scheduled accreditation review in 2011. Our objective is to provide a high quality post-secondary
education to working adult students, and participation in academic peer review processes is an important way to help us meet that objective. Middle
States reviewed Strayer University&#146;s report and on June 28, 2007, reaffirmed Strayer University&#146;s accreditation for 10 years through 2017. In
accordance with Middle States&#146; accreditation standards, every accredited institution must file a periodic review report at the mid-point between
its decennial evaluations. Strayer University filed its periodic review report on May 15, 2012, demonstrating that the institution continues to meet
Middle States&#146; standards. At its regular meeting on November 15, 2012, Middle States accepted the Periodic Review Report and reaffirmed Strayer
University&#146;s accreditation. Strayer University subsequently filed a progress report in November 2013, and the next evaluation visit is scheduled
for 2016-2017. All of Strayer University&#146;s substantive changes require prior Middle States approval. In connection with our closing of
approximately 20 physical locations in 2013, we received Middle States&#146; approval and submitted a follow-up report on the closures on April 1,
2014.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In 2000, the agencies that accredit
higher education institutions in various regions of the United States adopted a Policy Statement on Evaluation of Institutions Operating
Interregionally. Under that policy, both the home regional accreditor and the host regional accreditor cooperate to evaluate an institution that
delivers education at a physical site in the host accreditor&#146;s region. Although the home region is solely responsible for final accreditation
actions, as we open campuses in regions outside Middle States&#146; region, the host regional accreditors may elect to participate in the accreditation
process of such expansion operations.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In addition to our institutional
accreditation, we have obtained specialized or programmatic accreditation, or professional recognition, from the following organizations for specific
programs: The Accreditation Council</FONT></DIV></P>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>for Business Schools and Programs,
The Society for Human Resource Management, The National Security Agency&#146;s Committee on National Security Systems, and the Teacher Education
Accreditation Council.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>State Education
Licensure</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Licensure of Physical
Campuses</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Strayer University is required by the
federal Higher Education Act and certain state laws to be legally authorized to provide educational programs in the states in which the University is
physically located. We are authorized to offer our programs by the applicable educational regulatory agencies in all states where our physical campuses
and online delivery facilities are located. We are dependent upon the authorization of each state where we are physically located to allow us to
operate and to grant degrees, diplomas or certificates to students in those states. We are subject to extensive regulation in each jurisdiction in
which our campuses are located, including in 2014: Alabama, Arkansas, Delaware, Florida, Georgia, Louisiana, Maryland, Mississippi, New Jersey, North
Carolina, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia, Wisconsin and Washington, D.C. We will be subject to similar
extensive regulation in those additional states in which we may expand our operations in the future. State laws and regulations affect our operations
and may limit our ability to introduce educational programs or establish new campuses. At the end of 2013, we implemented a restructuring intended to
better align our resources with our current student enrollments, and closed approximately 20 physical locations in eight states. In addition, in 2014
we closed our Wisconsin physical location, and in March of 2015 we will close our Metairie, Louisiana location.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">On October 29, 2010, the Department of
Education adopted new regulations, effective July 1, 2011, that set new requirements for state authorization for purposes of Title IV eligibility.
Every state above in which Strayer is authorized has processes in place that comply with these new requirements.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Licensure of Online
Programs</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The increasing popularity and use of
the Internet and other technology for the delivery of education has led, and may continue to lead, to the adoption of new laws and regulatory practices
in the United States or foreign countries or to interpretation of existing laws and regulations to apply to such services. These new laws and
interpretations may relate to issues such as the requirement that online education institutions be licensed as a school in one or more jurisdictions
even where they have no physical location. New laws, regulations, or interpretations related to doing business over the Internet could increase Strayer
University&#146;s cost of doing business, affect its ability to increase enrollments and revenues, or otherwise have a material adverse effect on our
business.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">On October 29, 2010, the Department of
Education adopted new regulations, which were to be effective July 1, 2011, regarding state authorization of online programs. The revised rules
specified that an institution offering distance post-secondary education must meet any state requirements for it to be legally offering post-secondary
distance or correspondence education in that state. On May 6, 2011, the Department of Education issued a Dear Colleague Letter interpreting this new
regulation, stating that it &#147;will not initiate any action to establish repayment liabilities or limit student eligibility for distance education
activities undertaken by an institution before July 1, 2014, so long as the institution is making good faith efforts to identify and obtain necessary
State authorizations before that date.&#148; On July 12, 2011, the U.S. District Court for the District of Columbia vacated the regulation relating to
state authorization for distance education, which decision was upheld by the U.S. Court of Appeals for the District of Columbia Circuit on June 5,
2012. In April 2013, the Department of Education announced that it would add state authorization of distance education to a negotiated rulemaking
previously initiated in May 2012. While four negotiated rulemaking sessions were conducted from February through May 2014, no consensus was reached.
The Department of Education has stated that it intends to issue a proposed rule in the spring of 2015.</FONT></DIV></P>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Department of
Education</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">To be eligible to participate in Title
IV programs, Strayer University must comply with specific standards and procedures set forth in the Higher Education Act and the regulations issued
thereunder by the Department of Education. An institution must, among other things, be authorized to offer its educational programs by each state in
which it is physically located and maintain institutional accreditation by a recognized accrediting agency as discussed above. The institution also
must be certified by the Department of Education to participate in Title IV programs and follow Department of Education rules regarding the awarding
and processing of funds issued under the Title IV programs. For purposes of the Title IV programs, Strayer University and all of its campuses are
considered to be a single institution of higher education, such that Department of Education requirements applicable to an institution of higher
education are generally applied to all of Strayer University&#146;s campuses in the aggregate rather than on an individual basis. On October 1, 2014,
Strayer University received an executed provisional Program Participation Agreement with the Department of Education allowing it to participate in
Title IV programs until June 30, 2017. The Program Participation Agreement is provisional because of the open program reviews described
below.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Other
Approvals</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Strayer University is approved by
appropriate authorities for the education of veterans and members of the selective reserve and their dependents, as well as for the rehabilitation of
veterans. In addition, Strayer University is authorized by the U.S. Department of Homeland Security to admit foreign students for study in the United
States subject to applicable requirements. The U.S. Department of Homeland Security, working with the U.S. Department of State, has implemented a
mandatory electronic reporting system for schools that enroll foreign students and exchange visitors. The University is also authorized to participate
in state financial aid programs in Pennsylvania, Florida and Vermont.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Financing Student
Education</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Students finance their Strayer
University education in a variety of ways, and historically about three quarters of our students participated in one or more Title IV programs. Many
financial aid programs are designed to assist eligible students whose financial resources are inadequate to meet the cost of education. With these
programs, financial aid is awarded on the basis of financial need, generally defined under the Higher Education Act as the difference between the cost
of attending a program of study and the amount a student reasonably can be expected to contribute to those expenses. All recipients of federal student
financial aid must maintain a satisfactory grade point average (&#147;GPA&#148;) and progress in a timely manner toward completion of a program of
study. Undergraduate students must have a 2.0 cumulative GPA to graduate; graduate students other than JWMI students must have a 3.0 cumulative GPA to
graduate; and JWMI students must have a 2.5 cumulative GPA to graduate.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In addition, many of our working adult
students finance their own education or receive full or partial tuition reimbursement from their employers. Congress has enacted several tax credits
for students pursuing higher education and has provided for a tax deduction for interest on student loans and exclusions from income of certain tuition
reimbursement amounts. Eligible students at Strayer University may also participate in educational assistance programs administered by the Commonwealth
of Pennsylvania, the State of Florida, the State of Vermont, private organizations, the U.S. Department of Veterans Affairs (and related state
agencies), and the U.S. Department of Defense (&#147;DOD&#148;).</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Congress recently expanded education
benefits available to veterans who have served on active duty since September 11, 2001. Under the relevant law, known as the Post-9/11 Veterans
Educational Assistance Act of 2009 (as amended August 1, 2011), sometimes referred to as the &#147;New GI Bill,&#148; eligible veterans may receive,
among other benefits, tuition benefits up to the net cost to the student (after accounting for state and federal aid, scholarships, institutional aid,
fee waivers, and similar assistance), subject to a cap of $20,235 for non-public domestic institutions for 2014-15. In addition, eligible students
pursuing an educational program solely through distance learning are eligible to receive a housing stipend, equal to half the amount available to
students attending certain classroom-based programs or programs that combine classroom learning and distance learning.</FONT></DIV></P>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">DOD promulgated regulations, published
December 7, 2012 and effective January 7, 2013, requiring all institutions participating in DOD military tuition assistance programs to sign a
Memorandum of Understanding, or MOU, by March 1, 2013. At that time, Strayer University executed such an MOU with DOD. In 2014, the DOD revised the MOU
and required participating institutions to execute a new MOU. Strayer University participates in DOD military tuition assistance programs under a
revised Memorandum of Understanding with the DOD, executed on September 5, 2014, and various branches of the armed services. Thereunder, the University
agrees to comply with DOD rules and procedures regarding the receipt of tuition assistance on behalf of active duty military personnel (and qualifying
family members) in attendance at the University.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Title IV
Programs</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Strayer University maintains
eligibility for its students to participate in the following Title IV programs:</FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;</I></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Federal Grants. </I>Grants under the Federal Pell Grant
program are available to eligible students based on financial need and other factors. In April 2011, year-round Pell Grant awards beginning with the
2011-2012 award year were permanently eliminated. In addition, effective July 1, 2012, eligibility for Pell Grants was reduced from 18 semesters to 12
semesters.</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;</I></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Campus-Based Programs.</I> The campus-based Title IV programs
include the Federal Supplemental Educational Opportunity Grant program, the Federal Perkins Loan, and the Federal Work-Study Program. Strayer
University does not actively participate in the Perkins Loan or the Federal Work-Study Program.</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;</I></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Federal Direct Student Loans.</I> Under the William D. Ford
Federal Direct Loan Program, the Department of Education makes loans directly to students and their parents. Students who demonstrate financial need
may qualify for a subsidized loan. With a subsidized loan, the federal government will pay the interest on the loan while the student is in school and
during any approved periods of deferment, until the student&#146;s obligation to repay the loan begins. Unsubsidized loans are available to students
who do not qualify for a subsidized loan or, in some cases, in addition to a subsidized loan. PLUS loans, including Graduate PLUS loans, are
unsubsidized. The Budget Control Act of 2011, signed into law on August 2, 2011, eliminated federal direct subsidized loans for graduate and
professional students as of July 1, 2012. The terms and conditions of subsidized loans originated prior to July 1, 2012 are not affected by the
change.</FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Federal Financial Aid
Regulation</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">To be eligible to participate in Title
IV programs, Strayer University must comply with specific standards and procedures set forth in the Higher Education Act and the regulations issued
thereunder by the Department of Education. As part of those participation standards, the Department of Education determines whether, among other
things, the institution meets certain standards of administrative capability and financial responsibility. The institution must also follow extensive
Department of Education rules regarding the awarding and processing of funds issued under the Title IV programs. Some of the key provisions regarding
institutional eligibility and processing federal financial aid are described below.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Program Participation
Agreement</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Each institution participating in Title
IV programs must enter into a Program Participation Agreement with the Department of Education. Under the agreement, the institution agrees to follow
the Department of Education&#146;s rules and regulations governing Title IV programs. Strayer University&#146;s provisional Program Participation
Agreement with the Department of Education allows it to participate in Title IV programs until June 30, 2017.</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">15<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Provisional
Certification</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In certain circumstances, the
Department of Education may certify an institution&#146;s continuing eligibility to participate in Title IV programs on a provisional basis for up to
three complete award years (July 1 &#150; June 30) from the date of provisional certification. During the period of provisional certification, the
institution must comply with any additional conditions included in its program participation agreement. If the Department of Education determines that
a provisionally certified institution is unable to meet its responsibilities under its program participation agreement, it may seek to revoke or
further condition the institution&#146;s certification to participate in Title IV programs with fewer due process protections for the institution than
if it were fully certified. Should the Department of Education seek to revoke eligibility during the provisional period, the institution will have an
opportunity to show cause why such revocation is not warranted and the Department of Education&#146;s decision to accept or reject such cause will
constitute final agency action. Strayer University is operating under a provisional Program Participation Agreement through June 30, 2017, and the only
material additional condition that the University must comply with as a result of this provisional certification is obtaining the Department of
Education&#146;s approval for substantial changes, including the addition of any new location, level of academic offering, or non-degree and degree
programs.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Administrative
Capability</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Department of Education regulations
specify extensive criteria by which an institution must establish that it has the requisite administrative capability to participate in Title IV
programs. To meet the administrative capability standards, an institution, among other things, must comply with all applicable Title IV program
regulations, must not have cohort default rates above specified levels, must have various procedures in place for safeguarding federal funds, must not
be, and not have any principal or affiliate who is, debarred or suspended from federal contracting or engaging in activity that is cause for debarment
or suspension, must submit in a timely manner all reports and financial statements required by the regulations and must not otherwise appear to lack
administrative capability.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Financial
Responsibility</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Higher Education Act and Department
of Education regulations establish extensive standards of financial responsibility that institutions such as Strayer University must satisfy in order
to participate in Title IV programs. These standards generally require that an institution provide the services described in its official publications
and statements, properly administer the Title IV programs in which it participates and meet all of its financial obligations, including required
refunds and any repayments to the Department of Education for debts and liabilities incurred in programs administered by the Department of
Education.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Department of Education standards
utilize a complex formula to assess financial responsibility. The standards focus on three financial ratios: (1) equity ratio (which measures the
institution&#146;s capital resources and ability to borrow); (2) primary reserve ratio (which measures the institution&#146;s financial viability and
liquidity) and (3) net income ratio (which measures the institution&#146;s ability to operate at a profit or within its means). An institution&#146;s
financial ratios must yield a composite score of at least 1.5 for the institution to be deemed financially responsible without alternative measures and
further federal oversight. Strayer University has applied the financial responsibility standards to its financial statements as of and for the year
ended December 31, 2014, and based on its composite score and other relevant factors, we believe that Strayer University meets the Department of
Education&#146;s financial responsibility standards.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Student Loan
Defaults</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Under the Higher Education Act, an
educational institution may lose its eligibility to participate in some or all of the Title IV programs if defaults on the repayment of Direct Loan or
Federal Family Education Loan (FFEL) Program loans by its students exceed certain levels. The Department of Education uses a specific methodology to
determine default rates and imposes varying sanctions based upon the results of that calculation. As discussed below, the cohort default rate
calculation and threshold for regulatory sanctions changed effective 2014 as a result of the reauthorization of the Higher Education Act through the
Higher Education Opportunity Act (&#147;HEOA&#148;), which was effective August 18, 2008.</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">16<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Department of Education calculates
a rate of student defaults (known as a cohort default rate) for each institution with 30 or more borrowers entering repayment in a given federal fiscal
year. The Department of Education includes in the cohort all student borrowers at the institution who entered repayment on any Direct or FFEL Program
loan during that year. The cohort default rate is the percentage of those borrowers who become subject to their repayment obligation in the relevant
federal fiscal year and default by the end of the second federal fiscal year following that fiscal year, resulting in a three-year cohort default rate.
Because of the need to collect data on defaults, the Department of Education publishes cohort default rates three years in arrears; for example, in the
fall of 2014, the Department of Education issued cohort default rates for federal fiscal year 2011.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Department of Education may take
adverse action against an institution if it has excessive cohort default rates, including the following:</FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">If an institution&#146;s cohort default rate is 30% or more in a
given fiscal year, the institution will be required to assemble a &#147;default prevention task force&#148; and submit to the Department of Education a
default improvement plan.</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">If an institution&#146;s cohort default rate exceeds 30% for two
consecutive years, the institution will be required to review, revise and resubmit its default improvement plan. The Department of Education may direct
that the plan be amended to include actions, with measurable objectives, that it determines will promote loan repayment.</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">If an institution&#146;s cohort default rate exceeds 30% for two
out of three consecutive years, the Department of Education may subject the institution to provisional certification. The institution may file a timely
appeal on specified grounds according to specified procedures, and if the Secretary of Education determines that the institution demonstrated a basis
for relief, the Secretary may not subject the institution to provisional certification based solely on the institution&#146;s cohort default
rate.</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">If an institution&#146;s cohort default rate is equal to or
greater than 30% for each of the three most recent federal fiscal years for which data are available, the institution will be ineligible to participate
in the Direct Loan Program and Federal Pell Grant Program.</FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">An institution generally loses
eligibility to participate in Title IV programs if its most recent cohort default rate is greater than 40%, and institutions with a cohort default rate
equal to or greater than 15% for any of the three most recent fiscal years for which data are available are subject to a 30-day delayed disbursement
period for first-year, first-time borrowers. Because its cohort default rate for 2010 was 15.1%, Strayer disburses Direct Loans in this
manner.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Strayer&#146;s official three-year
cohort default rates for 2009, 2010, and 2011, as well as the average official three-year cohort default rates for proprietary institutions nationally,
were as follows:</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE STYLE="MARGIN-LEFT: 20px" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="90%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Strayer University<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">National Average<BR> Proprietary Institutions<HR SIZE=1
NOSHADE COLOR="#000000" ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">2011 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">14.9</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">19.1</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">2010 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">15.1</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">21.8</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">2009 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">13.8</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">22.7</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">As part of its compliance program
related to the cohort default rate, Strayer University provides entrance and exit counseling to its students and engages the services of a third party
to counsel students once they are in repayment status regarding their repayment obligations.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>The 90/10
Rule</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">A requirement of the Higher Education
Act, commonly referred to as the 90/10 Rule, applies only to proprietary institutions of higher education, which includes Strayer University. Under
this rule, a proprietary institution is prohibited from deriving more than 90% of its revenues (as revenues are computed under the Department of
Education&#146;s methodology) from Title IV funds on a cash accounting basis (except for certain institutional loans) for any fiscal
year.</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">17<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The 90/10 Rule is a compliance
obligation that is part of an institution&#146;s program participation agreement with the Department of Education. A proprietary institution of higher
education that violates the 90/10 Rule for any fiscal year will be placed on provisional status for up to two fiscal years. Proprietary institutions of
higher education that violate the 90/10 Rule for two consecutive fiscal years will become ineligible to participate in Title IV programs for at least
two fiscal years and will be required to demonstrate compliance with Title IV eligibility and certification requirements for at least two fiscal years
prior to resuming Title IV program participation. In addition, the Department of Education discloses on its website any proprietary institution of
higher education that fails to meet the 90/10 requirement, and reports annually to Congress the relevant ratios for each proprietary institution of
higher education.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">HEOA changes in 2008 generally codified
the regulatory formula for 90/10 rule calculations, but also expanded on the Department of Education&#146;s formula in certain respects, including by
broadening the categories of funds that may be counted as non-Title IV revenue for 90/10 Rule purposes. The HEOA provisions were effective on August
14, 2008, and the Department of Education issued final regulations implementing the 90/10 Rule and certain other HEOA provisions that were effective
July 1, 2010, but institutions could have, at their discretion, implemented the 90/10 Rule regulations on or after November 1, 2009. These regulations
clarify the treatment of certain types of revenue, and require institutions to report in their annual financial statement audits not only the
percentage of revenues derived from Title IV funds during the fiscal year, but also the dollar amounts of the numerator and denominator of the 90/10
calculation and specified categories of revenue. The regulations also shorten from 90 to 45 days the time period within which institutions must notify
the Secretary after the end of a fiscal year in which the institution failed to meet the 90/10 Rule requirement.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Using the HEOA formula, Strayer
University derived approximately 74% of its cash-basis revenues from Title IV program funds in both 2012 and 2013. Our computation for 2014 has not yet
been finalized and audited; however, we believe we will remain in compliance with the 90/10 Rule requirement.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The key components of non-Title IV
revenue for Strayer University are individual student payments, employer tuition reimbursement payments, veterans benefits, vocational rehabilitation
funds, private loans, state grants, and scholarships. Certain members of Congress have proposed to revise the 90/10 Rule to count DOD tuition
assistance and veterans education benefits along with Title IV revenue toward the 90% limit and to reduce the limit to 85% of total
revenue.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Incentive
Compensation</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">As a part of an institution&#146;s
program participation agreement with the Department of Education and in accordance with the Higher Education Act, the institution may not provide any
commission, bonus or other incentive payment based directly or indirectly on success in securing enrollments or financial aid to any person or entity
engaged in any student recruitment, admissions or financial aid awarding activity. Failure to comply with the incentive payment rule could result in
loss of certification to participate in federal student financial aid programs, limitations on participation in the federal student financial aid
programs, or financial penalties.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Effective July 1, 2011, the Department
of Education eliminated 12 &#147;safe harbors&#148; that had been established in 2002 to define circumstances under which an institution would not run
afoul of the incentive payment prohibition. The final rules prohibit payments made &#147;in any part,&#148; directly or indirectly, upon the success of
securing enrollments or financial aid, apply to all employees at an institution who are engaged in or responsible for any student recruitment or
admission activity, limit &#147;profit-sharing payments,&#148; and set rules for third-party contracts. The Department of Education published Dear
Colleague Letter GEN-11-05 interpreting this regulation. We believe we are in compliance with the regulation.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Gainful
Employment</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Under the Higher Education Act, a
proprietary institution offering programs of study other than a baccalaureate degree in liberal arts (for which there is a limited statutory exception)
must prepare students for gainful employment in a recognized occupation. The Department of Education previously attempted to define &#147;an eligible
program of training to prepare students for gainful employment in a recognized occupation.&#148; After</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">18<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>a federal court invalidated the
Department of Education&#146;s regulation (except for disclosure requirements), the Department of Education established a negotiated rulemaking
committee to again consider the issue of gainful employment, and appointed Strayer University&#146;s then-General Counsel to serve on the committee.
The Committee did not achieve the required consensus, allowing the Department of Education to put forth its own proposed rules. On March 25, 2014, the
Department of Education issued a Notice of Proposed Rulemaking for public comment, and on October 31, 2014, the Department of Education published the
final regulation which will become effective on July 1, 2015.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The new requirements include two
debt-to-earnings measures, consisting of an annual income rate and a discretionary income rate. The annual income rate measures student debt in
relation to earnings, and the discretionary income rate measures student debt in relation to discretionary income. Under the new gainful employment
regulation, a program would pass if the program&#146;s graduates:</FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;</U></B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">have an annual income rate ratio that does not exceed 8%;
<B><U>or</U></B></FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">have a discretionary income rate that does not exceed
20%.</FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In addition, a program that does not
pass either of the debt-to-earnings metrics, and that has an annual income rate between 8% and 12%, or a discretionary income rate between 20% and 30%,
would be considered to be in a warning zone. A program would fail if the program&#146;s graduates have an annual income rate of 12% or greater and a
discretionary income rate of 30% or greater. A program would become Title IV-ineligible for three years if it fails both metrics for two out of three
consecutive years, or fails to pass at least one metric for four consecutive award years.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">If an institution is notified by the
Secretary that a program could become ineligible, based on its final rates, for the next award year:</FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">the institution must provide a warning with respect to the
program to students and prospective students indicating, among other things, that students may not be able to use Title IV funds to attend or continue
in the program; and</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">the institution must not enroll, register or enter into a
financial commitment with a prospective student until a specified time after providing the warning to the prospective student.</FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The new regulation also requires
institutions to report student and program level data to the Department of Education, and comply with additional disclosure requirements beginning in
January 2017.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In addition, the gainful employment
regulation requires institutions to certify by December 31, 2015, among other things, that each eligible gainful employment program is programmatically
accredited if required by a federal governmental entity or a state governmental entity of a state in which it is located or is otherwise required to
obtain state approval, and that each eligible program satisfies the applicable educational prerequisites for professional licensure or certification
requirements in each state in which it is located or is otherwise required to obtain state approval, so that a student who completes the program and
seeks employment in that state qualifies to take any licensure or certification exam that is needed for the student to practice or find employment in
an occupation that the program prepares students to enter.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company does not have adequate
guidance or data from the Department of Education to determine definitively the full financial or operational impact, if any, of the new regulations
going forward. The requirements associated with the gainful employment regulations will substantially increase our administrative burdens and could
affect our student enrollment, persistence and retention. Further, although the regulations provide opportunities for an institution to correct any
potential deficiencies in a program prior to the loss of Title IV eligibility, the continuing eligibility of our academic programs will be affected by
factors beyond management&#146;s control, such as changes in our graduates&#146; employment and income levels, changes in student borrowing levels,
increases in interest rates, and various other factors. Even if we were able to correct any deficiency in the gainful employment metrics in a timely
manner, the disclosure requirements associated with a program&#146;s failure to meet at least one metric may adversely affect student enrollments in
that program and may adversely affect the reputation of our institution.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In November 2014, two organizations
filed separate lawsuits against the Department of Education in federal courts seeking to have the new regulation invalidated. Both suits allege that
the Department of</FONT></DIV></P>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>Education exceeded its statutory
authority in promulgating the regulation, that the regulation violates the institution&#146;s constitutional rights, and that the regulation is
arbitrary and capricious. We cannot predict when or how the courts may rule on these lawsuits.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Return of Federal
Funds</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Under the Higher Education Act&#146;s
return-of-funds provision, an institution must return Title IV funds to a Title IV program in a timely manner if a student received funds from that
program but did not earn them due to the student&#146;s withdrawal from the institution. In order to determine if funds should be returned, the
institution must first determine the amount of Title IV program funds that the student earned. If the student attends the institution, but withdraws
during the first 60% of any period of enrollment or payment period, the amount of Title IV program funds that the student earned is equal to a pro rata
portion of the funds for which the student would otherwise be eligible. Strayer University uses the student&#146;s last day of attendance as the
withdrawal date for purposes of return to Title IV. Effective July 1, 2011, institutions that use the last day of attendance are required to measure
the last day of attendance based on official attendance records, and &#147;attendance&#148; for online classes must include participation in an
academically related activity. Strayer University&#146;s systems allow for measurement on this basis. If the student withdraws after the 60% point,
then the student has earned 100% of the Title IV program funds. The institution must return to the appropriate Title IV programs, in a specified order,
the lesser of the unearned Title IV program funds or the institutional charges incurred by the student for the period multiplied by the percentage of
unearned Title IV program funds. An institution must return the funds no later than 45 days after the date that the institution determines that a
student withdrew.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">If the funds are not returned in a
timely manner, an institution may be subject to adverse action, including being required to submit a letter of credit equal to 25% of the refunds the
institution should have made in its most recently completed fiscal year. Under Department of Education regulations, if late returns of Title IV program
funds constitute 5% or more of students sampled in the institution&#146;s annual compliance audit for either of its two most recently completed fiscal
years, an institution generally must submit an irrevocable letter of credit payable to the Secretary of Education.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Third-Party
Servicers</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Department of Education regulations
permit an institution to enter into a written contract with a third-party servicer for the administration of any aspect of the institution&#146;s
participation in Title IV programs. The third-party servicer must, among other obligations, comply with Title IV requirements and be jointly and
severally liable with the institution to the Secretary of Education for any violation by the servicer of any Title IV provision. An institution must
report to the Department of Education new contracts or any significant modifications to contracts with third-party servicers as well as other matters
related to third-party servicers. Strayer University has written contracts with third-party servicers to perform activities related to Strayer
University&#146;s participation in Title IV programs. Strayer University also has a contract with Heartland Payment Systems, Inc. for processing
stipends due to students and with General Revenue Corporation for loan default prevention. Prior to September 30, 2011, Strayer University utilized
Global Financial Aid Services, Inc., for services including certifying Title IV loan applications, preparing reports from Strayer University to the
Department of Education, and issuing federal grant program payments. The University&#146;s agreement with Global Financial Aid Services expired on
September 30, 2011, at which point Strayer University in-sourced its financial aid processing.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Lender
Relationships</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">As part of an institution&#146;s
program participation agreement with the Department of Education, the institution must adopt a code of conduct pertaining to student loans. Strayer
University has a code of conduct that it believes complies with the provisions of HEOA in all material respects. In addition to the code of conduct
requirements that apply to institutions, HEOA contains provisions that apply to lenders, prohibiting lenders from engaging in certain activities as
they interact with institutions.</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">20<BR></FONT></DIV></P>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Prior to the termination of the FFEL
Program on June 30, 2010, Strayer University was subject to rules applicable to institutions that make available a list of recommended or suggested
federal loan lenders for use by potential borrowers. Strayer University remains subject to those rules with respect to private education
loans.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Restrictions on Adding Locations
and Educational Programs</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">State requirements and accrediting
agency standards limit the ability of Strayer University to establish additional locations and programs. Most states require approval before
institutions can add new programs, campuses or teaching locations. Middle States requires institutions that it accredits to notify it in advance of
implementing new programs or locations, which may require additional approval. At its discretion, Middle States may also conduct site visits to
additional locations to ensure that accredited institutions that experience rapid growth in the number of additional locations, among other reasons,
maintain educational quality. All new Strayer University campus locations require Middle States approval before students are enrolled, and the Higher
Education Act requires Middle States to monitor institutions with significant enrollment growth. In addition, under Strayer University&#146;s
provisional certification, the Department of Education must approve any new campus location, level of academic offering and non-degree and degree
programs.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Higher Education Act requires
proprietary institutions of higher education to be in full operation for two years before qualifying to participate in Title IV programs. However, the
applicable regulations in many circumstances permit an institution that is already qualified to participate in Title IV programs to establish
additional locations that are exempt from the two-year rule. These additional locations generally may qualify immediately for participation in the
Title IV programs, unless the location was acquired from another institution that has ceased offering educational programs at that location and has
Title IV liabilities that it is not repaying in accordance with an agreement to do so, and the acquiring institution does not agree, among other
matters, to be responsible for certain liabilities of the acquired institution. The new location must satisfy all other applicable requirements for
institutional eligibility, including approval of the additional location by the relevant state authorizing agency and the institution&#146;s
accrediting agency. Strayer University&#146;s expansion plans assume its continued ability to establish new campuses as additional locations of Strayer
University under such applicable regulations and thereby to avoid incurring the two-year delay in participation in Title IV programs. The loss of state
authorization or accreditation of Strayer University or an existing campus, or the failure of Strayer University or a new campus to obtain state
authorization or accreditation, would render Strayer University ineligible to participate in Title IV programs at least in that state or at that
location. Department of Education regulations require institutions to report to the Department of Education a new additional location at which at least
50% of an eligible program will be offered, if the institution wants to disburse Title IV program funds to students enrolled at that location. Under
its provisional Program Participation Agreement with the Department of Education, Strayer University must obtain Department of Education approval for
the addition of any new location. Institutions are responsible for knowing whether they need approval, and institutions that add locations and disburse
Title IV program funds without having obtained any necessary approval may be subject to administrative repayments and other sanctions.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The gainful employment regulation that
becomes effective July 1, 2015 provides that an institution may establish a new program&#146;s Title IV eligibility by updating the list of the
institution&#146;s programs maintained by the Department of Education, and thereby making the certification required by the regulation. However, an
institution may not update its list of eligible programs to include a gainful employment program, or a gainful employment program that is substantially
similar to a failing or zone program that the institution voluntarily discontinued or became ineligible, that was subject to the three-year loss of
eligibility until that three-year period expires.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Other Regulations Governing Title
IV Programs</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Department of Education has enacted
a comprehensive set of regulations governing an institution&#146;s participation in the Title IV programs. If Strayer University were not to continue
to comply with these regulations, such non-compliance might affect the operations of the University and its ability to participate in Title IV
programs.</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">21<BR></FONT></DIV></P>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Compliance
Reviews</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Strayer University is subject to
announced and unannounced compliance reviews and audits by various external agencies, including the Department of Education, its Office of Inspector
General, state licensing agencies, guaranty agencies, and accrediting agencies. The Higher Education Act and Department of Education regulations also
require an institution to submit annually to the Secretary of Education a compliance audit of its administration of the Title IV programs conducted by
an independent certified public accountant in accordance with Government Auditing Standards and applicable audit guides of the Department of
Education&#146;s Office of Inspector General. In addition, to enable the Secretary of Education to make a determination of financial responsibility, an
institution must submit annually to the Secretary of Education audited financial statements prepared in accordance with Department of Education
regulations.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In an August 2010 letter to members of
the Senate Health, Education, Labor and Pensions (HELP) Committee, the Secretary of Education announced plans to increase the number of program reviews
by 50%, from 200 conducted in 2010 to 300 in 2011. In 2014, the Department of Education conducted four campus-based program reviews of Strayer
University locations in three states and the District of Columbia, with one on-site review conducted August 18-20, 2014; one on-site review conducted
September 8-11, 2014; and two on-site reviews conducted September 22-26, 2014. The reviews covered federal financial aid years 2012-2013 and 2013-2014,
and two of the reviews also covered compliance with the Jeanne Clery Disclosure of Campus Security Policy and Campus Crime Statistics Act, the
Drug-Free Schools and Communities Act, and regulations related thereto. On October 21, 2014, the Department of Education issued an Expedited Final
Program Review Determination Letter for one of the program reviews conducted the week of September 22, 2014, closing the program review with no further
action required by us. On November 17, 2014, we received a Program Review Report for the program review conducted in August 2014, and provided a
response to the Department of Education on December 15, 2014. On January 7, 2015, we received a Final Program Review Determination letter from that
August 2014 review, closing the review with no further action required by us. In addition, while the on-site portions of the other two program reviews
have concluded, Strayer University has yet to receive determination letters from these reviews.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Potential Effect of Regulatory
Violations</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">If Strayer University fails to comply
with the regulatory standards governing Title IV programs, the Department of Education could impose one or more sanctions, including transferring
Strayer University from the advance payment method to the reimbursement or cash monitoring system of payment, seeking to require repayment of certain
Title IV funds, requiring the University to post a letter of credit in favor of the Department of Education as a condition for continued Title IV
certification, taking emergency action against the University, referring the matter for criminal prosecution or initiating proceedings to impose a fine
or to limit, condition, suspend or terminate Strayer University&#146;s participation in Title IV programs. Although there are no such sanctions
currently in force, if such sanctions or proceedings were imposed against Strayer University and resulted in a substantial curtailment, or termination,
of the University&#146;s participation in Title IV programs or resulted in substantial fines or monetary liabilities, Strayer University would be
materially and adversely affected.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">If Strayer University lost its
eligibility to participate in Title IV programs, or if Congress reduced the amount of available federal student financial aid, the University would
seek to arrange or provide alternative sources of revenue or financial aid for students. Although the University believes that one or more private
organizations would be willing to provide financial assistance to students attending Strayer University, there is no assurance that this would be the
case, and the interest rate and other terms of such student financial aid are unlikely to be as favorable as those for Title IV program funds. Strayer
University might be required to guarantee all or part of such alternative assistance in a manner that complies with rules governing schools&#146;
relationships with lenders or might incur other additional costs in connection with securing alternative sources of financial aid. Accordingly, the
loss of eligibility of Strayer University to participate in Title IV programs, or a reduction in the amount of available federal student financial aid,
would be expected to have a material adverse effect on Strayer University, even if it could arrange or provide alternative sources of revenue or
student financial aid.</FONT></DIV></P>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In addition to the actions that may be
brought against us as a result of our participation in Title IV programs, we also may be subject, from time to time, to complaints and lawsuits
relating to regulatory compliance brought not only by our regulatory agencies, but also by other government agencies and third
parties.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Change in Ownership Resulting in
a Change of Control</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Many states and accrediting agencies
require institutions of higher education to report or obtain approval of certain changes in ownership or other aspects of institutional status, but the
types of and triggers for such reporting or approval vary among states and accrediting agencies. In addition, Strayer University&#146;s accrediting
agency, Middle States, requires institutions that it accredits to inform it in advance of any substantive change, including a change that significantly
alters the ownership or control of the institution. Examples of substantive changes requiring advance notice to and approval of Middle States include
changes in the legal status, ownership or form of control of the institution, such as the sale of a proprietary institution. Middle States must approve
a substantive change in advance in order to include the change in the institution&#146;s accreditation status. Middle States will undertake a site
visit to an institution that has undergone a change in ownership or control no later than six months after the change.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Higher Education Act provides that
an institution that undergoes a change in ownership resulting in a change of control loses its eligibility to participate in the Title IV programs and
must apply to the Department of Education in order to reestablish such eligibility. An institution is ineligible to receive Title IV program funds
during the period prior to recertification. The Higher Education Act provides that the Department of Education may temporarily, provisionally certify
an institution seeking approval of a change of ownership and control based on preliminary review by the Department of Education of a materially
complete application received by the Department of Education within 10 business days after the transaction. The Department of Education may continue
such temporary, provisional certification on a month-to-month basis until it has rendered a final decision on the institution&#146;s application. If
the Department of Education determines to approve the application after a change in ownership and control, it issues a provisional certification, which
extends for a period expiring not later than the end of the third complete award year following the date of provisional certification. The Higher
Education Act defines one of the events that would trigger a change in ownership resulting in a change of control as the transfer of the controlling
interest of the stock of the institution or its parent corporation. For a publicly traded corporation, the securities of which are required to be
registered under the Exchange Act, such as Strayer, the Department of Education regulations implementing the Higher Education Act define a change in
ownership resulting in a change of control as occurring when a person acquires ownership and control of a corporation such that the corporation is
required to file a Form 8-K with the Securities and Exchange Commission (SEC) publicly disclosing the change of control. The regulations also provide
that a change in ownership and control of a publicly traded corporation occurs if a person who is a controlling stockholder of the corporation ceases
to be a controlling stockholder. A controlling stockholder is a stockholder who holds or controls through agreement both 25% or more of the total
outstanding voting stock of the corporation and more shares of voting stock than any other stockholder.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The U.S. Department of Homeland
Security, working with the U.S. Department of State, has implemented a mandatory electronic reporting system for schools that enroll foreign students
and exchange visitors. Strayer University currently is authorized by the U.S. Department of Homeland Security to admit foreign students for study in
the United States subject to applicable requirements. In certain circumstances, the Department of Homeland Security may require an institution to
obtain approval for a change in ownership and control.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Pursuant to federal law providing
benefits for veterans and reservists, some of the programs offered by Strayer University are approved for the enrollment of persons eligible to receive
U.S. Department of Veterans Affairs educational benefits by the state approving agencies. In 2014, we had such approval in Alabama, Arkansas, Delaware,
Florida, Georgia, Louisiana, Maryland, Mississippi, New Jersey, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West
Virginia, Wisconsin, and Washington, D.C. In certain circumstances, state approving agencies may require an institution to obtain approval for a change
in ownership and control.</FONT></DIV></P>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">If Strayer University underwent a
change of control that required approval by any state authority, Middle States or any federal agency, and any required regulatory approval were
significantly delayed, limited or denied, there could be a material adverse effect on Strayer University&#146;s ability to offer certain educational
programs, award certain degrees, diplomas or certificates, operate one or more of its locations, admit certain students or participate in Title IV
programs, which in turn would materially and adversely affect Strayer University&#146;s operations. A change that required approval by a state
regulatory authority, Middle States or a federal agency could also delay Strayer University&#146;s ability to establish new campuses or educational
programs and may have other adverse regulatory effects. Furthermore, the suspension from Title IV programs and the necessity of obtaining regulatory
approvals in connection with a change of control may materially limit Strayer University&#146;s flexibility in future financing or acquisition
transactions.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Recent or Pending Legislative and
Regulatory Activity</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Congress has been considering
legislation that would make further changes in the Higher Education Act and other education-related federal laws. Congressional activity may adversely
affect enrollment in for-profit educational institutions. We cannot predict the impact, if any, of these recent or pending legislative changes on our
long-term business model, or whether the newly constituted 114<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Congress will consider
similar legislation, although uncertainty associated with Congressional activity has had a negative impact on the industry as a whole.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">As discussed more fully above, the
Department of Education recently issued a final regulation on gainful employment, which becomes effective on July 1, 2015. This regulation establishes
debt-to-earnings metrics that a Title IV eligible program must pass in order to maintain eligibility. A program failing both debt-to-earnings metrics
in two out of three consecutive years, or failing or in a warning zone for four consecutive years, would be deemed ineligible to receive Title IV funds
for a period of three years.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Congress</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Congress historically has reauthorized
the Higher Education Act (&#147;HEA&#148;), which is the law governing Title IV programs, approximately every five to six years. On July 31, 2008,
Congress reauthorized the HEA through the end of 2013, by passing the HEOA, which President Bush signed into law on August 14, 2008. The HEOA
provisions became effective upon enactment, unless otherwise specified in the law. HEOA includes numerous new and revised requirements for higher
education institutions. In October 2009, the Department of Education published final regulations to implement HEOA changes to Title IV of the Higher
Education Act. Those regulations were effective July 1, 2010. Congress extended funding for Title IV through September 30, 2016, through the
Consolidated and Further Continuing Appropriations Act, 2015. On November 20, 2014, Senator Harkin, the former Chairman of the Senate HELP Committee
who has since retired, introduced S. 2954, the Higher Education Affordability Act, which would reauthorize the HEA through the next reauthorization.
Concurrently, the House has continued to hold hearings regarding the reauthorization of the HEA. We cannot predict what the final reauthorization will,
or will not do, or when or how it will be enacted, or its effects on Strayer University.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In addition to HEOA, three other laws
to amend and reauthorize aspects of the Higher Education Act have been enacted over the last few years. In February 2006, President Bush signed the
Deficit Reduction Act of 2005, which included the Higher Education Reconciliation Act of 2005, or HERA. Among other measures, HERA reauthorized the
Higher Education Act with respect to the federal guaranteed student loan programs. In September 2007, President Bush signed the College Cost Reduction
and Access Act, which increased benefits to students under the Title IV programs and reduced payments to and raised costs for lenders that participate
in the federal student loan programs. In May 2008, President Bush signed the Ensuring Continued Access to Student Loans Act of 2008, or ECASLA, which
was designed to facilitate student loan availability and to increase student access to federal financial aid in light of then-current market
conditions. Congress extended ECASLA for an additional year, to June 30, 2010. In March 2010, Congress passed the Student Aid and Fiscal Responsibility
Act of 2009, which eliminated the FFEL Program and required all institutions participating in Title IV programs to convert exclusively to the Direct
Loan Program by July 1, 2010.</FONT></DIV></P>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Consumer Financial Protection
Bureau, or CFPB, submitted two reports to Congress in 2012 with specific recommendations for restructuring the student borrowing experience, including
requiring institutions to certify that a student is not eligible for any further federal funds before a private loan may be issued to such student. On
October 16, 2014, the CFPB Student Loan Ombudsman released its third annual report analyzing more than 5,300 complaints the CFPB received from private
student loan borrowers between October 1, 2013 and September 30, 2014. The report stated that, as Congress considers HEA reauthorization, it may be
useful to assess whether certain reforms related to the servicing of credit cards and mortgages might also strengthen loan servicing. We do not know
what steps the CFPB or Congress may take in response to these actions and whether such actions (if any) will have an adverse effect on our business or
results of operations.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">On August 9, 2013, the Bipartisan
Student Loan Certainty Act became law. Under the Act, interest rates on all Direct loans to undergraduates are pegged to the 10-year T-bill rate plus
2.05%, with a cap at 8.25%. Interest rates on direct loans to post-graduate students will be at the T-bill rate plus 3.6%, with a cap at 9.5%. Interest
rates on direct PLUS loans are set at the T-bill rate plus 4.6%, with a cap at 10.5%. Direct consolidation loan rates will be a weighted average of the
interest rates of the consolidated loans rounded to the nearest 1/8<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> of 1%. Interest rates
would be reset every July 1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> and effective for loans taken out from July 1<SUP
style="font-size: 85%; vertical-align: text-top">st</SUP> to June 30<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> of the next year.
Those interest rates would be effective for the life of the loan.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">On December 19, 2013, Senator Jack Reed
(D-RI) introduced legislation in the Senate that would create a risk sharing program for those institutions with more than 25% of its students
participating in a student loan program. Institutions in the program would be assessed between 5 and 20 percent of the amount students owe on their
loans, depending on the degree to which the institution&#146;s cohort default rate exceeded 15%. Similar legislation was introduced in the House on
September 18, 2014. The POST Act of 2013, introduced in the House by Representative Steve Cohen (D-TN), would require proprietary institutions to
derive at least 15% of their revenue from non-federal funding sources, including funds from the Department of Defense and Department of Veterans
Affairs. We cannot predict whether these or similar bills, and others affecting our business, will be reintroduced in the 114<SUP style="font-size:
85%; vertical-align: text-top">th</SUP> Congress and will pass or what, if any, impact they would have on our business.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Appropriations</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Congress reviews and determines
appropriations for Title IV programs on an annual basis. An elimination of certain Title IV programs, a reduction in federal funding levels of such
programs, material changes in the requirements for participation in such programs, or the substitution of materially different programs could reduce
the ability of certain students to finance their education. This, in turn, could lead to lower enrollments at Strayer University or require us to
increase our reliance upon alternative sources of student financial aid. Given the significant percentage of our revenues that are derived indirectly
from the Title IV programs, the loss of or a significant reduction in Title IV program funds available to our students could have a material adverse
effect on Strayer University.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Senate Health, Education, Labor and
Pensions (HELP) Committee</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In 2010, the U.S. Congress increased
its focus on proprietary education institutions, including regarding participation in Title IV programs and DOD oversight of tuition assistance for
military service members. Since June 2010, the Senate HELP Committee, formerly led by Senator Harkin, has held hearings to examine the proprietary
education sector. Other committees of the U.S. Congress have also held hearings into, among other things, the standards and procedures of accrediting
agencies, credit hours and program length, the portion of federal student financial aid going to proprietary institutions, and the receipt of veterans
and military education benefits by students enrolled at proprietary institutions. Strayer University has cooperated with these inquiries. A number of
legislators have variously requested the Government Accountability Office (GAO) to review and make recommendations regarding, among other things,
recruitment practices, educational quality, student outcomes, the sufficiency of integrity safeguards against waste, fraud and abuse in Title IV
programs, and the percentage of proprietary institutions&#146; revenue coming from Title IV and other federal funding sources. The GAO released four
reports on for-profit post-secondary education: first, a report in August 2010 (subsequently revised in November 2010) that concluded, based on a
three-month undercover investigation, that employees at a non-random sample of 15 proprietary institutions (not including Strayer University) made
deceptive</FONT></DIV></P>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>statements to students about
accreditation, graduation rates, job placement, program costs, and financial aid; second, a report in October 2010 critical of the Department of
Education&#146;s efforts to enforce the ban on incentive payments; third, a report in October 2011 critical of the student experience and instructor
performance at some for-profit online institutions; and fourth, a report in December 2011 comparing various student outcomes across proprietary,
non-profit, and public institutions.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">On July 30, 2012, the then-majority of
the Senate HELP Committee, led by Democrats, released its final report on the for-profit sector of higher education entitled &#147;For Profit Higher
Education: The Failure to Safeguard the Federal Investment and Ensure Student Success.&#148; While acknowledging that for-profit institutions have a
role to play in higher education, the report criticized the proprietary institution industry on many fronts. However, the report also concluded that
Strayer University&#146;s &#147;performance, measured by student withdrawal and default rates, is one of the best of any company examined, and it
appears that students are faring well at this degree based for-profit college.&#148; S. Rept. 112-37. The report ultimately recommended several
measures for reform which could change the participation of proprietary institutions in Title IV funding, including the following:</FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Tie access to federal financial aid to minimum student outcome
thresholds.</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Prohibit institutions from funding marketing, advertising and
recruiting activities with federal financial aid dollars.</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Expand the reporting period for cohort default rates beyond
three years.</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Require that for-profits receive 15% of revenues from
non-federal sources.</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Extend the ban on incentive compensation to include all
employees of institutions of higher education, and clarify that this ban extends to numeric threshold or quota-based termination policies.</FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The report was not adopted by the full
Committee, and the Republican minority released their own report criticizing the majority&#146;s investigation in many aspects, including that it did
not include a review of all institutions of higher education. In addition, on July 30, 2014, the then-majority of the Committee released a report
entitled &#147;Is the New G.I. Bill Working?: For-Profit Colleges Increasing Veteran Enrollment and Federal Funds,&#148; detailing the amount of
Post-9/11 GI Bill Benefits paid to for-profit colleges, including Strayer, and recommending that the 90/10 rule be &#147;strengthened.&#148; The report
states that at least four companies, including Strayer, &#147;appear to be receiving close to or more than half of their reported non-federal financial
aid revenue on the 10 side of the equation from Post-9/11 GI Bill benefit funds.&#148; Of the top ten proprietary institutions mentioned receiving such
funds, Strayer University was noted as receiving one of the lowest amounts of Post 9/11 GI Bill funds.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">On September 21, 2012, a group of
Democratic senators wrote a letter to the Federal Trade Commission urging it to evaluate the marketing practices utilized by many proprietary
institutions through the use of third-party lead generators. In addition, legislation was introduced in the Senate by then Senator Harkin in April
2012, which would prevent institutions from using Title IV funds for marketing activities. Similar legislation may be introduced in the 114<SUP
style="font-size: 85%; vertical-align: text-top">th</SUP> Congress.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">This increased congressional activity
is expected to continue and may result in legislation, further rulemaking affecting participation in Title IV programs, and other governmental
actions.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>U.S. Department of
Education</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Title IV regulations applicable to
Strayer University have been subject to frequent revisions, many of which have increased the level of scrutiny to which higher education institutions
are subjected and have raised applicable standards. In October 2009, the Department of Education published final regulations to implement the
HEOA&#146;s numerous new and revised requirements for higher education institutions. These regulations were effective July 1, 2010. On October 29,
2010, the Department of Education published final regulations regarding program integrity at higher education institutions (Program Integrity
Regulations), most of which became effective July 1, 2011. On May 5, 2011, the Department of Education initiated a new negotiated rulemaking process on
teacher preparation programs and federal student loans. The negotiations ended in April 2012. On November 25, 2014, the Department of Education issued
a Notice of Proposed Rulemaking related</FONT></DIV></P>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>to teacher preparation programs
which would, among other things, encourage states to develop systems to identify high- and low-performing teacher preparation programs and report
annually on the performance of such programs.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In May 2012, the Department of
Education announced its intent to establish a negotiated rulemaking committee to prepare proposed regulations designed to prevent fraud and otherwise
ensure proper use of Title IV, HEA program funds, especially in the context of current technologies. In particular, the Department of Education intends
to propose regulations to address the use of debit cards and other banking mechanisms for disbursing Federal Student Aid funds, and to improve and
streamline the campus-based Federal Student Aid programs. Public hearings were held in May 2012. On April 16, 2013, the Department of Education
announced that it would add gainful employment, program integrity, Title IV cash management, and state authorization of distance education among others
to this previously initiated negotiated rulemaking. In June 2013, the Department of Education announced that it would break out gainful employment, and
establish a separate negotiated rulemaking committee for this purpose. The negotiated rulemaking committee dealing with gainful employment held several
meetings in the third and fourth quarters of 2013, and as discussed in further detail above, the Department of Education issued a final regulation in
October 2014 related to gainful employment.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Strayer University must comply with the
campus safety and security reporting requirements as well as other requirements in the Jeanne Clery Disclosure of Campus Security Policy and Campus
Crime Statistics Act, or Clery Act, including recent changes made to the Clery Act by the Violence Against Women Reauthorization Act of 2013, which was
signed into law on March 7, 2013. On April 1, 2014, a negotiated rulemaking committee reached consensus on proposed regulations, and on October 20,
2014, the Department of Education promulgated final regulations implementing the recent amendments to the Clery Act. In addition, the Department of
Education has interpreted Title IX of the Education Amendments of 1972, or Title IV, to categorize sexual violence as a form of prohibited sex
discrimination and to require institutions to follow certain disciplinary procedures with respect to such offenses. Failure to comply with Clery Act or
Title IX requirements or regulations thereunder could result in action by the Department of Education to require corrective action, fine the University
or limit or suspend its participation in Title IV programs, could lead to litigation, and could harm the University&#146;s reputation.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>State Licensure</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Under the Program Integrity Regulations
regarding state licensure, a proprietary institution is considered legally authorized by a state if the state has a process to review and appropriately
act on complaints concerning the institution, including enforcing applicable state laws, and the institution complies with any applicable state
approval or licensure requirements consistent with the Program Integrity Regulations. These requirements became effective July 1, 2011, but the
Department of Education has delayed the implementation date twice provided certain conditions are met, such as the state is establishing an acceptable
authorization process and the institution obtains an explanation from the state that supports application of the extension. The most recent such
extension was announced in June 2014, and the delayed implementation date is July 1, 2015.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">If an institution offers post-secondary
education through distance or correspondence education to students in a state in which it is not physically located or in which it is otherwise subject
to state jurisdiction as determined by the state, the institution must meet any state requirements for it to be legally offering post-secondary
distance or correspondence education in that state. On June 5, 2012, the Court of Appeals upheld a lower court&#146;s ruling vacating the state
authorization of online programs requirement. On July 27, 2012, the Department of Education issued a Dear Colleague Letter cautioning education
institutions to remain in compliance with all applicable state laws and regulations related to distance education. In April 2013, the Department of
Education announced that it would add state authorization of distance education to a negotiated rulemaking previously initiated in May 2012. While four
negotiated rulemaking sessions were conducted from February through May 2014, no consensus was reached. The Department of Education has stated publicly
that it intends to issue a proposed rule in the spring of 2015.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Program Integrity Regulations also
amended the general provisions regarding student consumer information. Under this revision, the institution must make available for review to any
enrolled or prospective student upon request, a copy of the documents describing the institution&#146;s accreditation and its state,
federal,</FONT></DIV></P>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>or tribal approval or licensing.
The institution must also provide its students or prospective students with contact information for filing complaints with its accreditor and with its
state approval or licensing entity and any other relevant state official or agency that would appropriately handle a student&#146;s
complaint.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">We are authorized to offer our programs
by the applicable educational regulatory agencies in all states where our physical campuses and online delivery facilities are located, and these
states have the applicable complaint processes in place as required by the regulations.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Incentive
Compensation</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Institutions participating in the Title
IV programs may not pay any commission, bonus, or other incentive payment based directly or indirectly on securing enrollments or financial aid to
personnel engaged in recruitment or admissions or making decisions about awarding Title IV aid. Previously, there were 12 &#147;safe harbors&#148;
relating to payment and compensation plans that institutions may practice without fear of violating the prohibition. The Program Integrity Regulations
removed the safe harbors when they became effective on July 1, 2011.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The regulations prohibit incentive
compensation to employees engaged in any student recruitment or admission activity or in making decisions regarding the award of Title IV funds that is
based in any part, directly or indirectly, upon success in securing enrollments or the award of financial aid. Merit-based adjustments to employee
compensation may be made if they are not based in any part, directly or indirectly, upon success in securing enrollments or the award of financial aid.
Profit-sharing payments may be made as long as they are not provided to any person who is engaged in student recruitment or admission activity or in
making decisions regarding the award of Title IV funds. The regulations also obligate a third-party servicer to refer to the Office of Inspector
General of the Department of Education any information indicating payment of any commission, bonus, or other incentive payment based in any part,
directly or indirectly, upon success in securing enrollments or the award of financial aid to any person or entity engaged in any student recruitment
or admission activity or in making decisions regarding the award of Title IV funds.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2"><I>Misrepresentation</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Under the Higher Education Act, the
Department of Education may fine, suspend or terminate the participation in Title IV programs by an institution that engages in substantial
misrepresentation of the nature of its educational program, its financial charges, or the employability of its graduates. The Program Integrity
Regulations set forth the types of activities that constitute misrepresentation and describe the adverse actions that the Department of Education may
take if it finds that an institution or a third party that provides educational programs, marketing, advertising, recruiting or admissions services to
the institution engaged in substantial misrepresentation. The new rule specifies the types of statements that can subject the institution to liability
for misrepresentation, the nature and form of misleading statements, and provides that an institution may not describe the eligible institution&#146;s
participation in Title IV programs in a manner that suggests approval or endorsement by the U.S. Department of Education of the quality of its
educational programs. On June 5, 2012, the U.S. Court of Appeals for the District of Columbia Circuit held that the Department of Education&#146;s
expansion of the definition of misrepresentation to include &#147;any statement that has the likelihood or tendency to deceive or confuse&#148; was
unsupported by law, and thus vacated that portion of the regulation. In response to the court&#146;s ruling, on September 20, 2013, the Department of
Education published technical amendments to the regulation.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Gainful Employment Reporting and
Disclosure</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Under the Higher Education Act, a
proprietary institution offering programs of study other than a baccalaureate degree in liberal arts (for which there is a limited statutory exception)
must prepare students for gainful employment in a recognized occupation. The Program Integrity Regulations established new annual reporting
requirements that are applicable to these programs. For each such program, Strayer University reported specific information regarding the program, the
students enrolled in the program, and students who completed the program, including the amount the student received from private educational loans and
institutional financing plans. In addition, the Program Integrity Regulations require institutions with gainful</FONT></DIV></P>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>employment programs to disclose to
prospective students certain information relating to those programs, including the occupations that the program prepares students to enter; the on-time
graduation rate; tuition, fees, and costs; job placement rates, if applicable; and median loan debt of students who completed the program. Strayer
University makes such disclosures on its website and in promotional materials. The June 30, 2012 U.S. District Court for the District of Columbia
decision related to Gainful Employment vacated the reporting requirements, but the disclosure requirements remain in effect. The Department of
Education required institutions to make the first disclosures by July 1, 2011 to update the disclosures for the 2011-2012 award year by January 31,
2013, and to update the disclosures for the 2012-2013 award year, using a newly developed template released by the Department of Education in November
2013 by January 31, 2014, which was subsequently updated in September 2014. We made our first disclosures in 2011, and completed timely updates of the
disclosures for the 2011-2012, 2012-2013, and 2013-2014 years.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The new gainful employment regulations,
which become effective on July 1, 2015, re-establish reporting requirements previously invalidated by the U.S. District Court, with the first reporting
required by July 31, 2015 of information related to the previous second through seventh award years. In addition, institutions will be required every
year thereafter to report certain student and program level information to the Department of Education every subsequent year for the most recently
concluded award year. In addition, the new regulation will sunset the current program disclosures on December 31, 2016, with new disclosures required,
as determined by subsequent releases to be published by the Department of Education in the Federal Register, starting in January 2017.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>New Programs</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Program Integrity Regulations
established requirements intended to remain in place until the Department of Education implements performance-based standards for approving additional
programs using gainful employment measures. These regulations required an institution to notify the Department of Education of new programs (defined in
the regulations) that are subject to gainful employment requirements. Notification was to be made at least 90 days before the first day of class. The
institution could proceed to offer the program, unless the Department of Education advised the institution that the additional educational program must
be approved. This program approval process was vacated by the U.S. District Court for the District of Columbia in its June 30, 2012 decision
invalidating the gainful employment regulation.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The new gainful employment regulation
that becomes effective July 1, 2015 provides that an institution may establish a new program&#146;s Title IV eligibility by updating the list of the
institution&#146;s programs maintained by the Department of Education. However, an institution may not update its list of eligible programs to include
a gainful employment program, or a gainful employment program that is substantially similar to a failing or zone program that the institution
voluntarily discontinued or became ineligible, that was subject to the three-year loss of eligibility until that three-year period
expires.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Administration of Financial
Aid</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Several of the Program Integrity
Regulations relate to the administration of financial aid, including the areas of the definition of online attendance, definition of credit hours,
measuring satisfactory academic progress, return of federal funds when a student withdraws, verification and disbursement.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>College Affordability and
Transparency Lists</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Department of Education publishes
on its website lists of the top 5% of institutions, in each of nine categories, with (1) the highest tuition and fees for the most recent academic
year, (2) the highest &#147;net price&#148; for the most recent academic year, (3) the largest percentage increase in tuition and fees for the most
recent three academic years, and (4) the largest percentage increase in net price for the most recent three academic years. An institution that is
placed on a list for high percentage increases in either tuition and fees or in net price must submit a report to the Department of Education
explaining the increases and the steps that it intends to take to reduce costs. The Department of Education will report annually to Congress on these
institutions and will publish their reports on its website. The Department of Education also posts lists of the top 10% of institutions in each of the
nine categories with lowest tuition and fees or the lowest net price for</FONT></DIV></P>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>the most recent academic year.
Under HEOA, net price means average yearly price actually charged to first-time, full-time undergraduate students who receive student aid at a higher
education institution after such aid is deducted.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>College Ratings</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">On December 19, 2014, the Department of
Education issued a framework for a college ratings system, which will include predominantly four-year and two-year institutions. Although the
Department of Education has not chosen the metrics that will be used in the ratings system, it is considering using metrics such as completion rates,
transfer rates, and labor market success. The Department of Education requested that the public submit comments on its proposed framework by February
17, 2015.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Executive Order on Military and
Veterans Benefits Programs</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In April 2012, President Obama issued
an Executive Order directing the Departments of Defense and Veterans Affairs, along with other Executive Branch agencies, to implement actions to
establish &#147;Principles of Excellence&#148; to apply to educational institutions receiving funding from Federal military and veterans educational
benefits programs, including benefits programs provided by the Post-9/11 GI Bill and the tuition assistance program. The Principles of Excellence
relate broadly to information regarding tuition and fees, academic quality, marketing, and state authorization requirements. The Principles of
Excellence require federal agencies to create a centralized complaint system for students receiving federal military and veterans educational benefits
to register complaints that relevant agencies can track and address. On January 30, 2014, the Department of Defense, Department of Veterans Affairs,
Department of Education, and Federal Trade Commission, in collaboration with the CFPB and the U.S. Department of Justice, announced a new online
student complaint system for service members, veterans, and their families to report negative experiences at education institutions and training
programs administering the Post-9/11 GI Bill, Department of Defense tuition assistance programs, and other military-related education benefit
programs.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Credit Hours</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In 2009, the Department of
Education&#146;s Office of Inspector General criticized three accreditors, including Middle States, for deficiency in their oversight of
institutions&#146; credit hour allocations. In June 2010, the House Education and Labor Committee held a hearing concerning accrediting agencies&#146;
standards for assessing institutions&#146; credit hour policies. The Program Integrity Regulations define the term &#147;credit hour&#148; for the
first time and require accrediting agencies and/or state authorization agencies to review the reliability and accuracy of an institution&#146;s credit
hour assignments. If an accreditor does not comply with this requirement, its recognition by the Department of Education could be jeopardized. If an
accreditor identifies systematic or significant noncompliance in one or more of an institution&#146;s programs, the accreditor must notify the
Secretary of Education. If the Department of Education determines that an institution is out of compliance with the credit hour definition, the
Department of Education could impose liabilities or other sanctions.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Additional Information</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">We maintain a website at
www.strayereducation.com. The information on our website is not incorporated by reference in this Annual Report on Form 10-K and our web address is
included as an inactive textual reference only. We make available on our website our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q,
Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as
reasonably practicable after we electronically file such material with, or furnish it to, the SEC.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Form 10-K and other reports filed
with the SEC can be read or copied at the SEC&#146;s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. Information on the operation
of the Public Reference Room can be obtained by calling the SEC at 1-800-SEC-0330. The SEC maintains a website that contains reports, proxy and
information statements, and other information regarding issuers that file electronically with the SEC; the website address is
www.sec.gov.</FONT></DIV></P>
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<TR VALIGN="TOP">
     <TD WIDTH="67px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Item 1A.</B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Risk Factors</B></FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Investing in our common stock
involves a high degree of risk. You should carefully consider the following risk factors and all other information contained in this Annual Report on
Form 10-K or in the documents incorporated by reference herein before making an investment decision. The occurrence of any of the following risks could
materially harm our business, adversely affect the market price of our common stock and could cause you to suffer a partial or complete loss of your
investment. Additional risks not presently known to us or that we currently deem immaterial may also materially harm our business and operations. See
&#147;Cautionary Notice Regarding Forward-Looking Statements.&#148;</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Risks Related to Extensive Regulation of Our
Business</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>If we fail to comply with the
extensive regulatory requirements for our business, we could face significant monetary liabilities, fines and penalties, including loss of access to
federal student loans and grants for our students.</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">As a provider of higher education, we
are subject to extensive regulation on both the federal and state levels. In particular, the Higher Education Act and related regulations subject
Strayer University and all other higher education institutions that participate in the various Title IV programs to significant regulatory
scrutiny.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Higher Education Act mandates
specific regulatory responsibilities for each of the following components of the higher education regulatory triad: (1) the federal government through
the Department of Education; (2) the accrediting agencies recognized by the U.S. Secretary of Education (Secretary of Education) and (3) state
education regulatory bodies. In addition, other federal agencies, such as the Consumer Financial Protection Bureau and Federal Trade Commission, and
various state agencies and state Attorneys General enforce consumer protection laws applicable to post-secondary educational
institutions.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The regulations, standards and policies
of these regulatory agencies frequently change, and changes in, or new interpretations of, applicable laws, regulations, standards or policies could
have a material adverse effect on our accreditation, authorization to operate in various states, permissible activities, receipt of funds under Title
IV programs or costs of doing business.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Title IV requirements are enforced by
the Department of Education and in some instances by private plaintiffs. If we are found to be in noncompliance with these laws, regulations, standards
or policies, we could lose our access to Title IV program funds, which would have a material adverse effect on our business. Findings of noncompliance
also could result in our being required to pay monetary damages, or being subjected to fines, penalties, injunctions, restrictions on our access to
Title IV program funds or other censure that could have a material adverse effect on our business.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Our failure to comply with the
Department of Education&#146;s gainful employment regulations could result in heightened disclosure requirements and loss of Title IV
eligibility.</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">To be eligible for Title IV funding,
academic programs offered by proprietary institutions of higher education must prepare students for gainful employment in a recognized occupation.
After a federal court invalidated the previously adopted gainful employment regulations, the Department of Education convened a negotiated rulemaking
to propose new regulations related to gainful employment &#151; which negotiations did not yield the required consensus. On March 25, 2014, the
Department of Education published a Notice of Proposed Rulemaking for public comment, and on October 31, 2014, the Department of Education published
the final regulation, effective July 1, 2015. The new requirements include two debt-to-earnings measures, consisting of an annual income rate and a
discretionary income rate. The annual income rate measures student debt in relation to earnings, and the discretionary income rate measures student
debt in relation to discretionary income. Under the new regulation, a program would pass if the program&#146;s graduates:</FONT></DIV></P>
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     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;</U></B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">have an annual income rate that does not exceed 8%;
<B><U>or</U></B></FONT></TD>
</TR>
</TABLE>
<BR>
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<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">have a discretionary income rate that does not exceed
20%.</FONT></TD>
</TR>
</TABLE>
<BR>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In addition, a program that does not
pass either of the debt-to-earnings metrics, and that has an annual income rate between 8% and 12%, or a discretionary income rate between 20% and 30%,
would be considered to be in a warning zone. A program would fail if the program&#146;s graduates have an annual income rate of 12% or greater and a
discretionary income rate of 30% or greater. A program would become Title IV-ineligible for three years if it fails both metrics for two out of three
consecutive years, or fails to pass at least one metric for four consecutive award years. The regulations provide a means by which an institution may
challenge the Department of Education&#146;s calculation of any of the debt metrics prior to loss of Title IV eligibility.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">At this point, we do not have adequate
guidance or data from the Department of Education to determine definitively the full financial or operational impact, if any, of the new regulations
going forward. The requirements associated with the gainful employment regulations will substantially increase our administrative burdens and could
affect our student enrollment, persistence and retention. Further, although the regulations provide opportunities for an institution to correct any
potential deficiencies in a program prior to the loss of Title IV eligibility, the continuing eligibility of our academic programs will be affected by
factors beyond management&#146;s control such as changes in our graduates&#146; employment and income levels, changes in student borrowing levels,
increases in interest rates, and various other factors. Even if we were able to correct any deficiency in the gainful employment metrics in a timely
manner, the disclosure requirements associated with a program&#146;s failure to meet at least one metric may adversely affect student enrollments in
that program and may adversely affect the reputation of our institution.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Congressional examination of
for-profit post-secondary education could lead to legislation or other governmental action that may negatively affect the
industry.</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In 2010, the U.S. Congress increased
its focus on for-profit higher education institutions, including regarding participation in Title IV programs and oversight by the Department of
Defense of tuition assistance for military service members attending for-profit colleges. Since June 2010, the Senate HELP Committee, formerly led by
Senator Harkin, has held hearings to examine the proprietary education sector, and the final report of the majority Members of the Committee was
critical of the industry as a whole. Further, the report recommended various reforms which would affect proprietary institutions&#146; participation in
Title IV programs. Other Committees of the U.S. Congress have also held hearings into, among other things, the standards and procedures of accrediting
agencies, credit hours and program length, the portion of federal student financial aid going to proprietary institutions, and the receipt of veterans
and military education benefits by students enrolled at proprietary institutions. Strayer University has cooperated with these inquiries. A number of
legislators have variously requested the GAO to review and make recommendations regarding, among other things, recruitment practices, educational
quality, student outcomes, the sufficiency of integrity safeguards against waste, fraud and abuse in Title IV programs, and the percentage of
proprietary institutions&#146; revenue coming from Title IV and other federal funding sources. GAO released four reports on for-profit post-secondary
education: first, a report in August 2010 (subsequently revised in November 2010) that concluded, based on a three-month undercover investigation, that
employees at a non-random sample of 15 proprietary institutions (not including Strayer University) made deceptive statements to students about
accreditation, graduation rates, job placement, program costs, and financial aid; second, a report in October 2010 critical of the Department of
Education&#146;s efforts to enforce the ban on incentive payments; third, a report in October 2011 critical of the student experience and instructor
performance at some for-profit online institutions; and fourth, a report in December 2011 comparing various student outcomes across proprietary,
non-profit, and public institutions.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">On July 30, 2012, the then-majority of
the Senate HELP Committee, led by Democrats, released a report entitled &#147;For Profit Higher Education: The Failure to Safeguard the Federal
Investment and Ensure Student Success.&#148; The report concluded that Strayer University&#146;s &#147;performance, measured by student withdrawal
rates, is one of the best of any company examined, and it appears that students are faring well at this degree based for-profit college.&#148; S. Rept.
112-37. While acknowledging that for-profit institutions have a role to play in higher education, the report criticized the proprietary institution
industry on many fronts. The report ultimately recommended several measures for reform which could change the participation of proprietary institutions
in Title IV funding, including the following:</FONT></DIV></P>
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     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Tie access to federal financial aid to minimum student outcome
thresholds.</FONT></TD>
</TR>
</TABLE>
<BR>
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<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Prohibit institutions from funding marketing, advertising and
recruiting activities with federal financial aid dollars.</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Expand the reporting period for cohort default rates beyond
three years.</FONT></TD>
</TR>
</TABLE>
<BR>
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<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Require that for-profits receive 15% of revenues from
non-federal sources.</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Extend the ban on incentive compensation to include all
employees of institutions of higher education, and clarify that this ban extends to numeric threshold or quota-based termination policies.</FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The report was not adopted by the full
Committee, and the Republican minority released their own report criticizing the majority&#146;s investigation in many aspects, including that it did
not include a review of all institutions of higher education. In addition, on July 30, 2014, the then-majority of the Committee released a report
entitled &#147;Is the New G.I. Bill Working?: For-Profit Colleges Increasing Veteran Enrollment and Federal Funds,&#148; detailing the amount of
Post-9/11 GI Bill Benefits paid to for-profit colleges, including Strayer, and recommending that the 90/10 rule be &#147;strengthened.&#148; The report
states that at least four companies, including Strayer, &#147;appear to be receiving close to or more than half of their reported non-federal financial
aid revenue on the 10 side of the equation from Post-9/11 GI Bill benefit funds.&#148; Of the top ten proprietary institutions mentioned receiving such
funds, Strayer University was noted as receiving one of the lowest amounts of Post 9/11 GI Bill funds.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">On September 21, 2012, a group of
Democratic senators wrote a letter to the Federal Trade Commission urging it to evaluate the marketing practices utilized by many proprietary
institutions through the use of third-party lead generators. In addition, legislation was introduced in the Senate by then Senator Harkin in April 2012
that would prevent institutions from using Title IV funds for marketing activities. Similar legislation may be introduced in the 114<SUP
style="font-size: 85%; vertical-align: text-top">th</SUP> Congress.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">This increased activity is expected to
continue and may result in legislation, further rulemaking affecting participation in Title IV programs, and other governmental actions. In addition,
concerns generated by Congressional activity may adversely affect enrollment in and revenues of for-profit educational institutions. Limitations on the
amount of federal student financial aid for which our students are eligible under Title IV could materially and adversely affect our
business.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>We are dependent on the renewal
and maintenance of Title IV programs.</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Higher Education Act
(&#147;HEA&#148;), which is the law authorizing Title IV programs, is subject to periodic reauthorization. Congress completed the most recent
reauthorization through multiple pieces of legislation and may reauthorize the HEA in a piecemeal manner in the future. Additionally, Congress
determines the funding level for each Title IV program on an annual basis. Any action by Congress that significantly reduces funding for Title IV
programs or the ability of our school or students to participate in these programs could materially harm our business. A reduction in government
funding levels could lead to lower enrollments at our school and require us to arrange for alternative sources of financial aid for our students. Lower
student enrollments or our inability to arrange such alternative sources of funding could adversely affect our business. The automatic extension of the
HEA expired at the end of 2014, but Congress extended funding for Title IV programs through September 30, 2016, through the Consolidated and Further
Continuing Appropriations Act, 2015.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>We are subject to compliance
reviews, which, if they resulted in a material finding of non-compliance, could affect our ability to participate in Title IV
programs.</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Because we operate in a highly
regulated industry, we are subject to compliance reviews and claims of non-compliance and related lawsuits by government agencies, accrediting agencies
and third parties, including claims brought by third parties on behalf of the federal government. For example, the Department of Education regularly
conducts program reviews of educational institutions that are participating in Title IV programs, and the Office of Inspector General of the Department
of Education regularly conducts audits and investigations of such institutions. In August 2010, the Secretary of Education announced plans to increase
the number of program reviews by 50% to 300 in 2011. The Department of Education could limit, suspend, or terminate our participation in Title IV
programs or impose other penalties such as requiring us to make</FONT></DIV></P>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>refunds, pay liabilities, or pay an
administrative fine upon a material finding of non-compliance. The Department of Education conducted four campus-based program reviews of Strayer
University&#146;s administration of Title IV programs in three states and the District of Columbia, with one on-site review conducted August 18-20,
2014; one on-site review conducted September 8-11, 2014; and two on-site reviews conducted September 22-26, 2014. On October 21, 2014, the Department
of Education issued an Expedited Final Program Review Determination Letter for one of the program reviews conducted the week of September 22, 2014,
closing the program review with no further action required by us. On November 17, 2014, we received a Program Review Report for the program review
conducted in August 2014, and provided a response to the Department of Education on December 15, 2014. On January 7, 2015, we received a Final Program
Review Determination letter from that August 2014 review, closing the program review with no further action required by us. In addition, while the
on-site portions of the other two program reviews have concluded, Strayer University has yet to receive determination letters from these
reviews.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">On August 21, 2014, the Department of
Education notified Strayer University that its Program Participation Agreement was approved on a provisional basis because of the Department of
Education&#146;s open program reviews. On October 1, 2014, we received a fully executed provisional Program Participation Agreement which allows us to
continue to administer Title IV aid through June 30, 2017.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>If we fail to maintain our
institutional accreditation or if our institutional accrediting body loses recognition by the Department of Education, we would lose our ability to
participate in Title IV programs.</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The loss of Strayer University&#146;s
accreditation by Middle States or Middle States&#146; loss of recognition by the Department of Education would render Strayer University ineligible to
participate in Title IV programs and would have a material adverse effect on our business. In addition, an adverse action by Middle States other than
loss of accreditation, such as issuance of a warning, could have a material adverse effect on our business. Increased scrutiny of accreditors by the
Secretary of Education in connection with the Department of Education&#146;s recognition process may result in increased scrutiny of institutions by
accreditors or have other adverse consequences.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>If we fail to maintain any of our
state authorizations, we would lose our ability to operate in that state and to participate in Title IV programs there.</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Each Strayer University campus is
authorized to operate and to grant degrees, diplomas or certificates by the applicable education agency of the state where the campus is located. Such
state authorization is required for students at the campus to participate in Title IV programs. The loss of state authorization would, among other
things, render Strayer University ineligible to participate in Title IV programs at least at those state campus locations, limit Strayer
University&#146;s ability to operate in that state and could have a material adverse effect on our business.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Effective July 1, 2011, Department of
Education regulations provide that a proprietary institution is considered legally authorized by a state if the state has a process to review and
appropriately act on complaints concerning the institution, including enforcing applicable state laws, and the institution complies with any applicable
state approval or licensure requirements consistent with the new rules. However, if a state in which Strayer has a physical campus fails to comply in
the future with the provisions of the new rule or fails to provide the University with legal authorization, it could limit Strayer University&#146;s
ability to operate in that state and have a material adverse effect on our operations.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>If we fail to obtain
recertification by the Department of Education when required, we would lose our ability to participate in Title IV programs.</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">An institution generally must seek
recertification from the Department of Education at least every six years and possibly more frequently depending on various factors, such as whether it
is provisionally certified. The Department of Education may also review an institution&#146;s continued eligibility and certification to participate in
Title IV programs, or scope of eligibility and certification, in the event the institution undergoes a change in ownership resulting in a change of
control or expands its activities in certain ways, such as the</FONT></DIV></P>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>addition of certain types of new
programs, or, in certain cases, changes to the academic credentials that it offers. In certain circumstances, the Department of Education must
provisionally certify an institution. The Department of Education may withdraw our certification if it determines that we are not fulfilling material
requirements for continued participation in Title IV programs. If the Department of Education does not renew, or withdraws our certification to
participate in Title IV programs, our students would no longer be able to receive Title IV program funds, which would have a material adverse effect on
our business.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Each institution participating in Title
IV programs must enter into a Program Participation Agreement with the Department of Education. Under the agreement, the institution agrees to follow
the Department of Education&#146;s rules and regulations governing Title IV programs. On October 1, 2014, Strayer University received an executed
provisional Program Participation Agreement with the Department of Education allowing it to participate in Title IV programs until June 30, 2017. The
Program Participation Agreement was issued on a provisional basis because of the Department of Education&#146;s open program reviews. Under the
provisional agreement, the only material additional condition that the University must comply with is obtaining Department of Education approval for
substantial changes, including the addition of any new location, level of academic offering, or non-degree and degree programs.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>A failure to demonstrate
financial responsibility or administrative capability may result in the loss of eligibility to participate in Title IV
programs.</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">To be eligible to participate in Title
IV programs, Strayer University must comply with specific standards and procedures set forth in the Higher Education Act and the regulations issued
thereunder by the Department of Education, including, among other things, certain standards of financial responsibility and administrative capability.
If we fail to demonstrate financial responsibility or maintain administrative capability under the Department of Education&#146;s regulations, we could
lose our eligibility to participate in Title IV programs or have that eligibility adversely conditioned, which would have a material adverse effect on
our business.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Student loan defaults could
result in the loss of eligibility to participate in Title IV programs.</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In general, under the Higher Education
Act, an educational institution may lose its eligibility to participate in some or all Title IV programs if, for three consecutive federal fiscal
years, 30% or more of its students who were required to begin repaying their student loans in the relevant federal fiscal year default on their payment
by the end of the second federal fiscal year following that fiscal year. Institutions with a cohort default rate equal to or greater than 15% for any
of the three most recent fiscal years which data are available are subject to a 30-day delayed disbursement period for first-year, first-time
borrowers. Because its cohort default rate for 2010 was 15.1%, Strayer disburses Direct Loans in this manner. In addition, an institution may lose its
eligibility to participate in some or all Title IV programs if its default rate for a federal fiscal year was greater than 40%.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">If we lose eligibility to participate
in Title IV programs because of high student loan default rates, it would have a material adverse effect on our business. Strayer University&#146;s
three-year cohort default rates for federal fiscal years 2009, 2010, and 2011, were 13.8%, 15.1%, and 14.9%, respectively. The average official cohort
default rates for proprietary institutions nationally were 22.7%, 21.8%, and 19.1% for federal fiscal years 2009, 2010, and 2011,
respectively.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Our school could lose its
eligibility to participate in federal student financial aid programs or be provisionally certified with respect to such participation if the percentage
of our revenues derived from those programs were too high.</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">A proprietary institution may lose its
eligibility to participate in the federal Title IV student financial aid program if it derives more than 90% of its revenues, on a cash basis, from
Title IV programs for two consecutive fiscal years. A proprietary institution of higher education that violates the 90/10 Rule for any fiscal year will
be placed on provisional status for up to two fiscal years. Using the formula specified in the Higher Education Opportunity Act, we derived
approximately 74% of our cash-basis revenues from these programs in 2013. Certain members of Congress have proposed to revise the 90/10 Rule to count
tuition assistance provided by the Department of Defense and veterans education benefits, along with Title IV</FONT></DIV></P>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>revenue, toward the 90% limit and
to reduce the limit to 85% of total revenue, which proposals could make it difficult for us to comply with the 90/10 rule. If we were to violate the
90/10 Rule, the loss of eligibility to participate in the federal student financial aid programs would have a material adverse effect on our
business.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Our failure to comply with the
Department of Education&#146;s incentive compensation rules could result in sanctions and other liability.</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">If we pay a bonus, commission or other
incentive payment in violation of applicable Department of Education rules or if the Department of Education or other third parties interpret our
compensation practices as such, we could be subject to sanctions or other liability, which could have a material adverse effect on our
business.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Our failure to comply with the
Department of Education&#146;s misrepresentation rules could result in sanctions and other liability.</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Higher Education Act prohibits an
institution that participates in Title IV programs from engaging in &#147;substantial misrepresentation&#148; of the nature of its educational program,
its financial charges, or the employability of its graduates. The Department of Education&#146;s Program Integrity Regulations, which took effect July
1, 2011, interpret this provision to prohibit any statement on those topics, made by the institution or a third party that provides educational
programs, marketing, advertising, recruiting, or admissions services to the institution, that has the likelihood or tendency to confuse. Although the
U.S. Court of Appeals for the District of Columbia held on June 5, 2012, that the term &#147;substantial misrepresentation&#148; could not include
true, nondeceitful statements that are merely confusing, the misrepresentation rules are expansive. In the event of substantial misrepresentation, the
Department of Education may revoke an institution&#146;s program participation agreement, limit the institution&#146;s participation in Title IV
programs, deny applications from the institution such as to add new programs or locations, initiate proceedings to fine the institution or limit,
suspend, or terminate its eligibility to participate in Title IV programs. If the Department of Education or other third parties interpret statements
made by us or on our behalf to be in violation of the new regulations, we could be subject to sanctions and other liability, which could have a
material adverse effect on our business.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Our failure to comply with the
Department of Education&#146;s credit hour rule could result in sanctions and other liability.</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In 2009, the Department of
Education&#146;s Office of Inspector General criticized three accreditors, including Middle States, for deficiency in their oversight of
institutions&#146; credit hour allocations. In June 2010, the House Education and Labor Committee held a hearing concerning accrediting agencies&#146;
standards for assessing institutions&#146; credit hour policies. The Program Integrity Regulations define the term &#147;credit hour&#148; for the
first time and require accrediting agencies and state authorization agencies to review the reliability and accuracy of an institution&#146;s credit
hour assignments. If an accreditor does not comply with this requirement, its recognition by the Department of Education could be jeopardized. If an
accreditor identifies systematic or significant noncompliance in one or more of an institution&#146;s programs, the accreditor must notify the
Secretary of Education. If the Department of Education determines that an institution is out of compliance with the credit hour definition, the
Department of Education could impose liabilities or other sanctions, which could have a material adverse effect on our business.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Our failure to comply with the
Jeanne Clery Disclosure of Campus Security Policy and Campus Crime Statistics Act or Title IX of the Education Amendments of 1972 could result in
sanctions and other liability.</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Strayer University must comply with the
campus safety and security reporting requirements as well as other requirements in the Jeanne Clery Disclosure of Campus Security Policy and Campus
Crime Statistics Act, or Clery Act, including recent changes made to the Clery Act by the Violence Against Women Reauthorization Act of 2013, which was
signed into law on March 7, 2013. On April 1, 2014, a negotiated rulemaking committee reached consensus on proposed regulations, and on October 20,
2014, the Department of Education promulgated final regulations implementing the recent amendments to the Clery Act. In addition,</FONT></DIV></P>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>the Department of Education has
interpreted Title IX of the Education Amendments of 1972, or Title IX, to categorize sexual violence as a form of prohibited sex discrimination and to
require institutions to follow certain disciplinary procedures with respect to such offenses. Failure to comply with Clery Act or Title IX requirements
or regulations thereunder could result in action by the Department of Education to require corrective action, fine the University or limit or suspend
its participation in Title IV programs, could lead to litigation, and could harm the University&#146;s reputation.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>We are subject to sanctions if we
fail to calculate accurately and make timely payment of refunds of Title IV program funds for students who withdraw before completing their educational
program.</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Higher Education Act and Department
of Education regulations require us to calculate refunds of unearned Title IV program funds disbursed to students who withdraw from their educational
program before completing it. If refunds are not properly calculated or timely paid, we may be required to post a letter of credit with the Department
of Education or be subject to sanctions or other adverse actions by the Department of Education, which could have a material adverse effect on our
business.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Investigations, legislative and
regulatory developments and general credit market conditions related to the student loan industry may result in fewer lenders and loan products and
increased regulatory burdens and costs.</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The HEOA contains new requirements
pertinent to relationships between lenders and institutions. In 2009, the Department of Education promulgated regulations that address these
relationships, and state legislators have also passed or may be considering legislation related to relationships between lenders and institutions. In
addition, new procedures introduced and recommendations made by the Consumer Financial Protection Bureau create uncertainty about whether Congress will
impose new burdens on private student lenders. These developments, as well as legislative and regulatory changes such as those relating to gainful
employment and repayment rates creating uncertainty in the industry and general credit market conditions, may cause some lenders to decide not to
provide certain loan products and may impose increased administrative and regulatory costs. Such actions could reduce demand for and/or availability of
private education loans, decrease Strayer University&#146;s non-Title IV revenue and thereby increase Strayer University&#146;s 90/10 ratio and have a
material adverse effect on our business.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>We rely on one or more third
parties to administer our participation in Title IV programs and failure to comply with applicable regulations by a third party or by us could cause us
to lose our eligibility to participate in Title IV programs.</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Until September 30, 2011, Global
Financial Aid Services, Inc. assisted us with the administration of our participation in Title IV programs, and other third parties continue to assist
us with other aspects of our participation in the Title IV programs. Because Strayer University is jointly and severally liable to the Department of
Education for the actions of third-party servicers, failure of such servicers to comply with applicable regulations could have a material adverse
effect on Strayer University, including loss of eligibility to participate in Title IV programs. If any of the third-party servicers discontinue
providing such services to us, we may not be able to replace them in a timely, cost-efficient, or effective manner, or at all, and we could lose our
ability to comply with the requirements of the Title IV programs, which could adversely affect our enrollment, revenues and results of
operations.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Since September 30, 2011, we have
directly administered Strayer University&#146;s participation in Title IV programs. If our financial aid personnel, processes, and quality assurance
procedures fail to comply with applicable regulation, such failure could have a material adverse effect on Strayer University, including loss of
eligibility to participate in Title IV programs.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Our business could be harmed if
we experience a disruption in our ability to process student loans under the Federal Direct Loan Program.</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">We collected the majority of our fiscal
year 2014 total consolidated net revenue from receipt of Title IV financial aid program funds, principally from federal student loans under the Federal
Direct Loan Program. Any processing disruptions by the Department of Education may affect our students&#146; ability to obtain student</FONT></DIV></P>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>loans on a timely basis. If we
experience a disruption in our ability to process student loans through the Federal Direct Loan Program, either because of administrative challenges on
our part or the inability of the Department of Education to process the volume of direct loans on a timely basis, our business, financial condition,
results of operations and cash flows could be adversely and materially affected.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Our business could be harmed if
Congress makes changes to the availability of Title IV funds.</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">We collected the majority of our fiscal
year 2014 total consolidated net revenue from receipt of Title IV financial aid program funds, principally from federal student loans under the Federal
Direct Loan Program. Changes in the availability of these funds or a reduction in the amount of funds disbursed may have a material adverse effect on
our enrollment, financial condition, results of operations and cash flows. Congress eliminated further federal direct subsidized loans for graduate and
professional students as of July 1, 2012. On August 9, 2013, Congress passed legislation that ties interest rates on Title IV loans to the rate paid on
U.S. Treasury bonds. Interest rates are set every July 1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> for loans taken out from July
1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> to June 30<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> of the
following year. In April 2011, Congress eliminated year-round Pell Grant awards beginning with the 2011-2012 award year and in July 2012, Congress
reduced eligibility for Pell Grants from 18 semesters to 12 semesters. To date these changes have not had a material impact on our business, but future
changes in the availability of Title IV funds could impact students&#146; ability to fund their education and thus may have a material adverse effect
on our enrollment, financial condition, results of operations and cash flows.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Risks Related to Our Business</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Our enrollment rate is uncertain,
and we may not be able to assess our future enrollments effectively.</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Our growth depends on a number of
factors, including increased unemployment and the resulting lower confidence in job prospects, and many of the regulatory risks discussed above. In
2011, we revised our business model to acknowledge lower growth or reductions in enrollments. Our enrollment in 2015 will be affected by legislative
uncertainty, regulatory activity, and market conditions. Until legislative, regulatory, and market uncertainty are resolved, it may be difficult to
assess whether and to what extent there is an impact on our long-term growth prospects. In 2013, we closed physical locations to better align our
resources with our current student enrollments. Although we may continue to invest in new campuses and to pursue our strategic goals in the future,
there can be no assurance as to what our growth rate will be or as to the steps we may need to take if regulatory and legislative matters are not
clarified or if market conditions do not stabilize.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Opening new campuses and adding
new services are dependent on our forecast of the demand for adult-focused post-secondary education and on regulatory
approvals.</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Establishing new locations and adding
new services require us to expend significant resources, including making human capital and financial capital investments, incurring marketing expenses
and reallocating other resources. Since significant growth in enrollment in new campuses is required for them to become profitable, our willingness to
add new campuses depends on our ability to predict growth in enrollment. The recent activity by the Department of Education and the U.S. Congress has
introduced uncertainties into our business model and has slowed our pace of opening of new campuses, and we do not currently have plans to open new
campuses in 2015. To open a new location, we are required to obtain appropriate federal, state, and accrediting agency approvals, which may be
conditioned or delayed in a manner that could significantly affect our growth plans. We cannot assure investors that we will continue to open new
campus locations or add new services in the future.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Our future success depends in
part upon our ability to recruit and retain key personnel.</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Our success to date has been, and our
continuing success will be, substantially dependent upon our ability to attract and retain highly qualified executive officers, faculty and
administrators and other key personnel. If we cease to employ any of these integral personnel or fail to manage a smooth transition to new personnel,
our business could suffer.</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">38<BR></FONT></DIV></P>
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<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Our success depends in part on
our ability to update and expand the content of existing academic programs and develop new programs in a cost-effective manner and on a timely
basis.</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Our success depends in part on our
ability to update and expand the content of our academic programs, develop new programs in a cost-effective manner and meet students&#146; needs in a
timely manner. Prospective employers of our graduates increasingly demand that their entry-level employees possess appropriate technological and other
skills. The update and expansion of our existing programs and the development of new programs may not be received favorably by students, prospective
employers or the online education market. If we cannot respond to changes in industry requirements, our business may be adversely affected. Even if we
are able to develop acceptable new programs, we may not be able to introduce these new programs as quickly as students require due to regulatory
constraints or as quickly as our competitors introduce competing new programs.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Our financial performance depends
in part on our ability to continue to develop awareness of the academic programs we offer among working adult students.</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The continued development of awareness
of the academic programs we offer among working adult students is critical to the continued acceptance and growth of our programs. If we are unable to
continue to develop awareness of the programs we offer, this could limit our enrollments and negatively impact our business. The following are some of
the factors that could prevent us from successfully marketing our programs:</FONT></DIV></P>
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<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">the emergence of more successful competitors;</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">customer dissatisfaction with our services and
programs;</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">performance problems with our online systems; and</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">our failure to maintain or expand our brand or other factors
related to our marketing.</FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Congressional and other
governmental activities could damage the reputation of Strayer University and limit our ability to attract and retain
students.</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Since 2010, the U.S. Congress has
increased its focus on proprietary educational institutions, including administration of Title IV programs, military assistance programs, and other
federal programs. The Department of Education has indicated to Congress that it intends to increase its regulation of and attention to proprietary
educational institutions, and the Government Accountability Office has released several reports of investigations into proprietary educational
institutions. These and other governmental activities, including new regulations on program integrity and gainful employment, even if resulting in no
adverse findings or actions against Strayer, singly or cumulatively could affect public perception of investor-funded higher education, damage the
reputation of Strayer University, and limit our ability to attract and retain students.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>We face strong competition in the
post-secondary education market.</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Post-secondary education in our market
area is highly competitive. We compete with traditional public and private two-year and four-year colleges, other for-profit schools and alternatives
to higher education, such as employment and military service. Public colleges may offer programs similar to those of Strayer University at a lower
tuition level as a result of government subsidies, government and foundation grants, tax-deductible contributions and other financial sources not
available to proprietary institutions. Some of our competitors in both the public and private sectors have substantially greater financial and other
resources than we do. Congress, the Department of Education, and other agencies require increasing disclosure of information to consumers. While we
believe that Strayer University provides valuable education to its students, we cannot predict the bases on which individual students and potential
students will choose among the range of educational and other options available to them. This strong competition could adversely affect our
business.</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">39<BR></FONT></DIV></P>
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<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Strayer University relies on
exclusive proprietary rights and intellectual property, and competitors may attempt to duplicate Strayer programs and methods.</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Third parties may attempt to develop
competing programs or duplicate or copy aspects of Strayer University&#146;s curriculum, online library, quality management and other proprietary
content. Any such attempt, if successful, could adversely affect our business. In the ordinary course of its business, Strayer develops intellectual
property of many kinds that is or will be the subject of copyright, trademark, service mark, patent, trade secret or other protections. Such
intellectual property includes but is not limited to Strayer&#146;s courseware materials for classes taught online and business know-how and internal
processes and procedures developed to respond to the requirements of its various education regulatory agencies.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Seasonal and other fluctuations
in our operating results could adversely affect the trading price of our common stock.</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Our business is subject to seasonal
fluctuations, which cause our operating results to fluctuate from quarter to quarter. This fluctuation may result in volatility or have an adverse
effect on the market price of our common stock. We experience, and expect to continue to experience, seasonal fluctuations in our revenue.
Historically, our quarterly revenues and income have been lowest in the third quarter (July through September) because fewer students are enrolled
during the summer months. We also incur significant expenses in the third quarter in preparing for our peak enrollment in the fourth quarter (October
through December), including investing in online and campus infrastructure necessary to support increased usage. These investments result in
fluctuations in our operating results which could result in volatility or have an adverse effect on the market price of our common stock. In addition,
the online education market is a rapidly evolving market, and we may not be able to forecast accurately future enrollment growth and
revenues.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Regulatory requirements may make
it more difficult to acquire us.</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">A change in ownership resulting in a
change of control of Strayer would trigger a requirement for recertification of Strayer University by the Department of Education for purposes of
participation in federal student financial aid programs, a review of Strayer University&#146;s accreditation by Middle States and reauthorization of
Strayer University by certain state licensing and other regulatory agencies. If we underwent a change of control that required approval by any state
authority, Middle States or any federal agency, and any required regulatory approval were significantly delayed, limited or denied, there could be a
material adverse effect on our ability to offer certain educational programs, award certain degrees, diplomas or certificates, operate one or more of
our locations, admit certain students or participate in Title IV programs, which in turn could have a material adverse effect on our business. These
factors may discourage takeover attempts.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Capacity constraints or system
disruptions to Strayer University&#146;s computer networks could damage the reputation of Strayer University and limit our ability to attract and
retain students.</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The performance and reliability of
Strayer University&#146;s computer networks, especially the online educational platform, is critical to our reputation and ability to attract and
retain students. Any system error or failure, or a sudden and significant increase in traffic, could result in the unavailability of Strayer
University&#146;s computer networks. We cannot assure you that Strayer University, including its online educational platform, will be able to expand
its program infrastructure on a timely basis sufficient to meet demand for its programs. Strayer University&#146;s computer systems and operations
could be vulnerable to interruption or malfunction due to events beyond its control, including natural disasters and telecommunications failures. Any
interruption to Strayer University&#146;s computer systems or operations could have a material adverse effect on our ability to attract and retain
students.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Strayer University&#146;s
computer networks may be vulnerable to security risks that could disrupt operations and require it to expend significant
resources.</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Strayer University&#146;s computer
networks may be vulnerable to unauthorized access, computer hackers, computer viruses and other security problems. A user who circumvents security
measures could misappropriate proprietary information or cause interruptions or malfunctions in operations. As a result, Strayer
University</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">40<BR></FONT></DIV></P>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>may be required to expend
significant resources to protect against the threat of these security breaches or to alleviate problems caused by these breaches.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>The personal information that we
collect may be vulnerable to breach, theft or loss that could adversely affect our reputation and operations.</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Possession and use of personal
information in our operations subject us to risks and costs that could harm our business. We collect, use, and retain large amounts of personal
information regarding our students and their families, including social security numbers, tax return information, personal and family financial data
and credit card numbers. We also collect and maintain personal information of our employees in the ordinary course of our business. Some of this
personal information is held and managed by certain vendors. Although we use security and business controls to limit access and use of personal
information, a third party may be able to circumvent those security and business controls, which could result in a breach of student or employee
privacy. In addition, errors in the storage, use or transmission of personal information could result in a breach of student or employee privacy.
Possession and use of personal information in our operations also subjects us to legislative and regulatory burdens that could require notification of
data breaches and restrict our use of personal information. We cannot assure you that a breach, loss or theft of personal information will not occur. A
breach, theft or loss of personal information regarding our students and their families or our employees that is held by us or our vendors could have a
material adverse effect on our reputation and results of operations and result in liability under state and federal privacy statutes and legal actions
by state authorities and private litigants, any of which could have a material adverse effect on our business.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Strayer University, with its
online programs, operates in a highly competitive market with rapid technological changes and it may not compete successfully.</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Online education is a highly fragmented
and competitive market that is subject to rapid technological change. Competitors vary in size and organization from traditional colleges and
universities, many of which have some form of online education programs, to for-profit schools, corporate universities and software companies providing
online education and training software. We expect the online education and training market to be subject to rapid changes in technologies. Strayer
University&#146;s success will depend on its ability to adapt to these changing technologies.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>We may not be able to complete or
integrate any future acquisitions successfully.</I></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">As part of our growth strategy, we
expect to consider selective acquisitions. We cannot assure investors that we will be able to complete successfully any acquisitions on favorable
terms, or that if we do, we will be able to integrate successfully the personnel, operations and technologies of any such acquisitions. Our failure to
complete or integrate successfully future acquisitions could disrupt our business and materially and adversely affect our profitability and liquidity
by distracting our management and employees and increasing our expenses. In addition, because an acquisition is considered a change in ownership and
control of the acquired institution under applicable regulatory standards, we must seek approval from the Department of Education if the acquired
institution participates in Title IV programs, and most applicable state agencies and accrediting agencies and possibly other regulatory bodies when we
acquire an institution. If we were unable to obtain such approvals of an institution we acquired, depending on the size of that acquisition, that
failure could have a material adverse effect on our business.</FONT></DIV></P>
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<TR VALIGN="TOP">
     <TD WIDTH="67px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Item 1B.</B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Unresolved Staff Comments</B></FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">There are no SEC staff comments on our
periodic SEC reports which are unresolved.</FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="67px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Item 2.</B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Properties</B></FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Except for five campus facilities which
we own, our campus and administrative facilities are leased. Our facilities are located predominantly in the Eastern United States, and our corporate
headquarters is located at 2303 Dulles Station Blvd., Herndon, VA 20171. Our leases generally range from five to 10 years with one to two renewal
options for extended terms. As of December 31, 2014, we leased 93 campus and administrative</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">41<BR></FONT></DIV></P>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>facilities consisting of
approximately 1.7 million square feet. The facilities that we own consist of approximately 110,000 square feet.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">As announced in October 2013, we closed
approximately 20 physical locations predominantly in the Midwest. Most of these locations, currently representing approximately 265,000 square feet of
our 1.7 million square feet under lease, have remaining lease obligations ranging from two to eight years. We are evaluating various options to address
unused facility space including sublets, both short-term and long-term, and lease buyouts.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">We evaluate current utilization of our
facilities and anticipated enrollment to determine facility needs. We do not anticipate any significant addition of campus or administrative space in
2015.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">For more information regarding our
ongoing lease commitments, see Notes to Consolidated Financial Statements below.</FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="47px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Item 3.</B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Legal Proceedings</B></FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">From time to time, we are involved in
litigation and other legal proceedings arising out of the ordinary course of our business. There are no pending material legal proceedings to which we
are subject or to which our property is subject.</FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="47px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Item 4.</B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Mine Safety Disclosures</B></FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Not applicable.</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">42<BR></FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>PART II</B></FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="47px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Item 5.</B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Market for Registrant&#146;s Common Equity, Related
Stockholder Matters and Issuer Purchases of Equity Securities</B></FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Our common stock is traded on the
NASDAQ Global Select Market under the symbol &#147;STRA.&#148; The following table sets forth, for the periods indicated, the high, low, and closing
sale prices of our common stock, as reported on the NASDAQ Stock Market.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">High<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Low<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Close<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px"><B>2013<BR></B></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">First Quarter </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">64.70</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">46.31</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">48.38</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Second Quarter </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">58.55</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">44.50</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">48.83</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Third Quarter </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">52.85</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">39.27</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">41.52</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Fourth Quarter </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">49.99</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">33.64</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">34.47</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px"><B>2014<BR></B></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">First Quarter </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">51.12</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">33.51</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">46.43</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Second Quarter </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">59.99</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">41.52</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">52.51</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Third Quarter </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">61.58</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">47.47</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">59.88</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Fourth Quarter </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">79.77</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">57.27</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">74.28</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">As of January 31, 2015, there were
10,903,341 shares of common stock outstanding, and approximately 104 holders of record.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">We did not pay a regular quarterly
dividend in 2013 or 2014. Whether to declare dividends and the amount of dividends to be paid in the future will be reviewed periodically by our Board
of Directors in light of our earnings, cash flow, financial condition, capital needs, investment opportunities and regulatory considerations. There is
no requirement or assurance that common dividends will be paid in the future.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Peer Group Performance Graph</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The following performance graph
compares the cumulative stockholder return on our common stock since December 31, 2009 with The NASDAQ Stock Market (U.S.) Index and a self-determined
peer group consisting of Apollo Group, Inc. (APOL), Career Education Corporation (CECO), Corinthian Colleges, Inc. (COCO), DeVry, Inc. (DV), and ITT
Educational Services, Inc. (ESI). At present, there is no comparative index for the education industry. This graph is not deemed to be &#147;soliciting
material&#148; or to be filed with the SEC or subject to the SEC&#146;s proxy rules or to the liabilities of Section 18 of the Securities Exchange Act,
and the graph shall not be deemed to be incorporated by reference into any of our prior or subsequent filings under the Securities Act or the
Securities Exchange Act.</FONT></DIV></P>
<!-- agabop mode="ep" last-style="h2" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">43<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_10-k PAGE POSITION: 45 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_10-k PAGE POSITION: 46 -->
<!-- agabop mode="main" last-style="h2" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Comparison of 60 Month Cumulative Total Return*<BR> Among
Strayer Education, Inc.<BR> The NASDAQ Stock Market (U.S.) Index and a Peer Group<BR>
<DIV ALIGN="CENTER"><IMG SRC="d32093_chart.jpg">
<BR>&nbsp;</DIV>
 </B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="LEFT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Name<HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="LEFT"
WIDTH="22ptpt"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">12/31/09<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">12/31/10<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">12/31/11<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">12/31/12<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">12/31/13<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">12/31/14<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Strayer Education, Inc. </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">100</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">72</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">46</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">26</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">16</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">35</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">NASDAQ Stock Market (U.S.) </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">100</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">117</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">115</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">133</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">184</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">209</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Peer Group </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">100</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">69</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">53</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">25</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">36</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">36</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><HR SIZE="1"
WIDTH="72" ALIGN="left" NOSHADE COLOR="#000000"></FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">*&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The comparison assumes $100 was invested on December 31, 2009 in
our common stock, the NASDAQ Stock Market (U.S.) Index and the peer companies selected by us.</FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">There were no sales by us of
unregistered securities during the year ended December 31, 2014.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In November 2003, our Board of
Directors authorized us to repurchase shares of common stock in open market purchases from time to time at the discretion of our management, depending
on market conditions and other corporate considerations. Our Board of Directors amended the program on various dates, increasing the repurchase amount
authorized and extending the expiration date. At December 31, 2014, approximately $70.0 million of our share repurchase authorization was remaining for
repurchases through the end of 2015. All of our share repurchases were effected in compliance with Rule 10b-18 under the Exchange Act. Some repurchases
have been made in accordance with a share repurchase plan adopted by us under Rule 10b5-1 under the Exchange Act. Our share repurchase program may be
modified, suspended or terminated at any time by us without notice.</FONT></DIV></P>
<!-- agabop mode="ep" last-style="text" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">44<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_10-k PAGE POSITION: 46 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_10-k PAGE POSITION: 47 -->
<!-- agabop mode="main" last-style="text" -->
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">A summary of our share repurchases
since the inception of the plan is as follows:</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE STYLE="MARGIN-LEFT: 20px" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="90%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Total<BR> number of<BR> shares<BR> repurchased<HR SIZE=1
NOSHADE COLOR="#000000" ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Average<BR> dollar price<BR> paid per<BR> share<HR
SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Cost of share<BR> repurchases<BR> (millions)<HR SIZE=1
NOSHADE COLOR="#000000" ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">2003 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">32,350</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">99.57</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3.2</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">2004 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">346,444</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">106.13</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">36.8</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">2005 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">410,071</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">92.59</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">38.0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">2006 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">349,066</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">100.39</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">35.0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">2007 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">260,818</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">146.05</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">38.1</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">2008 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">603,382</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">180.86</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">109.1</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">2009 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">451,613</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">177.34</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">80.1</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">2010 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">687,340</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">168.06</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">115.5</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">2011 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1,581,444</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">128.15</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">202.7</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">2012 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">484,841</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">51.56</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">25.0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">2013 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">495,085</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">50.49</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">25.0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">2014 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 30px; TEXT-INDENT:
-10px">Total </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5,702,454</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">124.24</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">708.5</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">We did not make any share repurchases
in 2014.</FONT></DIV></P>
<!-- agabop mode="ep" last-style="text" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">45<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_10-k PAGE POSITION: 47 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_10-k PAGE POSITION: 48 -->
<!-- agabop mode="main" last-style="text" -->
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="47px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Item 6.</B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Selected Financial Data</B></FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The following table sets forth, for the
periods and at the dates indicated, selected consolidated financial and operating data. The financial information has been derived from our
consolidated financial statements. The information set forth below is qualified by reference to and should be read in conjunction with our consolidated
financial statements and notes thereto and &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148; and
other information included elsewhere or incorporated by reference in this Annual Report on Form 10-K.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN=19 nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Year Ended December 31,<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2010<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2011<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2012<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2013<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2014<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN=19 nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">(Dollar and share amounts in thousands, except per share
data)</FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px"><B>Income Statement Data:<BR></B></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Revenues </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">636,732</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">627,434</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">561,979</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">503,600</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">446,041</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Costs and expenses:<BR></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Instruction and educational support </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">269,557</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">292,003</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">300,098</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">310,446</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">236,303</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Marketing </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">70,270</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">74,293</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">71,864</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">75,426</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">66,495</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Admissions advisory </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">25,277</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">26,531</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">26,374</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">20,390</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">16,661</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">General and administration </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">55,857</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">55,464</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">50,056</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">64,637</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">44,835</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Total costs and expenses </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">420,961</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">448,291</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">448,392</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">470,899</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">364,294</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Income from operations </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">215,771</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">179,143</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">113,587</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">32,701</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">81,747</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Investment and other income </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1,228</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">152</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">117</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Interest expense </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3,773</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4,616</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5,419</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5,248</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Income before income taxes </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">216,999</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">175,522</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">108,975</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">27,284</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">76,616</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Provision for income taxes </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">85,739</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">69,478</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">43,045</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">10,859</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">30,260</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Net income </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">131,260</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">106,044</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">65,930</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">16,425</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">46,356</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px"><B>Net income per share:<BR></B></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Basic </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">9.78</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">8.91</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5.79</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1.55</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4.39</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Diluted </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">9.70</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">8.88</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5.76</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1.55</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4.35</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px"><B>Weighted average shares outstanding:<BR></B></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Basic </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">13,426</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">11,906</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">11,390</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">10,584</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">10,561</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Diluted<SUP style="font-size: 85%; vertical-align: text-top">(a)</SUP> </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">13,535</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">11,943</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">11,440</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">10,624</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">10,650</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px"><B>Other Data:<BR></B></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Depreciation and amortization </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">17,309</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">21,525</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">23,973</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">35,563</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">20,630</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Stock-based compensation expense </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">11,987</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">13,234</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5,464</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">9,291</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">9,453</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Capital expenditures </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">46,015</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">29,991</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">24,733</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">8,726</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">6,902</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Cash dividends per common share (paid) </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3.25</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4.00</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4.00</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Average enrollment<SUP style="font-size: 85%; vertical-align: text-top">(b)</SUP> </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">56,002</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">53,901</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">49,323</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">43,969</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">40,254</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Campuses<SUP style="font-size: 85%; vertical-align: text-top">(c)</SUP> </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">84</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">92</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">97</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">100</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">79</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Full-time employees<SUP style="font-size: 85%; vertical-align: text-top">(d)</SUP> </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,099</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,140</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,019</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1,485</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1,455</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<!-- agabop mode="ep" last-style="h2" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">46<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
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<BR>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
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<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN=19 nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">At December 31,<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2010<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2011<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2012<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2013<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2014<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN=19 nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">(In thousands)</FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px"><B>Balance Sheet Data:<BR></B></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Cash, cash equivalents and marketable securities </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">76,493</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">57,137</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">47,517</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">94,760</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">162,283</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Working capital<SUP style="font-size: 85%; vertical-align: text-top">(e)</SUP> </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">62,205</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">17,484</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">46,631</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">82,182</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">140,316</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Total assets </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">235,178</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">231,133</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">227,792</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">254,266</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">307,815</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Long-term debt </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">90,000</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">121,875</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">118,750</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">112,500</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Other long-term liabilities </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">12,644</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">21,656</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">21,905</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">51,456</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">46,248</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Total liabilities </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">59,174</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">188,840</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">186,804</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">215,364</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">215,083</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Total stockholders&#146; equity </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">176,004</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">42,293</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">40,988</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">38,902</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">92,732</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><HR SIZE="1"
WIDTH="72" ALIGN="left" NOSHADE COLOR="#000000"></FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(a)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Diluted weighted average shares outstanding include common
shares issued and outstanding, and the dilutive impact of restricted stock, restricted stock units, and outstanding stock options using the Treasury
Stock Method.</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(b)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Reflects average student enrollment for the four academic terms
for each year indicated.</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(c)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Reflects number of campuses offering classes during the fourth
quarter of each year indicated. In October 2013, we announced that approximately 20 physical locations would be closed after classes were taught in the
fall academic term. The University now has 79 physical campuses.</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(d)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Reflects full-time employees including full-time faculty as of
December 31 of each year.</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(e)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Working capital is calculated by subtracting current liabilities
from current assets.</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="47px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Item 7.</B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations</B></FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>You should read the following
discussion in conjunction with &#147;Selected Financial Data,&#148; our consolidated financial statements and the notes thereto, the &#147;Cautionary
Notice Regarding Forward-Looking Statements,&#148; Item 1A entitled &#147;Risk Factors&#148; and the other information appearing elsewhere, or
incorporated by reference, in this Annual Report on Form 10-K.</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Background and Overview</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">We are an education services holding
company that owns Strayer University. Strayer University is an institution of higher education which offers undergraduate and graduate degree programs
at physical campuses, predominantly located in the Eastern United States, and online.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Set forth below are average enrollment,
full-time tuition rates, revenues, income from operations, net income, and diluted net income per share for the last three years.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN=11 nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Year Ended December 31,<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2012<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2013<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2014<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Average enrollment </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">49,323</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">43,969</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">40,254</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">% Change from prior year </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(8%)</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(11%)</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(8%)</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Full-time tuition for a new student (per course) </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1,650</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1,700</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1,420</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">% Change from prior year </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(16%)</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Revenues (in thousands) </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">561,979</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">503,600</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">446,041</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">% Change from prior year </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(10%)</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(10%)</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(11%)</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Income from operations (in thousands) </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">113,587</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">32,701</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">81,747</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">% Change from prior year </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(37%)</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(71%)</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">150</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Net income (in thousands) </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">65,930</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">16,425</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">46,356</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">% Change from prior year </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(38%)</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(75%)</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">182</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Diluted net income per share </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5.76</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1.55</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4.35</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">% Change from prior year </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(35%)</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(73%)</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">181</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">47<BR></FONT></DIV></P>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Strayer University derives
approximately 96% of its revenue from tuition for educational programs, whether delivered in person at a physical campus or delivered online. The
academic year of the University is divided into four quarters, which approximately coincide with the four quarters of the calendar year. Students make
payment arrangements for the tuition for each course at the time of enrollment. Tuition revenue is recognized in the quarter of instruction. If a
student withdraws from a course prior to completion, the University refunds a portion of the tuition depending on when the withdrawal occurs. Tuition
revenue is shown net of any refunds, withdrawals, corporate discounts, employee tuition discounts and scholarships. The University also derives revenue
from other sources such as textbook-related income, certificate revenue, certain academic fees, licensing revenue, and other income, which are all
recognized when earned.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">We record tuition receivable and
deferred revenue for our students upon the start of the academic term. Because the University&#146;s academic quarters coincide with the calendar
quarters, at the end of the fiscal quarter (and academic term), tuition receivable represents amounts due from students for educational services
already provided and deferred revenue represents advance payments from students for academic services to be provided in the future. Based upon past
experience and judgment, the University establishes an allowance for doubtful accounts with respect to accounts receivable. Any uncollected account
more than one year past due is charged against the allowance. Accounts less than one year past due are reserved according to the length of time the
balance has been outstanding. In establishing our reserve amounts, we also consider the status of students as to whether or not they are currently
enrolled for the next term, as well as the likelihood of recovering balances that have previously been written off, based on our historical experience.
Our bad debt expense as a percentage of revenues for the years ended December 31, 2012, 2013, and 2014, was 4.2%, 4.4% and 3.8%,
respectively.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Below is a description of the nature of
the costs included in our operating expense categories:</FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;</I></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Instruction and educational support expenses</I> generally
contain items of expense directly attributable to educational activities of the University. This expense category includes salaries and benefits of
faculty and academic administrators, as well as administrative personnel who support and serve student interests. Instruction and educational support
expenses also include costs of educational supplies and facilities, including rent for campus facilities, certain costs of establishing and maintaining
computer laboratories and all other physical plant and occupancy costs, with the exception of costs attributable to the corporate offices. Bad debt
expense incurred on delinquent student account balances is also included in instruction and educational support expenses.</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;</I></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Marketing expenses</I> include the costs of advertising and
production of marketing materials and related personnel costs.</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;</I></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Admissions advisory expenses</I> include salaries, benefits
and related costs of personnel engaged in admissions.</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;</I></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>General and administration expenses</I> include salaries and
benefits of management and employees engaged in accounting, human resources, legal, regulatory compliance, and other corporate functions, along with
the occupancy and other related costs attributable to such functions.</FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Investment income consists primarily of
earnings and realized gains or losses on investments, and interest expense consists of interest incurred on our outstanding borrowings, unused
revolving credit facility fees, and amortization of deferred financing costs.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Critical Accounting Policies and
Estimates</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#147;Management&#146;s Discussion and
Analysis of Financial Condition and Results of Operations&#148; discusses our consolidated financial statements, which have been prepared in accordance
with accounting principles generally accepted in the United States of America. The preparation of these consolidated financial statements requires
management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and the related disclosures
of contingent assets and liabilities. On an ongoing basis, management evaluates its estimates and judgments related to its allowance for doubtful
accounts; income tax provisions; the useful lives of property and equipment; redemption rates for scholarship programs; fair value of future
contractual operating lease obligations for facilities that have been closed; valuation of deferred tax</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">48<BR></FONT></DIV></P>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>assets, goodwill, and intangible
assets; valuation of our interest rate swap arrangement; forfeiture rates and achievability of performance targets for stock-based compensation plans;
and accrued expenses. Management bases its estimates and judgments on historical experience and various other factors and assumptions that are believed
to be reasonable under the circumstances, the results of which form the basis for making judgments regarding the carrying values of assets and
liabilities that are not readily apparent from other sources. Management regularly reviews its estimates and judgments for reasonableness and may
modify them in the future. Actual results may differ from these estimates under different assumptions or conditions.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Management believes that the following
critical accounting policies are its more significant judgments and estimates used in the preparation of its consolidated financial
statements.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Revenue recognition</I> &#151; Like
many traditional institutions, Strayer University offers its educational programs on a quarter system having four academic terms, which coincide with
our quarterly financial reporting periods. Approximately 96% of our revenues during the year ended December 31, 2014 consisted of tuition revenue.
Tuition revenue is recognized ratably in the quarter of instruction as the University provides academic services in a given term, whether delivered in
person at a physical campus or online. Tuition revenue is shown net of any refunds, withdrawals, corporate discounts, scholarships and employee tuition
discounts. The University also derives revenue from other sources such as textbook-related income, certificate revenue, certain academic fees,
licensing revenue, and other income, which are all recognized when earned. At the start of each academic term, a liability (deferred revenue) is
recorded for academic services to be provided and a tuition receivable is recorded for the portion of the tuition not paid upfront in cash. Any cash
received prior to the start of an academic term is recorded as deferred revenue.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Students finance their education in a
variety of ways, and historically about three quarters of our students participated in one or more financial aid programs provided through Title IV of
the Higher Education Act. In addition, many of our working adult students finance their own education or receive full or partial tuition reimbursement
from their employers. Those students who are veterans or active duty military personnel have access to various additional government-funded educational
benefit programs.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">A typical class is offered in weekly
increments over a ten-week period and is followed by an exam. Students who withdraw from a course may be eligible for a refund of tuition charges based
on the timing of the withdrawal. We use the student&#146;s last date of attendance for this purpose. Student attendance is based on physical presence
in class for on-ground classes. For online classes, attendance consists of logging into one&#146;s course shell and performing an academically related
activity (e.g., engaging in a discussion post or taking a quiz).</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">If a student withdraws from a course
prior to completion, a portion of the tuition is refundable depending on when the withdrawal occurs. Our refund policy typically permits students who
complete less than half of a course to receive a partial refund of tuition for that course. Refunds reduce the tuition revenue that would have
otherwise been recognized for that student. Since the University&#146;s academic terms coincide with our financial reporting periods, all refunds are
processed and recorded in the same quarter as the corresponding revenue. The amount of tuition revenue refundable to students may vary based on the
student&#146;s state of residence.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">For undergraduate students who withdraw
from all their courses during the quarter of instruction, we reassess collectibility of tuition and fees for revenue recognition purposes. In addition,
we cease revenue recognition when a student fully withdraws from all of his or her courses in the academic term. Tuition charges billed in accordance
with our billing schedule may be greater than the pro rata revenue amount, but the additional amounts are not recognized as revenue unless they are
collected in cash.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">For students who receive funding under
Title IV, funds are subject to return provisions as defined by the Department of Education. If Title IV funds are returned to the Department of
Education, the student is responsible for paying the amount of prorated tuition charged to him or her. Loss of financial aid eligibility during an
academic term is rare and would normally coincide with the student&#146;s withdrawal from the institution. As discussed above, we cease revenue
recognition upon a student&#146;s withdrawal from all of his or her classes in an academic term.</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">49<BR></FONT></DIV></P>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">New students registering in
credit-bearing courses in any undergraduate program for the summer 2013 term (fiscal third quarter) and subsequent terms qualify for the Graduation
Fund, whereby qualifying students earn tuition credits that are redeemable in the final year of a student&#146;s course of study if he or she
successfully remains in the program. Students must meet all of the University&#146;s admission requirements and not be eligible for any previously
offered scholarship program. Our employees and their dependents are not eligible for the program. To maintain eligibility, students must be enrolled in
a bachelor&#146;s degree program, and they become ineligible to participate in the Graduation Fund if they have more than one consecutive term of
non-attendance. In their final academic year, qualifying students will receive one free course for every three courses that were successfully
completed. Revenue and the value of the benefit earned by students participating in the Graduation Fund is recognized based on a systematic and
rational allocation of the cost of honoring the benefit earned and claimed to each of the underlying revenue transactions that result in progress by
the student toward earning the benefit. The estimated value of awards under the Graduation Fund that will be recognized in the future is based on
historical experience of a student&#146;s persistence in completing his or her course of study and earning a degree. Each quarter we assess our
methodologies and assumptions underlying our estimates and to date any adjustments to our estimates have not been material.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Tuition receivable &#151;</I> We
record estimates for our allowance for doubtful accounts for tuition receivable from students primarily based on our historical collection rates by age
of receivable, net of recoveries, and consideration of other relevant factors. Our experience is that payment of outstanding balances is significantly
influenced by whether the student returns to the institution as we require students to make payment arrangements for their outstanding balances prior
to enrollment. Therefore, we monitor outstanding tuition receivable balances through subsequent terms, increasing the reserve on such balances over
time as the likelihood of returning to the institution diminishes and our historical experience indicates collection is less likely. We periodically
assess our methodologies for estimating bad debts in consideration of actual experience. If the financial condition of our students were to
deteriorate, resulting in evidence of impairment of their ability to make required payments for tuition payable to us, additional allowances or
write-offs may be required. During 2013 and 2014, our bad debt expense was 4.4% and 3.8% of revenue, respectively. A change in our allowance for
doubtful accounts of 1% of gross tuition receivable as of December 31, 2014 would have changed our income from operations by approximately $0.3
million.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Accrued lease and related costs</I>
&#151; We estimate potential sublease income and vacancy periods for space that is not in use, adjusting our estimates when circumstances change. If we
enter into subleases at rates that are substantially different than our current estimates, we will adjust our liability for lease and related costs. In
2014, we reduced our estimated liability for leases by approximately $4.1 million.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Other estimates</I> &#151; We record
estimates for certain of our accrued expenses and income tax liabilities. We estimate the useful lives of our property and equipment. We periodically
assess goodwill and intangible assets for impairment. We assess the value of our interest rate swap arrangement every quarter. We periodically review
our assumed forfeiture rates and ability to achieve performance targets for stock-based awards and adjust them as necessary. Should actual results
differ from our estimates, revisions to our accrued expenses, carrying amount of goodwill and intangible assets, stock-based compensation expense, and
income tax liabilities may be required.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Results of Operations</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In 2014, we generated $446.0 million in
revenue, an 11% decrease compared to 2013, primarily as a result of a decline in average enrollment of 8% and a 3% decline in revenue per student.
Income from operations was $81.7 million in 2014, and includes approximately $4.1 million in adjustments to reduce our liability for losses on
facilities no longer in use. Income from operations in 2013 was $32.7 million, which includes $54.7 million in charges related to the Company&#146;s
restructuring implemented in the fourth quarter of that year. Net income in 2014 was $46.4 million, including approximately $2.6 million in after-tax
benefits from adjustments to the Company&#146;s liability for facilities no longer in use, compared to $16.4 million for the same period in 2013, which
reflected approximately $33.0 million in after-tax charges related to the restructuring. Diluted earnings per share was $4.35 compared to $1.55 for the
same period in 2013. Diluted earnings per share for 2014 includes $0.23 per share in after-tax earnings related to the reduction of
the</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">50<BR></FONT></DIV></P>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>Company&#146;s liability for losses
on facilities no longer in use, and diluted earnings per share for 2013 reflects approximately $3.10 per share in after-tax charges related to the
restructuring.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Key enrollment trends by quarter were
as follows:</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="LEFT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Academic Term<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="LEFT"  WIDTH="71.5ptpt"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2013<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2014<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">% Change<BR> in total<BR> students<HR SIZE=1 NOSHADE
COLOR="#000000" ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">% Change<BR> in new<BR> students<HR SIZE=1 NOSHADE
COLOR="#000000" ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Winter </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">47,926</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">41,098</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#150;14</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#150;2</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Spring </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">46,130</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">41,327</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#150;10</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Summer </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">38,627</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">36,403</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#150;6</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Fall </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">43,192</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">42,189</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#150;2</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Average </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">43,969</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">40,254</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#150;8</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Although we do not know for sure why
our enrollment trends and that of the proprietary higher education sector generally have been volatile, we believe that sustained levels of high
unemployment (even though declining recently), the resulting lower confidence in job prospects, competition, and the high cost of a college education
are all contributing factors. The 16% decline in our new students in 2013 had an adverse impact on 2014 enrollment since there are fewer students from
2013 that continued their education in 2014.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In 2013, we undertook some
restructuring initiatives, including the closing of approximately 20 physical locations. The revenue reduction impact of these initiatives cannot be
accurately determined since the University has made online classes available to the affected students. However, we estimate these actions reduced our
operating expenses by approximately $50 million in 2014. Additional information can be found in Item 7 &#151; &#147;Management&#146;s Discussion and
Analysis of Financial Condition and Results of Operations.&#148; We believe these measures and others that are embedded in our strategic priorities,
together with our continuing operation at other physical campuses, will allow us to continue to deliver high quality, affordable education and result
in revenue and earnings growth for the University over the long term.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In addition to the restructuring, we
introduced a number of initiatives in response to these volatile enrollment trends. Recognizing that affordability is an important factor in a
prospective student&#146;s decision to seek a college degree, we reduced our undergraduate tuition for new students by 20% beginning in our 2014 winter
academic term. We also introduced our Graduation Fund in mid-2013, whereby qualifying students can receive one free course for every three courses
successfully completed. The free courses are redeemable in the student&#146;s final academic year. These initiatives had a negative impact on our
revenue per student, which declined 3% in 2014 and is expected to decline approximately 4-5% in 2015.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Partially as a result of these
measures, we experienced some new student growth in 2014. Should these enrollment trends continue, we believe total enrollment growth could occur in
the second quarter of 2015, followed by revenue growth approximately two quarters later. Under this scenario, we would expect revenue for the full year
2015 to be flat to down 2%, revenue per student to be down 4-5%, and operating expenses to be flat to up 2%. Accordingly, if current enrollment trends
continue, we expect earnings growth after 2015.</FONT></DIV></P>
<!-- agabop mode="ep" last-style="h2" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">51<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_10-k PAGE POSITION: 53 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_10-k PAGE POSITION: 54 -->
<!-- agabop mode="main" last-style="h2" -->
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The following table sets forth certain
income statement data as a percentage of revenues for the periods indicated:</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN=11 nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Year Ended December 31,<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2012<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2013<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2014<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Revenues </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">100.0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">100.0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">100.0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Costs and expenses:<BR></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Instruction and educational support </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">53.4</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">61.7</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">53.0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Marketing </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">12.8</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">15.0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">14.9</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Admissions advisory </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4.7</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4.0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3.7</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">General and administration </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">8.9</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">12.8</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">10.1</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Total costs and expenses </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">79.8</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">93.5</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">81.7</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Income from operations </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">20.2</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">6.5</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">18.3</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Investment income </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Interest expense </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0.8</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1.1</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1.1</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Income before income taxes </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">19.4</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5.4</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">17.2</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Provision for income taxes </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">7.7</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2.1</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">6.8</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Net income </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">11.7</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3.3</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">10.4</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Effective tax rate </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">39.5</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">39.8</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">39.5</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Year Ended December 31, 2014 Compared To Year Ended December
31, 2013</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Enrollment.</I> Average enrollment
decreased 8% to 40,254 students for the year ended December 31, 2014 from 43,969 students for the same period in 2013.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Revenues.</I> Revenues decreased 11%
to $446.0 million in 2014 from $503.6 million in 2013, principally due to an average enrollment decline of 8% and a decline in revenue per student of
3%. The decline in revenue per student is largely attributable to a new pricing structure which reduced tuition for new undergraduate students by
approximately 20%, and made them eligible for our Graduation Fund. Revenues for undergraduate students declined 17% in 2014, driven by a decrease in
enrollment of 10% and a decline of 8% in revenue per student, resulting mostly from the new pricing structure for new undergraduate students. We expect
this decline in revenue per student to continue at the undergraduate level as we enroll more new undergraduate students over time. For graduate
students, revenues increased 1% in 2014, driven by an increase in revenue per student of 7%, offset by a decline in enrollment of 6%. The increase in
graduate revenue per student was due primarily to lower scholarships compared to the same period in 2013.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Instruction and educational support
expenses.</I> Instruction and educational support expenses decreased $74.1 million, or 24%, to $236.3 million in 2014 from $310.4 million in 2013,
primarily due to lower personnel and facility costs following the restructuring in the fourth quarter of 2013, when we incurred a charge of $36.2
million for lease abandonments, asset write-offs, and severance charges. The decrease in instruction and educational support expenses is also partly
attributable to lower average enrollment in 2014. We also recorded $4.1 million in adjustments in 2014 resulting from changes in the timing and
expected income from settlements and executed sublease agreements signed during the period, and may record additional adjustments in the future.
Instruction and educational support expenses as a percentage of revenues decreased to 53.0% for 2014 from 61.7% in 2013.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Marketing expenses.</I> Marketing
expenses decreased $8.9 million, or 12%, to $66.5 million in 2014 from $75.4 million in 2013. Marketing expenses as a percentage of revenues decreased
slightly to 14.9% in 2014 from 15.0% in 2013. We expect to continue to invest in our marketing efforts such that marketing expenses may increase in
absolute terms and as a percentage of revenue in 2015 as compared to 2014.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Admissions advisory expenses</I>.
Admissions advisory expenses decreased by $3.7 million, or 18%, to $16.7 million in 2014 from $20.4 million in 2013, primarily as a result of lower
personnel costs following the restructuring in the fourth quarter of 2013. Admissions advisory expenses as a percentage of revenues decreased to 3.7%
for 2014 from 4.0% in 2013.</FONT></DIV></P>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>General and administration
expenses.</I> General and administration expenses decreased $19.8 million, or 31%, to $44.8 million in 2014 from $64.6 million in 2013 primarily due to
lower personnel and facility costs following the restructuring in the fourth quarter of 2013, when we incurred a charge of $18.2 million for lease
abandonments, asset write-offs, and severance charges. General and administration expenses as a percentage of revenues decreased to 10.1% for 2014 from
12.8% in 2013.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Income from operations.</I> Income
from operations increased $49.0 million, or 150%, to $81.7 million in 2014 from $32.7 million in 2013. Although we had $57.6 million less revenue in
2014 compared to 2013, our operating expenses were significantly lower following the restructuring in the fourth quarter of 2013, when we incurred a
charge of $54.7 million, as discussed above.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Interest expense.</I> Interest
expense decreased slightly to $5.2 million in 2014 from $5.4 million in 2013, primarily due to lower average debt outstanding in 2014.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Provision for income taxes.</I>
Income tax expense increased $19.4 million, or 179%, to $30.3 million in 2014 from $10.9 million in 2013, primarily due to the increase in income
before income taxes attributable to the factors discussed above. Our effective tax rate was 39.5% for 2014 compared to 39.8% for 2013, reflecting the
recognition of certain state tax benefits in 2014. We expect our tax rate for 2015 to be approximately 39.0%.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Net income.</I> Net income increased
$30.0 million to $46.4 million in 2014 from $16.4 million in 2013 due to the factors discussed above.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Year Ended December 31, 2013 Compared To Year Ended December
31, 2012</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Enrollment.</I> Average enrollment
decreased 11% to 43,969 students for the year ended December 31, 2013 from 49,323 students for the same period in 2012.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Revenues.</I> Revenues decreased 10%
to $503.6 million in 2013 from $562.0 million in 2012 principally due to lower average enrollment. In late 2013, we introduced a new pricing structure
for new undergraduate students which could significantly reduce their cost of tuition. A shift in enrollment toward students eligible for the lower
tuition will result in lower revenue per student in the future.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Instruction and educational support
expenses.</I> Instruction and educational support expenses increased $10.3 million, or 3%, to $310.4 million in 2013 from $300.1 million in 2012. This
increase is primarily attributable to lease abandonments, asset write-offs, and severance charges of $36.2 million associated with the restructuring,
partially offset by lower overall personnel-related costs due to lower average enrollment. These expenses as a percentage of revenues increased to
61.7% in 2013 from 53.4% in 2012.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Marketing expenses.</I> Marketing
expenses increased $3.5 million, or 5%, to $75.4 million in 2013 from $71.9 million in 2012. This increase is primarily due to the full year impact in
2013 of new markets opened during 2012. These expenses as a percentage of revenues increased to 15.0% in 2013 from 12.8% in 2012, largely due to
marketing expenses increasing while tuition revenues declined.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Admissions advisory expenses</I>.
Admissions advisory expenses decreased by $6.0 million, or 23%, to $20.4 million in 2013 from $26.4 million in 2012, primarily as a result of lower
personnel costs from consolidating Global Online centers in the fourth quarter of 2012. Admissions advisory expenses as a percentage of revenues
decreased to 4.0% in 2013 from 4.7% in 2012 due to these expenses declining at a higher rate than tuition revenues.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>General and administration
expenses.</I> General and administration expenses increased $14.5 million, or 29%, to $64.6 million in 2013 from $50.1 million in 2012. The increase is
primarily attributable to one-time lease abandonment, asset write-off, and severance charges of $18.2 million associated with the restructuring
initiatives, partially offset by lower overall personnel-related costs. General and administration expenses as a percentage of revenues increased to
12.8% in 2013 compared to 8.9% in 2012 due to these expenses increasing while tuition revenues declined. We believe general and administration expenses
will decline in the aggregate in the future as a result of savings expected to be achieved as a result of the restructuring, which primarily will
affect instruction and educational support expenses and general and administration expenses.</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">53<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
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<PAGE>
<BR>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Income from operations.</I> Income
from operations decreased $80.9 million, or 71%, to $32.7 million in 2013 from $113.6 million in 2012, primarily due to the $54.7 million incurred with
the restructuring and due to the aforementioned factors.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Investment income.</I> Investment
income decreased from approximately $4,000 in 2012 to approximately $2,000 in 2013.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Interest expense.</I> Interest
expense increased $0.8 million, or 17%, to $5.4 million in 2013 compared to $4.6 million in 2012, primarily due to higher average debt outstanding in
2013.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Provision for income taxes.</I>
Income tax expense decreased $32.1 million, or 75%, to $10.9 million in 2013 from $43.0 million in 2012, primarily due to the decrease in income before
taxes attributable to the factors discussed above. Our effective tax rate was 39.8% for 2013 as compared to 39.5% for 2012.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Net income.</I> Net income decreased
$49.5 million, or 75%, to $16.4 million in 2013 from $65.9 million in 2012 due to the factors discussed above.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Seasonality</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Our quarterly results of operations
tend to vary significantly within a year because of student enrollment patterns. Enrollment is generally lowest in the third quarter, or summer term.
The following table sets forth our enrollment by term for 2012, 2013 and 2014:</FONT></DIV></P>
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Enrollment by Term</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="LEFT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Term<HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="LEFT"
WIDTH="22ptpt"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2012<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2013<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2014<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Winter </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">50,432</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">47,926</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">41,098</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Spring </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">50,896</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">46,130</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">41,327</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Summer </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">44,236</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">38,627</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">36,403</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Fall </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">51,727</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">43,192</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">42,189</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Average </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">49,323</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">43,969</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">40,254</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The following table sets forth our
revenues on a quarterly basis for the years ended December 31, 2012, 2013 and 2014:</FONT></DIV></P>
<P ALIGN="CENTER"><DIV STYLE="TEXT-INDENT: 0px; TOP-MARGIN: 3px; TEXT-ALIGN: CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2"><B>Quarterly Revenues<BR> (dollars in thousands)</B></FONT></DIV></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN=7 nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2012<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN=7 nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2013<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN=7 nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2014<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="LEFT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Three Months Ended<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="LEFT"  WIDTH="99ptpt"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Amount<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Percent<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Amount<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Percent<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Amount<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Percent<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">March 31 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">149,532</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">27</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">137,506</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">27</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">116,468</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">26</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">June 30 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">146,254</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">26</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">131,980</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">26</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">112,747</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">25</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">September 30 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">124,260</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">22</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">110,031</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">22</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">100,756</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">23</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">December 31 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">141,933</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">25</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">124,083</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">25</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">116,070</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">26</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Total for year </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">561,979</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">100</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">503,600</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">100</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">446,041</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">100</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Costs generally are not affected by the
seasonal factors as much as enrollment and revenue, and excluding one-time items, do not vary significantly on a quarterly basis.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Liquidity and Capital Resources</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">At December 31, 2014, we had cash and
cash equivalents of $162.3 million compared to $94.8 million at December 31, 2013. At December 31, 2014, most of our cash was invested in bank
overnight deposits.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">On November 8, 2012, we entered into a
second amended and restated revolving credit and term loan agreement which is secured by our assets and provides for a $100.0 million revolving credit
facility and $125.0 million term loan facility with a maturity date of December 31, 2016. Proceeds from the new term loan were used to pay off $77.5
million outstanding under our existing term loan facility. The amended credit facility is used for general corporate purposes including share
repurchases. The amended credit facility is</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">54<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_10-k PAGE POSITION: 56 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_10-k PAGE POSITION: 57 -->
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>guaranteed by the University and is
secured by substantially all of the personal property and assets of the Company and the guarantor.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The term loan portion of the amended
credit facility requires quarterly principal payments of $781,250 beginning in March 2013 through December 2014, and $1,562,500 beginning in March
2015. Any remaining principal is payable in full on December 31, 2016. Borrowings bear interest at LIBOR or a base rate plus a margin ranging from
2.00% to 2.50%, depending on our leverage ratio. For the term loan facility, we are party to an interest rate swap arrangement that fixes the interest
rate on the entire term loan facility at an effective rate ranging from 2.85% to 3.35%, depending on our leverage ratio. An unused commitment fee
ranging from 0.30% to 0.40%, depending on our leverage ratio, accrues on unused amounts under the revolving portion of the amended credit facility.
During the year ended December 31, 2013 and 2014, we paid cash interest of $4.6 million and $4.4 million, respectively. We had no outstanding balance
under the prior revolving credit facility on the day of closing. At December 31, 2014, we had $118.8 million outstanding under the term loan and no
balance outstanding under the revolving credit facility. We are obligated to repay a total of $6.3 million of the term loan over the next four calendar
quarters.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The amended credit facility contains
customary covenants, representations, warranties, events of default and remedies upon default. In addition, we must satisfy certain financial
maintenance covenants, including a total leverage ratio, a coverage ratio and a U.S. Department of Education financial responsibility composite score.
We were in compliance with all applicable covenants related to the amended credit facility as of December 31, 2014.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Our net cash from operating activities
decreased in 2014 to $77.6 million, as compared to $84.1 million for the same period in 2013. The decrease in net cash from operating activities was
largely the result of the change in income from operations from $32.7 million in 2013, or $87.4 million excluding $54.7 million in charges related to
our restructuring, to $77.6 million in 2014, which excludes $4.1 million in adjustments to our liability for losses on facilities no longer in use.
Capital expenditures were $6.9 million for the year ended December 31, 2014, compared to $8.7 million for the same period in 2013. Capital expenditures
for the year ending December 31, 2015 are expected to be in the range of $10-12 million.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">For the year ended December 31, 2014,
we did not repurchase any shares of common stock and, at December 31, 2014, had $70 million in repurchase authorization to use through December 31,
2015. We did not pay a regular quarterly dividend in either 2013 or 2014.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In 2014, bad debt expense as a
percentage of revenue was 3.8% compared to 4.4% for 2013. Days sales outstanding was 15 days at the end of the fourth quarter of 2014 compared to 14
days at the end of the fourth quarter of 2013.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">We have available $100 million under
our revolving credit facility. We believe that existing cash and cash equivalents, cash generated from operating activities, and if necessary, cash
borrowed under the credit facility, will be sufficient to meet our requirements for at least the next 12 months. Currently, we maintain our cash in
mostly FDIC-insured bank accounts. Excess cash is invested in money market funds, which is included in cash and cash equivalents at December 31, 2012,
2013 and 2014. We earned interest income of $4,000, $2,000 and $0.1 million in each of the years ended December 31, 2012, 2013 and 2014,
respectively.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Contractual Obligations</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The table below sets forth our
contractual commitments associated with operating leases, excluding subleases, and the repayment of debt as of December 31, 2014:</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN=19 nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Payments Due By Period (in thousands)<HR SIZE=1 NOSHADE
COLOR="#000000" ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Total<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Less than<BR> 1 Year<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">1-3 Years<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">3-5 Years<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">More than<BR> 5 Years<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Operating leases</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">192,585</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">38,966</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">67,483</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">47,824</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">38,312</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Term loan</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">118,750</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">6,250</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">112,500</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">&nbsp;</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">311,335</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">45,216</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">179,983</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">47,824</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">38,312</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">55<BR></FONT></DIV></P>
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<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Impact of Inflation</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Inflation has not had a significant
impact on our historical operations.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Off-Balance Sheet Arrangements</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">As of December 31, 2014, we do not have
any off-balance sheet arrangements as defined by Item 303(a)(4) of the Securities Exchange Commission Regulation S-K.</FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="67px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Item 7A.</B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Quantitative and Qualitative Disclosures about Market
Risk</B></FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">We are subject to the impact of
interest rate changes and may be subject to changes in the market values of our future investments. We invest our excess cash in bank overnight
deposits, money market funds and marketable securities. We have not used derivative financial instruments in our investment portfolio. Earnings from
investments in bank overnight deposits, money market mutual funds, and marketable securities may be adversely affected in the future should interest
rates decline, although such a decline may reduce the interest rate payable on any borrowings under our revolving credit facility. Our future
investment income may fall short of expectations due to changes in interest rates or we may suffer losses in principal if forced to sell securities
that have declined in market value due to changes in interest rates. As of December 31, 2014, a 1% increase or decrease in interest rates would not
have a material impact on our future earnings, fair values, or cash flows related to investments in cash equivalents or interest earning marketable
securities.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Changing interest rates could also have
a negative impact on the amount of interest expense we incur. On November 8, 2012, we entered into a second amended and restated revolving credit and
term loan agreement providing for a $100 million revolving credit facility and a $125 million term loan facility. Borrowings under the $100 million
revolving credit facility bear interest at LIBOR or a base rate plus a margin ranging from 2.00% to 2.50%, depending on our leverage ratio. Also on
November 8, 2012, we entered into an additional interest rate swap arrangement for the $125 million term loan facility that fixes our interest rate on
the term loan facility at an effective rate ranging from 2.85% to 3.35%, depending on our leverage ratio, for the duration of the term loan. Although
an increase in LIBOR would not affect interest expense on the term loan, it would affect interest expense on any outstanding balance of the revolving
credit facility and the fair value of the interest rate swap arrangement. For every 100 basis points increase in LIBOR, we would incur an incremental
$1.0 million in interest expense per year assuming the entire $100 million revolving credit facility were utilized, but such an increase in LIBOR would
not materially affect the value of our interest rate swap.</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">56<BR></FONT></DIV></P>
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<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="47px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Item 8.</B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Financial Statements and Supplementary Data</B></FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>INDEX TO CONSOLIDATED FINANCIAL
STATEMENTS</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Page<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Strayer Education, Inc.<BR></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Report of Independent Registered Public Accounting Firm </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">58</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Consolidated Balance Sheets as of December 31, 2013 and 2014 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">59</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Consolidated Statements of Income for each of the three years in the period ended December 31, 2014 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">60</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Consolidated Statements of Comprehensive Income for each of the three years in the period ended December 31, 2014 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">60</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Consolidated Statements of Stockholders&#146; Equity for each of the three years in the period ended December 31, 2014 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">61</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Consolidated Statements of Cash Flows for each of the three years in the period ended December 31, 2014 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">62</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Notes to Consolidated Financial Statements </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">63</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">All other schedules are omitted because
they are not applicable or the required information is included in the consolidated financial statements or notes thereto.</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">57<BR></FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Report of Independent Registered Public Accounting
Firm</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">To Board of Directors and Stockholders<BR> Strayer Education,
Inc.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In our opinion, the consolidated financial statements listed in
the accompanying index present fairly, in all material respects, the financial position of Strayer Education, Inc. and its subsidiaries (the
&#147;Company&#148;) at December 31, 2014 and 2013, and the results of their operations and their cash flows for each of the three years in the period
ended December 31, 2014 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company
maintained, in all material respects, effective internal control over financial reporting as of December 31, 2014, based on criteria established in
<I>Internal Control &#151; Integrated Framework (2013)</I> issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The
Company&#146;s management is responsible for these financial statements and for maintaining effective internal control over financial reporting and for
its assessment of the effectiveness of internal control over financial reporting, included in Management&#146;s Report on Internal Control Over
Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on these financial statements and on the Company&#146;s internal
control over financial reporting based on our integrated audits. We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all
material respects. Our audits of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial
statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial
reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control
based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that
our audits provide a reasonable basis for our opinions.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">A company&#146;s internal control over financial reporting is a
process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles. A company&#146;s internal control over financial reporting includes
those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions
and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only
in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of the company&#146;s assets that could have a material effect on the financial
statements.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the
risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may
deteriorate.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">/s/ PricewaterhouseCoopers LLP<BR> McLean, Virginia<BR> February
20, 2015</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">58<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
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<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></P>
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>STRAYER EDUCATION, INC.<BR> CONSOLIDATED BALANCE
SHEETS<BR> (in thousands, except share and per share data)</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN=7 nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">December 31,<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2013<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2014<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="CENTER" WIDTH="100%"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px;
TEXT-INDENT: -10px"><B>ASSETS<BR></B></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Current assets:<BR></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Cash and cash equivalents </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">94,760</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">162,283</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Tuition receivable, net </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">15,842</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">16,942</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Other current assets </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">16,738</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">17,426</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 30px; TEXT-INDENT:
-10px">Total current assets </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">127,340</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">196,651</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Property and equipment, net </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">94,421</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">82,266</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Deferred income taxes </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">17,129</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">16,241</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Goodwill </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">6,800</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">6,800</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Other assets </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">8,576</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5,857</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 30px; TEXT-INDENT:
-10px">Total assets </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">254,266</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">307,815</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="CENTER" WIDTH="100%"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px;
TEXT-INDENT: -10px"><B>LIABILITIES &amp; STOCKHOLDERS&#146; EQUITY<BR></B></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Current liabilities:<BR></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Accounts payable and accrued expenses </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">38,527</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">43,836</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Income taxes payable </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,569</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1,286</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Deferred revenue </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">656</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4,682</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Other current liabilities </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">281</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">281</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Current portion of term loan </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3,125</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">6,250</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 30px; TEXT-INDENT:
-10px">Total current liabilities </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">45,158</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">56,335</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Term loan, less current portion </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">118,750</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">112,500</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Other long-term liabilities </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">51,456</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">46,248</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 30px; TEXT-INDENT:
-10px">Total liabilities </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">215,364</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">215,083</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Commitments and contingencies<BR></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Stockholders&#146; equity:<BR></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Common stock, par value $0.01; 20,000,000 shares authorized; 10,797,464 and 10,903,341 shares issued and outstanding at December 31, 2013 and
2014, respectively </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">108</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">109</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Additional paid-in capital </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">7,137</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">14,550</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Retained earnings </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">31,629</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">77,985</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Accumulated other comprehensive income </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">28</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">88</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 30px; TEXT-INDENT:
-10px">Total stockholders&#146; equity </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">38,902</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">92,732</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 30px; TEXT-INDENT:
-10px">Total liabilities and stockholders&#146; equity </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">254,266</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">307,815</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<!-- agabop mode="ep" last-style="h1" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The accompanying notes are an integral part of these
consolidated financial statements.<BR></FONT></DIV></P>
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">59<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_10-k PAGE POSITION: 61 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_10-k PAGE POSITION: 62 -->
<!-- agabop mode="main" last-style="h1" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>STRAYER EDUCATION, INC.<BR> CONSOLIDATED STATEMENTS OF
INCOME<BR> (in thousands, except per share data)</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN=11 nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">For the Year Ended<BR> December 31,<HR SIZE=1 NOSHADE
COLOR="#000000" ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2012<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2013<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2014<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Revenues </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">561,979</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">503,600</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">446,041</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Costs and expenses:<BR></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Instruction and educational support </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">300,098</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">310,446</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">236,303</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Marketing </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">71,864</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">75,426</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">66,495</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Admissions advisory </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">26,374</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">20,390</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">16,661</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">General and administration </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">50,056</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">64,637</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">44,835</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Total costs and expenses </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">448,392</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">470,899</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">364,294</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Income from operations </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">113,587</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">32,701</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">81,747</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Investment income </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">117</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Interest expense </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4,616</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5,419</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5,248</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Income before income taxes </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">108,975</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">27,284</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">76,616</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Provision for income taxes </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">43,045</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">10,859</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">30,260</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Net income </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">65,930</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">16,425</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">46,356</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Earnings per share:<BR></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Basic </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5.79</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1.55</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4.39</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Diluted </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5.76</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1.55</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4.35</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Weighted average shares outstanding:<BR></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Basic </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">11,390</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">10,584</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">10,561</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Diluted </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">11,440</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">10,624</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">10,650</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="CENTER"><DIV STYLE="TEXT-INDENT: 0px; TOP-MARGIN: 6px; TEXT-ALIGN: CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2"><B>STRAYER EDUCATION, INC.<BR> CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME<BR> (in thousands)</B></FONT></DIV></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN=11 nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">For the Year Ended<BR> December 31,<HR SIZE=1 NOSHADE
COLOR="#000000" ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2012<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2013<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2014<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Net income </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">65,930</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">16,425</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">46,356</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Other comprehensive income:<BR></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Change in fair value of derivative instrument, net of income tax </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(125</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">764</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">60</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Comprehensive income </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">65,805</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">17,189</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">46,416</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<!-- agabop mode="ep" last-style="h1" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The accompanying notes are an integral part of these
consolidated financial statements.<BR></FONT></DIV></P>
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">60<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_10-k PAGE POSITION: 62 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_10-k PAGE POSITION: 63 -->
<!-- agabop mode="main" last-style="h1" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>STRAYER EDUCATION, INC.<BR> CONSOLIDATED STATEMENTS OF
STOCKHOLDERS&#146; EQUITY<BR> (in thousands, except share data)</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN=7 nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Common Stock<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Shares<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Par Value<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Additional<BR> Paid-in<BR> Capital<HR SIZE=1 NOSHADE
COLOR="#000000" ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Retained<BR> Earnings<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Accumulated<BR> Other<BR> Comprehensive<BR> Income
(Loss)<HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Total<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 9px; TEXT-INDENT:
-8px">Balance, December 31, 2011 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">11,792,456</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">118</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">295</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">42,491</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(611</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">42,293</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Tax shortfall associated with stock-based compensation arrangements </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(245</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(245</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Repurchase of common stock </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(484,841</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(5</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(5,214</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(19,782</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(25,001</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Restricted stock grants, net of forfeitures </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">79,684</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(1</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Stock-based compensation </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5,464</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5,464</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Common stock dividends </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(47,328</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(47,328</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Change in fair value of derivative instrument, net of income tax </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(125</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(125</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Net income </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">65,930</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">65,930</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 9px; TEXT-INDENT:
-8px">Balance, December 31, 2012 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">11,387,299</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">114</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">299</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">41,311</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(736</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">40,988</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Tax shortfall associated with stock-based compensation arrangements </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(702</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(2,865</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(3,567</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Repurchase of common stock </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(495,085</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(5</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(1,752</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(23,242</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(24,999</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Restricted stock forfeitures and cancellations, net of grants </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(94,750</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(1</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Stock-based compensation </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">9,291</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">9,291</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Change in fair value of derivative instrument, net of income tax </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">764</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">764</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Net income </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">16,425</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">16,425</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 9px; TEXT-INDENT:
-8px">Balance, December 31, 2013 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">10,797,464</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">108</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">7,137</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">31,629</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">28</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">38,902</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Tax shortfall associated with stock-based compensation arrangements </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(2,039</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(2,039</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Restricted stock grants, net of forfeitures </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">105,877</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(1</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Stock-based compensation </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">9,453</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">9,453</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Change in fair value of derivative instrument, net of income tax </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">60</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">60</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Net income </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">46,356</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">46,356</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 9px; TEXT-INDENT:
-8px">Balance, December 31, 2014 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">10,903,341</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">109</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">14,550</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">77,985</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">88</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">92,732</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The accompanying notes are an integral part of these
consolidated financial statements.<BR></FONT></DIV></P>
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">61<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
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<PAGE>
<BR>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>STRAYER EDUCATION, INC.<BR> CONSOLIDATED STATEMENTS OF
CASH FLOWS<BR> (in thousands)</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN=11 nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">For the Year Ended December 31,<HR SIZE=1 NOSHADE
COLOR="#000000" ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2012<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2013<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2014<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Cash flows from operating activities:<BR></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Net income </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">65,930</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">16,425</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">46,356</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Adjustments to reconcile net income to net cash provided by operating activities:<BR></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 30px; TEXT-INDENT:
-10px">Amortization of gain on sale of assets </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(281</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(281</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(280</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 30px; TEXT-INDENT:
-10px">Amortization of deferred rent </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">323</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(462</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(1,092</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 30px; TEXT-INDENT:
-10px">Amortization of deferred financing costs </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">795</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">780</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">780</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 30px; TEXT-INDENT:
-10px">Depreciation and amortization </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">23,973</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">35,563</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">20,630</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 30px; TEXT-INDENT:
-10px">Deferred income taxes </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(38</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(23,435</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(1,036</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 30px; TEXT-INDENT:
-10px">Stock-based compensation </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5,464</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">9,291</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">9,453</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Changes in assets and liabilities:<BR></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 30px; TEXT-INDENT:
-10px">Tuition receivable, net </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1,744</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4,024</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">685</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 30px; TEXT-INDENT:
-10px">Other current assets </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(2,130</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,434</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(2,862</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 30px; TEXT-INDENT:
-10px">Other assets </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(135</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">494</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">219</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 30px; TEXT-INDENT:
-10px">Accounts payable and accrued expenses </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5,673</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(116</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">6,550</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 30px; TEXT-INDENT:
-10px">Income taxes payable and income taxes receivable </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(4,306</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">7,799</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">737</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 30px; TEXT-INDENT:
-10px">Deferred revenue </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(14,870</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,059</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">11,783</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 30px; TEXT-INDENT:
-10px">Other long-term liabilities </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(80</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">29,518</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(14,373</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 40px; TEXT-INDENT:
-10px">Net cash provided by operating activities </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">82,062</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">84,093</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">77,550</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Cash flows from investing activities:<BR></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Purchases of property and equipment </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(24,733</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(8,726</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(6,902</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 40px; TEXT-INDENT:
-10px">Net cash used in investing activities </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(24,733</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(8,726</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(6,902</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Cash flows from financing activities:<BR></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Payments on term loan </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(20,000</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(3,125</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(3,125</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Repurchase of common stock </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(25,001</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(24,999</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Proceeds from term loan </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">47,500</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Payments on revolving credit facility </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(83,000</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Proceeds from revolving credit facility </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">63,000</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Common dividends paid </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(47,328</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Payment of deferred financing costs </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(2,120</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 40px; TEXT-INDENT:
-10px">Net cash used in financing activities </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(66,949</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(28,124</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(3,125</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 40px; TEXT-INDENT:
-10px">Net (decrease) increase in cash and cash equivalents </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(9,620</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">47,243</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">67,523</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Cash and cash equivalents &#151; beginning of year </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">57,137</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">47,517</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">94,760</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Cash and cash equivalents &#151; end of year </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">47,517</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">94,760</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">162,283</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Non-cash transactions:<BR></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Purchases of property and equipment included in accounts payable </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">529</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">47</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">412</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<!-- agabop mode="ep" last-style="h1" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The accompanying notes are an integral part of these
consolidated financial statements.<BR></FONT></DIV></P>
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">62<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_10-k PAGE POSITION: 64 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_10-k PAGE POSITION: 65 -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>STRAYER EDUCATION, INC.<BR>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS<BR></B></FONT></DIV></P>
<!-- agabop mode="main" last-style="h1" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B></B></FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>1.</B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Nature of Operations</B></FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Strayer Education, Inc. (the
&#147;Company&#148;), a Maryland corporation, conducts its operations through its wholly owned subsidiary, Strayer University (the
&#147;University&#148;). The University is an accredited institution of higher education that provides undergraduate and graduate degrees in various
fields of study through physical campuses, predominantly located in the eastern United States, and online. With the Company&#146;s focus on the
student, regardless of whether he or she chooses to take classes at a physical campus or online, it has only one reporting segment.</FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>2.</B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Significant Accounting Policies</B></FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Financial statement presentation</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The consolidated financial statements
include the accounts of the Company and its only subsidiary, the University. All intercompany accounts and transactions have been eliminated in the
consolidated financial statements.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Revenue Recognition</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company&#146;s educational programs
are offered on a quarterly basis and such periods coincide with the Company&#146;s quarterly financial reporting periods. Approximately 96% of the
Company&#146;s revenues during the year ended December 31, 2014, consisted of tuition revenue. Tuition revenue is recognized in the quarter of
instruction. Tuition revenue is assessed for collectibility on a student-by-student basis throughout the quarter of instruction, and is shown net of
any refunds, withdrawals, corporate discounts, scholarships and employee tuition discounts. This collectibility assessment considers available sources
of funds for the student including Federal Financial Student Aid programs. The Company reassesses the collectibility of tuition revenue that it may
earn based on new information and changes in the facts and circumstances relevant to a student&#146;s ability to pay, including the timing of a
student&#146;s withdrawal from a program of study.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">At the start of each academic term, a
liability (deferred revenue) is recorded for academic services to be provided and a tuition receivable is recorded for the portion of the tuition not
paid upfront in cash. Any cash received prior to the start of an academic term is recorded as deferred revenue. The estimated value of scholarship
awards which will be realized in the future is based on historical experience of students who are expected to realize scholarship awards earned as
courses are successfully completed. Deferred revenue is recorded as a current or long-term liability in the consolidated balance sheets based on when
the benefit is expected to be realized. Revenues also include textbook-related income, certificate revenue, certain academic fees, licensing revenue,
and other income, which are recognized when earned.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company&#146;s refund policy
typically permits students who complete less than half of a course to receive a partial refund of tuition for that course. Refunds reduce the tuition
revenue that would have otherwise been recognized for that student. Since the Company&#146;s academic terms coincide with its financial reporting
periods, all refunds are processed and recorded within the same quarter as the corresponding revenue. The amount of tuition revenue refundable to
students may vary based on the student&#146;s state of residence. Unused books and related academic materials may be returned for a full refund within
21 days of the start of class; however, purchases of electronic content are not refundable if downloaded. Revenues derived from fees are not eligible
for a refund.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Graduation Fund</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In the third quarter of 2013, the
Company introduced the Graduation Fund, which allows new undergraduate students to earn tuition credits that are redeemable in the final year of a
student&#146;s course of study if he or she successfully remains in the program. New students registering in credit-bearing courses in any
undergraduate program for the summer 2013 term (fiscal third quarter) and subsequent terms qualify for the Graduation Fund. Students must meet all of
the University&#146;s admission requirements and not be eligible</FONT></DIV></P>
<!-- agabop mode="frill" last-style="h5" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">63<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_10-k PAGE POSITION: 65 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_10-k PAGE POSITION: 66 -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>STRAYER EDUCATION, INC.<BR>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS<BR></B></FONT></DIV></P>
<!-- agabop mode="main" last-style="h5" -->
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>for any previously offered
scholarship program. The Company&#146;s employees and their dependents are not eligible for the program. To maintain eligibility, students must be
enrolled in a bachelor&#146;s degree program, and they become ineligible to participate in the Graduation Fund if they have more than one consecutive
term of non-attendance. In their final academic year, qualifying students will receive one free course for every three courses that were successfully
completed.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Revenue from students participating in
the Graduation Fund is recorded in accordance with the Revenue Recognition Topic, ASC 605-50. The Company allocates the value of benefits to be earned
evenly to each of the underlying revenue transactions that result in progress by the student toward earning the benefit. The Company&#146;s estimate of
the benefits that will be earned in the future is based on its historical experience of student persistence toward completion of a course of study
within this program and similar programs. Each quarter, the Company assesses its methodologies and assumptions underlying these estimates and, to date,
any adjustments to the estimates have not been material.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The table below presents activity in
the Graduation Fund for the year ended December 31, 2014 (in thousands):</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Balance at December 31, 2013 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"> 1,898</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Revenue deferred </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">8,507</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Benefit redeemed </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(699</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Balance at December 31, 2014</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"> 9,706</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Cash and Cash Equivalents</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Cash and cash equivalents consist of
cash maintained in mostly FDIC-insured bank accounts and cash invested in bank overnight deposits and money market mutual funds. The Company places its
cash and temporary cash investments with various financial institutions. The Company considers all highly liquid instruments purchased with a maturity
of three months or less at the date of purchase to be cash equivalents.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Concentration of Credit Risk</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company places its cash and
temporary cash investments in bank overnight deposits and money market mutual funds with various financial institutions. Cash and cash equivalent
balances are in excess of the FDIC insurance limit. The Company has not experienced any losses on its cash and cash equivalents.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Restricted Cash</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">A significant portion of the
Company&#146;s revenues are funded by various federal and state government programs. The Company generally does not receive funds from these programs
prior to the start of the corresponding academic term. The Company may be required to return certain funds for students who withdraw from the
University during the academic term. At December 31, 2014, the Company had approximately $0.2 million of these unpaid obligations, which are recorded
as restricted cash and included in other current assets in the consolidated balance sheet. There was no amount payable for these obligations at
December 31, 2013.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">As part of commencing operations in
Pennsylvania in 2003, the Company was required to maintain a &#147;minimum protective endowment&#148; of at least $0.5 million in an interest-bearing
account. These funds are required as long as the Company operates its campuses in the state. The Company holds these funds in an interest-bearing
account which is included in other assets.</FONT></DIV></P>
<!-- agabop mode="frill" last-style="h5" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">64<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_10-k PAGE POSITION: 66 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_10-k PAGE POSITION: 67 -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>STRAYER EDUCATION, INC.<BR>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS<BR></B></FONT></DIV></P>
<!-- agabop mode="main" last-style="h5" -->
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Tuition Receivable and Allowance for Doubtful
Accounts</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company records tuition receivable
and deferred revenue for its students upon the start of the academic term. Therefore, at the end of the quarter (and academic term), tuition receivable
represents amounts due from students for educational services already provided and deferred revenue represents advance payments from students for
academic services to be provided in the future. Tuition receivables are not collateralized; however, credit risk is minimized as a result of the
diverse nature of the University&#146;s student base. The University establishes an allowance for doubtful accounts primarily based upon historical
collection rates by age of receivable, net of recoveries. These collection rates incorporate historical performance based on a student&#146;s current
enrollment status and likelihood of future enrollment. The Company periodically assesses its methodologies for estimating bad debts in consideration of
actual experience.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company&#146;s tuition receivable
and allowance for doubtful accounts were as follows:</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN=7 nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">December 31,<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="LEFT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"><I>($ in thousands)</I><B><BR></B></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2013<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2014<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Tuition receivable </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">26,145</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">25,777</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Allowance for doubtful accounts </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(10,303</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(8,835</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Tuition receivable, net </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">15,842</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">16,942</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Approximately $3.4 million and $1.6
million of tuition receivable is included in &#147;Other assets&#148; in the accompanying Consolidated Balance Sheets as of December 31, 2013 and 2014,
respectively, because these amounts are expected to be collected after 12 months.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The following table illustrates changes
in the Company&#146;s allowance for doubtful accounts for each of the past three years:</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN=11 nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Year Ended December 31,<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="LEFT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"><I>($ in thousands)</I><B><BR></B></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2012<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2013<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2014<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Beginning allowance for doubtful accounts</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">7,279</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">6,596</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">10,303</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Additions charged to expense</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">23,728</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">22,225</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">16,947</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Write-offs, net of recoveries</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(24,411</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(18,518</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(18,415</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Ending allowance for doubtful accounts</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"> 6,596</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">10,303</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">8,835</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Property and Equipment</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Property and equipment are stated at
cost less accumulated depreciation and amortization. In accordance with the Property, Plant and Equipment Topic, ASC 360, the carrying values of the
Company&#146;s assets are re-evaluated when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If
it is determined that an impairment loss has occurred based on expected undiscounted future cash flows, then a loss is recognized using a fair-value
based model. Through 2014, no such impairment loss had occurred. Depreciation and amortization of property and equipment is calculated using the
straight-line method over the estimated useful lives ranging from 3 to 40 years. Depreciation and amortization amounted to $24.0 million, $35.6 and
$20.6 million for the years ended December 31, 2012, 2013, and 2014, respectively.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Construction in progress includes costs
of computer software developed for internal use, which is accounted for in accordance with the Internal-Use Software Topic, ASC 350-40. Computer
software development costs that are incurred in the preliminary project stage are expensed as incurred. During the development stage direct consulting
costs, payroll and payroll-related costs for employees that are directly associated with the project are capitalized and will be amortized over the
estimated useful life of the software once placed into operation. Purchases of property and equipment and changes in accounts payable for each of the
three years in the period ended December 31, 2014 in the Consolidated Statements of Cash Flows have been adjusted to exclude non-cash purchases of
property and equipment transactions during that period.</FONT></DIV></P>
<!-- agabop mode="frill" last-style="h5" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">65<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_10-k PAGE POSITION: 67 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_10-k PAGE POSITION: 68 -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>STRAYER EDUCATION, INC.<BR>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS<BR></B></FONT></DIV></P>
<!-- agabop mode="main" last-style="h5" -->
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Fair Value</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Fair Value Measurement Topic, ASC
820-10 (&#147;ASC 820-10&#148;), establishes a framework for measuring fair value, establishes a fair value hierarchy based upon the observability of
inputs used to measure fair value, and expands disclosures about fair value measurements. Assets and liabilities are classified in their entirety
within the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Under ASC 820-10, fair value of an
investment is the price that would be received to sell an asset or to transfer a liability to an entity in an orderly transaction between market
participants at the measurement date. The hierarchy gives the highest priority to assets and liabilities with readily available quoted prices in an
active market and lowest priority to unobservable inputs which require a higher degree of judgment when measuring fair value, as
follows:</FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Level 1 assets or liabilities use quoted prices in active
markets for identical assets or liabilities as of the measurement date;</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Level 2 assets or liabilities use observable inputs, other than
quoted market prices, that are either directly or indirectly observable in the marketplace for identical or similar assets and liabilities;
and</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Level 3 assets or liabilities use unobservable inputs that are
supported by little or no market activity.</FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company&#146;s assets and
liabilities that are subject to fair value measurement are categorized in one of the three levels above. Fair values are based on the inputs available
at the measurement dates, and may rely on certain assumptions that may affect the valuation of fair value for certain assets or
liabilities.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Goodwill and Indefinite-Lived Intangible
Assets</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Goodwill represents the excess of the
purchase price of an acquired business over the amount assigned to the assets acquired and liabilities assumed. Indefinite-lived intangible assets,
which include a trade name, are recorded at fair market value on their acquisition date. An indefinite life was assigned to the trade name because it
has the continued ability to generate cash flows indefinitely.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Goodwill and the indefinite-lived
intangible asset are assessed at least annually for impairment during the three-month period ending September 30, or more frequently if events occur or
circumstances change between annual tests that would more likely than not reduce the fair value of the respective reporting unit below its carrying
amount. Under Accounting Standards Update No. 2011-08, <I>Intangibles-Goodwill and Other (Topic 350): Testing Goodwill for Impairment</I>, the Company
is permitted, but not required, to first assess qualitative factors to determine whether it is necessary to perform the more thorough quantitative
goodwill impairment test. Following its qualitative assessment, the Company determined it was not more likely than not that the fair value of its
goodwill was less than the carrying amount and, accordingly, no impairment existed in 2014.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Long-Term Liabilities</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Included in the Company&#146;s
long-term liabilities are the non-current portion of the Company&#146;s borrowings under its term loan and revolving credit facility, liabilities
related to the Company&#146;s operating leases, deferred payments related to an acquisition, fair value of the Company&#146;s interest rate swap, and
the non-current portion of unearned tuition. In conjunction with the opening of some campuses and other facilities, the Company was reimbursed by the
lessors for improvements made to those leased properties. In accordance with the Operating Leases Subtopic, ASC 840-20 (&#147;ASC 840-20&#148;), these
underlying assets were capitalized as leasehold improvements and a liability was established for the reimbursements. The leasehold improvements and the
liability are amortized on a straight-line basis over the corresponding lease terms, which generally range from five to ten years. In accordance with
ASC 840-20, the Company records rent expense on a straight-line basis over the initial term of a lease. The cumulative difference between the rent
payment and the straight-line rent expense is recorded as a liability. The Company also records the non-current portion of the gain related to the sale
and lease back of a campus facility as a long-term liability.</FONT></DIV></P>
<!-- agabop mode="frill" last-style="h5" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">66<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_10-k PAGE POSITION: 68 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_10-k PAGE POSITION: 69 -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>STRAYER EDUCATION, INC.<BR>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS<BR></B></FONT></DIV></P>
<!-- agabop mode="main" last-style="h5" -->
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Accounting for Derivative Instruments and Hedging
Activities</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">On the date that the Company enters
into a derivative contract, it designates the derivative as a hedge of (a) a forecasted transaction or (b) the variability of cash flows that are to be
received or paid in connection with a recognized asset or liability (a cash flow hedge). All derivatives are recognized in the balance sheet at their
fair value.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Changes in the fair value of a
derivative that is highly effective and that is designated and qualifies as a cash flow hedge, to the extent that the hedge is effective, are recorded,
net of income tax, in other comprehensive income, until earnings are affected by the variability of cash flows of the hedged transaction (e.g., until
periodic settlements of a variable-rate asset or liability are recorded in earnings). Any hedge ineffectiveness (which represents the amount by which
the changes in the fair value of the derivative exceed the variability in the cash flows of the forecasted transaction) is recorded in current-period
earnings.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company formally documents all
relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge
transactions. The Company also formally assesses (both at the hedge&#146;s inception and on an ongoing basis) whether the derivatives that are used in
hedging transactions have been highly effective in offsetting changes in the fair value or cash flows of hedged items and whether those derivatives may
be expected to remain highly effective in future periods. When it is determined that a derivative is not (or has ceased to be) highly effective as a
hedge, the Company discontinues hedge accounting prospectively.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Authorized Stock</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company has authorized 20,000,000
shares of common stock, par value $.01, of which 10,797,464 and 10,903,341 shares were issued and outstanding as of December 31, 2013 and 2014,
respectively. The Company also has authorized 8,000,000 shares of preferred stock, none of which has been issued or outstanding since 2004. Before any
preferred stock may be issued in the future, the Board of Directors would need to establish the preferences, conversion or other rights, voting powers,
restrictions, limitations as to dividends, qualifications, and the terms or conditions of the redemption of the preferred stock.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Advertising Costs</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company expenses advertising costs
in the quarter incurred, except for costs associated with the production of media commercials which are expensed when the commercial is first
aired.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Stock-Based Compensation</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">As required by the Stock Compensation
Topic, ASC 718, the Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors, including
employee stock options, restricted stock, restricted stock units, and employee stock purchases related to the Company&#146;s Employee Stock Purchase
Plan, based on estimated fair values. Stock-based compensation expense recognized in the Consolidated Statements of Income for each of the three years
in the period ended December 31, 2014, is based on awards ultimately expected to vest and, therefore, has been adjusted for estimated forfeitures. The
Company is required to estimate forfeitures at the time of grant and revise, if necessary, the estimate in subsequent periods if actual forfeitures
differ from those estimates. The forfeiture rate used is based on historical experience. The Company also assesses the likelihood that performance
criteria associated with performance-based awards will be met. If it is determined that it is more likely than not that performance criteria will not
be achieved, the Company revises its estimate of the number of shares it believes will ultimately vest.</FONT></DIV></P>
<!-- agabop mode="frill" last-style="h5" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">67<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_10-k PAGE POSITION: 69 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_10-k PAGE POSITION: 70 -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>STRAYER EDUCATION, INC.<BR>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS<BR></B></FONT></DIV></P>
<!-- agabop mode="main" last-style="h5" -->
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Net Income Per Share</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Basic earnings per share is computed by
dividing net income by the weighted average number of shares of common stock outstanding during the periods. Diluted earnings per share reflects the
potential dilution that could occur assuming conversion or exercise of all dilutive unexercised stock options, restricted stock and restricted stock
units. The dilutive effect of stock awards was determined using the treasury stock method. Under the treasury stock method, all of the following are
assumed to be used to repurchase shares of the Company&#146;s common stock: (1) the proceeds received from the exercise of stock options, (2) the
amount of compensation cost associated with the stock awards for future service not yet recognized by the Company, and (3) the amount of tax benefits
that would be recorded in additional paid-in capital when the stock awards become deductible for income tax purposes. Stock options are not included in
the computation of diluted earnings per share when the stock option exercise price of an individual grant exceeds the average market price for the
period. During the year ended December 31, 2014, the Company had no issued and outstanding stock options that were excluded from the
calculation.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Set forth below is a reconciliation of
shares used to calculate basic and diluted earnings per share (in thousands):</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2012<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2013<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2014<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Weighted average shares outstanding used to compute basic earnings per share </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">11,390</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">10,584</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">10,561</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Incremental shares issuable upon the assumed exercise of stock options </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">6</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Unvested restricted stock and restricted stock units </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">50</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">40</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">83</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Shares used to compute diluted earnings per share </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">11,440</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">10,624</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">10,650</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Income Taxes</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company provides for deferred
income taxes based on temporary differences between financial statement and income tax bases of assets and liabilities using enacted tax rates in
effect in the year in which the differences are expected to reverse.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Income Taxes Topic, ASC 740,
requires the Company to determine whether uncertain tax positions should be recognized within the Company&#146;s financial statements. The Company
recognizes interest and penalties, if any, related to uncertain tax positions in income tax expense. Uncertain tax positions are recognized when a tax
position, based solely on its technical merits, is determined to be more likely than not to be sustained upon examination. Upon determination,
uncertain tax positions are measured to determine the amount of benefit that is greater than 50% likely to be realized upon ultimate settlement with a
taxing authority that has full knowledge of all relevant information. A tax position is derecognized if it no longer meets the more likely than not
threshold of being sustained.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The tax years 2012-2014 remain open for
Federal tax examination and the tax years 2010-2014 remain open to examination by state and local taxing jurisdictions in which the Company is
subject.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Use of Estimates</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The preparation of financial statements
in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the period
reported. The most significant management estimates included allowances for doubtful accounts, the useful lives of property and equipment, fair value
of future contractual operating lease obligations, potential sublease income and vacancy periods, accrued expenses, forfeiture rates and the likelihood
of achieving performance criteria for stock-based awards, value of free courses earned by students</FONT></DIV></P>
<!-- agabop mode="frill" last-style="h5" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">68<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_10-k PAGE POSITION: 70 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_10-k PAGE POSITION: 71 -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>STRAYER EDUCATION, INC.<BR>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS<BR></B></FONT></DIV></P>
<!-- agabop mode="main" last-style="h5" -->
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>that will be redeemed in the
future, valuation of goodwill, intangible assets and the interest rate swap arrangement, and the provision for income taxes. Actual results could
differ from those estimates.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Comprehensive Income</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Comprehensive income consists of net
income and the change in the fair value of the Company&#146;s interest rate swap, net of income taxes.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Recent Accounting Pronouncements</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In May 2014, the FASB issued ASU No.
2014-09, &#147;Revenue from Contracts with Customers (Topic 606)&#148; (&#147;ASU 2014-09&#148;). The standard establishes a new recognition model that
requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration
expected to be received in exchange for those goods or services. ASU 2014-09 is effective for fiscal years beginning after December 15, 2016, and early
adoption is not permitted. The Company currently is evaluating the impact that the standard will have on its financial condition, results of
operations, and disclosures.</FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>3.</B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Restructuring and Related Charges</B></FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In October 2013, the Company
implemented a restructuring to better align the Company&#146;s resources with its current student enrollments. This restructuring, which occurred
primarily in the fourth quarter of 2013, included the closing of approximately 20 physical locations and reductions in the number of campus-based and
corporate employees.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The following table sets forth the
changes in the Company&#146;s restructuring liability by type of cost during the year ended December 31, 2014:</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="LEFT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"><I>($ in thousands)</I><B><BR></B></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Lease<BR> and Related<BR> Costs, Net<HR SIZE=1 NOSHADE
COLOR="#000000" ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Severance<BR> and Other<BR> Employee<BR> Separation
Costs<HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Total<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Balance at December 31, 2013<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP> </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">42,550</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,216</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">44,766</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Payments</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(12,418</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(2,138</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(14,556</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Adjustments<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(2,849</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(78</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(2,927</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Balance at December 31, 2014<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP> </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">27,283</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">27,283</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><HR SIZE="1"
WIDTH="72" ALIGN="left" NOSHADE COLOR="#000000"></FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(1)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The current portion of restructuring liabilities was $10.4
million and $6.0 million as of December 31, 2013 and December 31, 2014, respectively, which are included in Accounts payable and accrued expenses. The
long-term portion is included in Other long-term liabilities.</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(2)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Adjustments for lease and related costs during the year ended
December 31, 2014 primarily result from changes in the timing and expected income from settlements and executed sublease agreements signed during the
period, which amounted to $4.1 million, partly offset by the accretion of interest on lease costs of approximately $1.3 million. Adjustments for
severance and other employee separation costs primarily related to employees who were re-hired to other roles within the Company and were not paid
severance.</FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Lease and Related Costs,
Net</I></B> &#151; During the fourth quarter of 2013, the University implemented a plan to close approximately 20 of its campus locations. The Company
recorded approximately $36.0 million of aggregate charges representing the estimated fair value of future contractual operating lease obligations,
which were recorded in the periods the Company ceased using the respective facilities. Lease obligations, some of which continue through 2022, are
measured at fair value using a discounted cash flow approach encompassing significant unobservable inputs (Level 3). The estimation of future cash
flows includes non-cancelable contractual lease costs over the remaining terms of the leases discounted at the Company&#146;s marginal borrowing rate
of 4.5%, partially offset by estimated future sublease rental income discounted at credit-adjusted rates. The Company&#146;s estimate of the amount and
timing of sublease rental income considers</FONT></DIV></P>
<!-- agabop mode="frill" last-style="noterr" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">69<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_10-k PAGE POSITION: 71 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_10-k PAGE POSITION: 72 -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>STRAYER EDUCATION, INC.<BR>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS<BR></B></FONT></DIV></P>
<!-- agabop mode="main" last-style="noterr" -->
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>subleases that have been executed
and subleases expected to be executed, based on current commercial real estate market data and conditions, and other qualitative factors specific to
the facilities. The estimates are adjusted as market conditions change or as new information becomes available. Through December 31, 2014, adjustments
to these reserves have related to settlements of leases with the landlords, execution of sublease agreements and accretion of
interest.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Severance and Other Employee
Separation Costs</I></B> &#151; During the fourth quarter of 2013, the Company implemented workforce reductions in order to better align its human capital
resources with the evolving needs of students. A total of $6.9 million in severance and other employee separation costs were recorded at that time. The
remaining liability at December 31, 2013 was paid in 2014.</I></FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>4.</B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Property and Equipment</B></FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The composition of property and
equipment as of December 31, 2013 and 2014 is as follows (in thousands):</FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2013<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2014<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Estimated useful<BR> life (years)<HR SIZE=1 NOSHADE
COLOR="#000000" ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Land </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">7,138</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">7,138</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Buildings and improvements </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">19,105</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">18,998</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5&#150;40</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Furniture, equipment, and computer hardware and software </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">159,160</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">153,417</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5&#150;10</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Leasehold improvements </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">39,299</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">38,732</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3&#150;10</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Construction in progress </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">790</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1,942</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">&nbsp;</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">225,492</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">220,227</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Accumulated depreciation and amortization </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(131,071</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(137,961</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">&nbsp;</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">94,421</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">82,266</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD></TABLE>
&nbsp;<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Construction in progress includes costs
associated with the construction of new campuses and the development of information technology applications. In 2013 and 2014, the Company recorded
leasehold improvements of $0.3 million and $0.1 million, respectively, which were reimbursed by lessors as lease incentives. In 2013 and 2014, the
Company wrote off $0.8 million and $13.6 million, respectively, in fixed assets that were fully depreciated and no longer in service.</FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>5.</B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Term Loan and Revolving Credit Facility</B></FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">On November 8, 2012, the Company
entered into a Second Amended and Restated Revolving Credit and Term Loan Agreement (the &#147;Amended Credit Facility&#148;), providing for a $100.0
million revolving credit facility and $125.0 million term loan facility, with an option, subject to obtaining additional loan commitments and the
satisfaction of certain conditions, to increase the commitments under the Amended Credit Facility by up to $50.0 million in the future. Each of the
revolving portions of the Amended Credit Facility, which includes a letter of credit subfacility of $50.0 million, and the term loan portion of the
Amended Credit Facility matures on December 31, 2016, and amends and refinances the Company&#146;s original Credit Facility. The term loan portion of
the Amended Credit Facility also includes required quarterly amortization payments in the amount of $781,250 in the case of each payment made during
calendar years 2013 and 2014 (0.625% of the aggregate original principal amount of the term loan facility), and $1,562,500 in the case of each payment
made during calendar years 2015 and 2016 (1.25% of the aggregate original principal amount of the term loan facility). The Amended Credit Facility is
guaranteed by the Company&#146;s subsidiary and is secured by substantially all of the personal property and assets of the Company and the
guarantor.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Borrowings under the Amended Credit
Facility bear interest at LIBOR or a base rate plus a margin ranging from 2.00% to 2.50%, depending on the Company&#146;s leverage ratio. The Company
is party to an interest rate swap arrangement that fixes its interest rate on the entire term loan facility at an effective rate ranging from 2.85% to
3.35%, depending on the Company&#146;s leverage ratio. In addition, an unused</FONT></DIV></P>
<!-- agabop mode="frill" last-style="noterr" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">70<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_10-k PAGE POSITION: 72 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_10-k PAGE POSITION: 73 -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>STRAYER EDUCATION, INC.<BR>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS<BR></B></FONT></DIV></P>
<!-- agabop mode="main" last-style="noterr" -->
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>commitment fee ranging from 0.30%
to 0.40%, depending on the Company&#146;s leverage ratio, accrues on unused amounts under the revolving portion of the Amended Credit Facility. The
Amended Credit Facility contains customary affirmative and negative covenants, representations, warranties, events of default and remedies upon
default, including acceleration and rights to foreclose on the collateral securing the Amended Credit Facility. In addition, the Amended Credit
Facility requires that the Company satisfy certain financial maintenance covenants, including:</FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">A leverage ratio of not greater than 2 to 1. Leverage ratio is
defined as the ratio of total debt to trailing four-quarter EBITDA (earnings before interest, taxes, depreciation, amortization and non-cash charges
such as stock-based compensation).</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">A coverage ratio of not less than 1.75 to 1. Coverage ratio is
defined as the ratio of trailing four-quarter EBITDA and rent expense to trailing four-quarter interest and rent expense.</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">A Department of Education Financial Responsibility Composite
Score of not less than 1.5.</FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company was in compliance with all
the terms of the Amended Credit Facility at December 31, 2014.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">During the year ended December 31,
2014, the Company paid cash interest of $4.4 million, and the Company&#146;s average annual interest rate, including non-cash charges for the
amortization of debt financing costs, was 4.3%.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">As of December 31, 2014, the Company
had $118.8 million outstanding under the term loan facility and no balance outstanding under the revolving credit facility.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Debt and short-term borrowings consist
of the following as of December 31, 2014 (in thousands):</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Term loan </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">118,750</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Revolving credit facility </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Total debt </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">118,750</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Less: Current portion of long-term debt </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">6,250</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Long-term debt </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">112,500</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Aggregate debt maturities as of
December 31, 2014 are as follows (in thousands):</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">2015 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">6,250</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">2016 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">112,500</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">&nbsp;</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">118,750</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Interest Rate Swap</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company is party to an interest
rate swap on the outstanding balance of the Amended Credit Facility in order to minimize the interest rate exposure on the balance of the term loan
facility (the &#147;Swap&#148;). The Swap effectively fixes the variable interest rate on the associated term loan at a rate ranging from 2.85% to
3.35%, depending on the Company&#146;s leverage ratio, rather than being subject to fluctuations in the LIBOR rate. The term of the Swap effectively
matches the term of the underlying term loan facility. The Swap has been designated as a cash flow hedge and has been deemed effective in accordance
with the Derivatives and Hedging Topic, ASC 815. The Company expects the Swap to continue to be deemed effective for the duration of the Swap. The fair
value of the Swap is included in Other assets in the Company&#146;s consolidated balance sheets.</FONT></DIV></P>
<!-- agabop mode="frill" last-style="h5" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">71<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_10-k PAGE POSITION: 73 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_10-k PAGE POSITION: 74 -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>STRAYER EDUCATION, INC.<BR>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS<BR></B></FONT></DIV></P>
<!-- agabop mode="main" last-style="h5" -->
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>6.</B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Fair Value Measurement</B></FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Assets and liabilities measured at fair
value on a recurring basis consist of the following as of December 31, 2014 (in thousands):</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN=11 nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Fair Value Measurements at Reporting Date Using<HR SIZE=1
NOSHADE COLOR="#000000" ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">December 31,<BR> 2014<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Quoted Prices in<BR> Active Markets for<BR> Identical
Assets/<BR> Liabilities<BR> (Level 1)<HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Significant<BR> Other<BR> Observable<BR> Inputs<BR>
(Level 2)<HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Significant<BR> Unobservable<BR> Inputs<BR> (Level 3)<HR
SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px"><B>Assets:<BR></B></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Cash equivalents:<BR></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Money market funds </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">8,275</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">8,275</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Interest rate swap </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">143</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">143</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 30px; TEXT-INDENT:
-10px">Total assets at fair value on a recurring basis </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">8,418</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">8,275</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">143</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px"><B>Liabilities:<BR></B></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Other long-term liabilities:<BR></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Deferred payments </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,398</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,398</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 30px; TEXT-INDENT:
-10px">Total liabilities at fair value on a recurring basis </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,398</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,398</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Assets and liabilities measured at fair
value on a recurring basis consist of the following as of December 31, 2013 (in thousands):</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN=11 nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Fair Value Measurements at Reporting Date Using<HR SIZE=1
NOSHADE COLOR="#000000" ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"><B>December 31,<BR> 2013</B><HR SIZE=1 NOSHADE
COLOR="#000000" ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Quoted Prices in<BR> Active Markets for<BR> Identical
Assets/<BR> Liabilities<BR> (Level 1)<HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Significant<BR> Other<BR> Observable<BR> Inputs<BR>
(Level 2)<HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Significant<BR> Unobservable<BR> Inputs<BR> (Level 3)<HR
SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px"><B>Assets:<BR></B></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Cash equivalents:<BR></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Money market funds </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">8,382</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">8,382</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Interest rate swaps </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">45</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">45</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 30px; TEXT-INDENT:
-10px">Total assets at fair value on a recurring basis </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">8,427</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">8,382</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">45</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px"><B>Liabilities:<BR></B></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Other long-term liabilities:<BR></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Deferred payments </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,115</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,115</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 30px; TEXT-INDENT:
-10px">Total liabilities at fair value on a recurring basis </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,115</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,115</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company measures the above items on
a recurring basis at fair value as follows:</FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Money market funds &#151; Classified in Level 1 is excess cash
the Company holds in both taxable and tax-exempt money market funds and are included in Cash and cash equivalents in the accompanying Consolidated
Balance Sheets. The Company records any net unrealized gains and losses for changes in fair value as a component of Accumulated other comprehensive
income in Stockholders&#146; equity. The Company&#146;s cash and cash equivalents not held in money market funds at December 31, 2013 and 2014,
approximate fair value and are not disclosed in the above tables because of the short-term nature of the financial instruments.</FONT></TD>
</TR>
</TABLE>
<BR>
<!-- agabop mode="frill" last-style="noterr" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">72<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_10-k PAGE POSITION: 74 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_10-k PAGE POSITION: 75 -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>STRAYER EDUCATION, INC.<BR>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS<BR></B></FONT></DIV></P>
<!-- agabop mode="main" last-style="noterr" -->
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Interest rate swap &#151; The Company has an interest rate swap
with a notional amount of $118.8 million as of December 31, 2014, used to minimize the interest rate exposure and fix the variable interest rate on a
portion of the Company&#146;s variable rate debt. The swap is classified within Level 2 and is valued using readily available pricing sources which
utilize market observable inputs including the current variable interest rate for similar types of instruments.</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Deferred payments &#151; The Company acquired certain assets and
entered into a deferred payment arrangement with one of the sellers in connection with an acquisition completed in 2011, which is classified within
Level 3 as there is no liquid market for similarly priced instruments. The deferred payment is valued using a discounted cash flow model that
encompasses significant unobservable inputs to estimate the operating results of the acquired assets. The assumptions used to prepare the discounted
cash flows include estimates for interest rates, enrollment growth, retention rates and pricing strategies. These assumptions are subject to change as
the underlying data sources evolve and the program matures.</FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company&#146;s lease loss liability
incorporates an assessment of current sublease market conditions and uses Level 3 inputs, but is not deemed a fair value liability as the future lease
payments are required to be discounted using the Company&#146;s incremental borrowing rate at the date of lease abandonment without subsequent
adjustment. See Note 3 for further discussion of the Company&#146;s lease loss liability.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">At December 31, 2014, the carrying
value of the Company&#146;s debt was $118.8 million. All of the Company&#146;s debt is variable interest rate debt and is classified within Level 2
because it is valued using readily available pricing sources which utilize market observable inputs. The Company has determined the carrying amount
approximates fair value.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company did not change its
valuation techniques associated with recurring fair value measurements from prior periods, and no assets or liabilities were transferred between levels
of the fair value hierarchy during the years ended December 31, 2013 or 2014. Assets measured at fair value on a non-recurring basis as of December 31,
2013 and 2014, include $6.8 million of goodwill and $1.6 million of other indefinite-lived intangible assets. Changes in the fair value of the
Company&#146;s Level 3 liability that was outstanding throughout the year ended December 31, 2014 are as follows (in thousands):</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Deferred<BR> Payments<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Balance at December 31, 2013</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,115</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Amounts earned</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(545</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Adjustments to fair value</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">828</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Transfers in or out of Level 3</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Balance at December 31, 2014</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,398</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>7.</B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Stock Options, Restricted Stock and Restricted Stock
Units</B></FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In April 2011, the Company&#146;s
stockholders approved the Strayer Education, Inc. 2011 Equity Compensation Plan (the &#147;Plan&#148;), which provides for the granting of restricted
stock, restricted stock units, stock options intended to qualify as incentive stock options, options that do not qualify as incentive stock options,
and other forms of equity compensation and performance-based awards to employees, officers and directors of the Company, or to a consultant or advisor
to the Company, at the discretion of the Board of Directors. Vesting provisions are at the discretion of the Board of Directors. Options may be granted
at option prices based at or above the fair market value of the shares at the date of grant. The maximum term of the awards granted under the Plan is
ten years.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In February 2014, the Company&#146;s
Board of Directors approved grants of 46,064 shares of restricted stock to certain individuals. These shares, which vest 100% in February 2018, were
granted pursuant to the Plan. The Company&#146;s stock price closed at $33.65 on the date of these restricted stock grants.</FONT></DIV></P>
<!-- agabop mode="frill" last-style="noterr" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">73<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_10-k PAGE POSITION: 75 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_10-k PAGE POSITION: 76 -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>STRAYER EDUCATION, INC.<BR>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS<BR></B></FONT></DIV></P>
<!-- agabop mode="main" last-style="noterr" -->
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In May 2014, the Company&#146;s Board
of Directors approved grants of 46,674 shares of restricted stock. These shares, which vest in their entirety four years from the date of grant, were
granted pursuant to the Plan. The Company&#146;s Board of Directors also approved grants of 15,868 shares of restricted stock. These shares, which vest
over a three-year period, were awarded to non-employee members of the Company&#146;s Board of Directors, as part of the Company&#146;s annual director
compensation program. The Company&#146;s stock price closed at $42.85 on the date of these restricted stock grants.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Dividends paid on unvested restricted
stock are reimbursed to the Company if the recipient forfeits his or her shares as a result of termination of employment prior to vesting in the award,
unless waived by the Board of Directors.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Restricted Stock and Restricted Stock
Units</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The table below sets forth the
restricted stock and restricted stock units activity for the years ended December 31, 2012, 2013 and 2014:</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Number of<BR> shares<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Weighted-average<BR> grant price<HR SIZE=1 NOSHADE
COLOR="#000000" ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Balance, December 31, 2011 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">380,944</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">194.26</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Grants </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">82,741</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">111.44</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Vested shares </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(26,189</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">195.58</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Forfeitures </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(3,057</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">127.51</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Balance, December 31, 2012 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">434,439</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">178.88</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Grants </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">225,741</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">57.90</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Vested shares </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(51,916</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">164.22</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Forfeitures </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(120,491</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">140.30</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Balance, December 31, 2013 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">487,773</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">131.51</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Grants </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">108,606</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">38.95</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Vested shares </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(69,434</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">158.97</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Forfeitures </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(2,729</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">93.44</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Balance, December 31, 2014 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">524,216</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">115.67</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<!-- agabop mode="ep" last-style="h5" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">74<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_10-k PAGE POSITION: 76 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_10-k PAGE POSITION: 77 -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>STRAYER EDUCATION, INC.<BR>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS<BR></B></FONT></DIV></P>
<!-- agabop mode="main" last-style="h5" -->
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Stock Options</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The table below sets forth the stock
option activity for the years ended December 31, 2012, 2013 and 2014 and other stock option information at December 31, 2014:</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Number of<BR> shares<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Weighted-average<BR> exercise price<HR SIZE=1 NOSHADE
COLOR="#000000" ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Weighted-<BR> average<BR> remaining<BR> contractual<BR>
life (years)<HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Aggregate<BR> intrinsic<BR> value<SUP style="font-size:
85%; vertical-align: text-top">(1)</SUP><BR> (in thousands)<HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Balance, December 31, 2011 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">100,000</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">107.28</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1.1</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Grants </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Exercises </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Forfeitures </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Balance, December 31, 2012 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">100,000</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">107.28</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0.1</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Grants </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">100,000</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">51.95</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Exercises </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Forfeitures/Expirations </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(100,000</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">107.28</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Balance, December 31, 2013 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">100,000</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">51.95</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">7.0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Grants </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Exercises </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Forfeitures </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Balance, December 31, 2014 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">100,000</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">51.95</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">6.0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,233</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Exercisable, December 31, 2014 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><HR SIZE="1"
WIDTH="72" ALIGN="left" NOSHADE COLOR="#000000"></FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(1)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The aggregate intrinsic value in the table above represents the
total pre-tax intrinsic value (the difference between the Company&#146;s closing stock price on the respective trading day and the exercise price,
multiplied by the number of in-the-money options) that would have been received by the option holder had all options been exercised on the respective
trading day. The amount of intrinsic value will change based on the fair market value of the Company&#146;s common stock.</FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The number of shares exercisable as of
December 31, 2012, 2013 and 2014 are as follows:</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Number of<BR> shares<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Weighted-average<BR> exercise price<HR SIZE=1 NOSHADE
COLOR="#000000" ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Exercisable, December 31, 2012</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">100,000</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">107.28</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Exercisable, December 31, 2013</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">51.95</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Exercisable, December 31, 2014</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">51.95</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Valuation and Expense Information under Stock Compensation
Topic ASC 718</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">At December 31, 2014, total stock-based
compensation cost which has not yet been recognized was $28.8 million for unvested restricted stock, restricted stock units, and stock option awards.
This cost is expected to be recognized over the next 42 months on a weighted-average basis. Awards of approximately 398,000 shares of restricted stock
and restricted stock units are subject to performance conditions. The accrual for stock-based compensation for performance awards is based on the
Company&#146;s estimates that such performance criteria are probable of being achieved. Such a determination involves significant judgment surrounding
the Company&#146;s ability to maintain regulatory compliance. If the performance targets are not reached during the vesting period, or it is determined
it is more likely than not that the performance criteria will not be achieved, related compensation expense is adjusted. During 2012, the Company
determined that it was more likely than not that certain performance criteria for 45,920 shares would not be met, and reduced stock-based compensation
expense by approximately $7.0 million.</FONT></DIV></P>
<!-- agabop mode="ep" last-style="h5" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">75<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_10-k PAGE POSITION: 77 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_10-k PAGE POSITION: 78 -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>STRAYER EDUCATION, INC.<BR>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS<BR></B></FONT></DIV></P>
<!-- agabop mode="main" last-style="h5" -->
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The following table sets forth the
amount of stock-based compensation expense recorded in each of the expense line items (in thousands):</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2012<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2013<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2014<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Instruction and educational support </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3,273</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1,976</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1,736</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Marketing </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Admissions advisory </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">General and administration </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,191</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">7,315</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">7,717</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Stock-based compensation expense included in operating expense </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5,464</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">9,291</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">9,453</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Tax benefit </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,158</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3,698</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3,734</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Stock-based compensation expense, net of tax </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3,306</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5,593</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5,719</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The following table summarizes
information regarding share-based payment arrangements for the years ended December 31, 2012, 2013 and 2014 (in thousands):</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN=11 nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">For the year ended<BR> December 31,<HR SIZE=1 NOSHADE
COLOR="#000000" ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2012<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2013<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2014<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Proceeds from stock options exercised</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Excess tax benefits (shortfall) related to share-based payment arrangements</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(245</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(3,567</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(2,039</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Intrinsic value of stock options exercised</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>8.</B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Other Long-Term Liabilities</B></FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Other long-term liabilities consist of
the following as of December 31, 2013 and 2014 (in thousands):</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2013<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2014<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Loss on facilities not in use </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">34,339</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">21,280</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Deferred revenue, net of current portion </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1,897</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">9,654</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Deferred rent and other facility costs </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">8,258</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">8,646</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Deferred payments related to acquisition </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4,915</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5,198</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Lease incentives </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1,353</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1,056</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Deferred gain on sale of campus building </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">694</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">414</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">&nbsp;</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">51,456</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">46,248</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Loss on Facilities Not in Use and Deferred Rent and Other
Facility Costs</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company records a liability for
lease costs of campuses and non-campus facilities that are not currently in use (see Note 3). For facilities still in use, the Company records rent
expense on a straight-line basis over the initial term of a lease. The difference between the rent payment and the straight-line rent expense is
recorded as a liability.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Deferred Revenue</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company provides for certain
scholarship and awards programs, such as the Graduation Fund (see Note 2 for additional information), that are earned by students when they
successfully complete course requirements. The Company also has licensed certain of its non-credit bearing course content to a third party. Included in
long-term deferred revenue is the amount of revenue under these arrangements that the Company expects will be realized after one year.</FONT></DIV></P>
<!-- agabop mode="frill" last-style="h5" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">76<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_10-k PAGE POSITION: 78 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_10-k PAGE POSITION: 79 -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>STRAYER EDUCATION, INC.<BR>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS<BR></B></FONT></DIV></P>
<!-- agabop mode="main" last-style="h5" -->
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Deferred Payments Related to Acquisition</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company acquired certain assets and
entered into deferred payment arrangements with one of the sellers in connection with an acquisition completed in 2011. In addition, one of the sellers
contributed $2.8 million to the Company representing the seller&#146;s continuing interest in the assets acquired.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Lease Incentives</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In conjunction with the opening of new
campuses or renovating existing ones, the Company, in some instances, was reimbursed by the lessors for improvements made to the leased properties. In
accordance with ASC 840-20, the underlying assets were capitalized as leasehold improvements and a liability was established for the reimbursements.
The leasehold improvements and the liability are amortized on a straight-line basis over the corresponding lease terms, which generally range from five
to 10 years.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Deferred Gain on Sale of Campus Building</I></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In June 2007, the Company sold one of
its campus buildings for $5.8 million. The Company is leasing back most of the campus building over a 10-year period. In conjunction with this sale and
lease back transaction, the Company realized a gain of $2.8 million before tax, which is deferred and recognized over the 10-year lease
term.</FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>9.</B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Other Employee Benefit Plans</B></FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company has a 401(k) plan covering
all eligible employees of the Company. Effective January 1, 2015, participants may contribute up to $18,000 of their base compensation annually.
Employee contributions are voluntary. Discretionary contributions were made by the Company matching 50% of employee deferrals up to a maximum of 3% of
the employee&#146;s annual salary. The Company&#146;s contributions, which vest immediately, totaled $2.9 million, $1.1 million and $0.9 million for
the years ended December 31, 2012, 2013, and 2014, respectively.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In May 1998, the Company adopted the
Strayer Education, Inc. Employee Stock Purchase Plan (&#147;ESPP&#148;). Under the ESPP, eligible employees may purchase shares of the Company&#146;s
common stock, subject to certain limitations, at 90% of its market value at the date of purchase. Purchases are limited to 10% of an employee&#146;s
eligible compensation. The aggregate number of shares of common stock that may be made available for purchase by participating employees under the ESPP
is 2,500,000 shares. Shares purchased in the open market for employees for the years ended December 31, 2012, 2013, and 2014 were as
follows:</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE STYLE="MARGIN-LEFT: 20px" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="90%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Shares<BR> purchased<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Average price<BR> per share<HR SIZE=1 NOSHADE
COLOR="#000000" ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">2012 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">6,549</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">71.14</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">2013 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">8,911</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">42.27</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">2014 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5,872</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">44.55</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>10.</B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Stock Repurchase Plan</B></FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">As announced on November 3, 2003, the
Company&#146;s Board of Directors initially authorized the Company to repurchase up to an aggregate of $15 million in value of common stock through
December 31, 2004 in open market purchases from time to time at the discretion of the Company&#146;s management depending on market conditions and
other corporate considerations. The Company&#146;s Board of Directors amended the program on various dates, increasing the repurchase amount authorized
and extending the expiration date. At December 31, 2014, approximately $70 million of the Company&#146;s share repurchase authorization was remaining
for repurchases through December 31, 2015. All of the Company&#146;s share repurchases were effected in compliance with Rule 10b-18 under the
Securities Exchange Act of 1934, as amended. This stock repurchase plan may be modified, suspended or terminated at any time by the Company without
notice.</FONT></DIV></P>
<!-- agabop mode="frill" last-style="noterr" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">77<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_10-k PAGE POSITION: 79 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_10-k PAGE POSITION: 80 -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>STRAYER EDUCATION, INC.<BR>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS<BR></B></FONT></DIV></P>
<!-- agabop mode="main" last-style="noterr" -->
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">A summary of the Company&#146;s stock
repurchase activity for the years ended December 31, 2012, 2013, and 2014, all of which was part of a publicly announced plan, is set forth in the
table below:</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE STYLE="MARGIN-LEFT: 20px" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="90%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Number of<BR> shares<BR> repurchased<HR SIZE=1 NOSHADE
COLOR="#000000" ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Average price paid<BR> per share<HR SIZE=1 NOSHADE
COLOR="#000000" ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Amount available for<BR> future repurchases<BR> (in
millions)<HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">2012 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">484,841</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">51.56</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">95.0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">2013 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">495,085</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">50.49</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">70.0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">2014 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">70.0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Repurchases of common stock are
recorded as a reduction to additional paid-in capital. To the extent additional paid-in capital had been reduced to zero through stock repurchases,
retained earnings was then reduced.</FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>11.</B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Commitments and Contingencies</B></FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The University participates in various
federal student financial assistance programs which are subject to audit. Management believes that the potential effects of audit adjustments, if any,
for the periods currently under audit will not have a material adverse effect, individually or in the aggregate, on the Company&#146;s consolidated
financial position, results of operations or cash flows.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">As of December 31, 2014, the Company
had 93 long-term, non-cancelable operating leases for campuses and other administrative facilities. Rent expense was $46.5 million, $82.2 million and
$35.7 million for the years ended December 31, 2012, 2013, and 2014, respectively. Rent expense for 2013 includes approximately $36.0 million in
charges related to the closure of approximately 20 locations. Rent expense for 2014 includes a benefit of approximately $4.1 million to reduce the
Company&#146;s liability for losses on facilities no longer in use. The rents on the Company&#146;s leases are subject to annual increases. The minimum
rental commitments for the Company as of December 31, 2014 are as follows (in thousands):</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Minimum<BR> rental<BR> commitments<HR SIZE=1 NOSHADE
COLOR="#000000" ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">2015 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">38,966</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">2016 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">36,202</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">2017 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">31,281</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">2018 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">26,624</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">2019 </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">21,200</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Thereafter </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">38,312</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Total </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">192,585</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<!-- agabop mode="ep" last-style="noterr" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">78<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_10-k PAGE POSITION: 80 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_10-k PAGE POSITION: 81 -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>STRAYER EDUCATION, INC.<BR>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS<BR></B></FONT></DIV></P>
<!-- agabop mode="main" last-style="noterr" -->
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>12.</B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Income Taxes</B></FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The income tax provision for the years
ended December 31, 2012, 2013 and 2014 is summarized below (in thousands):</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2012<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2013<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2014<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Current:<BR></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Federal </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">36,028</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">26,390</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">25,285</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">State </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">8,333</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4,582</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4,490</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Total current </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">44,361</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">30,972</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">29,775</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Deferred:<BR></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Federal </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(608</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(18,387</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">141</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">State </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(708</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(1,726</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">344</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Total deferred </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(1,316</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(20,113</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">485</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Total provision for income taxes </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">43,045</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">10,859</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">30,260</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The tax effects of the principal
temporary differences that give rise to the Company&#146;s deferred tax assets are as follows as of December 31, 2013 and 2014 (in
thousands):</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2013<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2014<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Tuition receivable </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4,021</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3,439</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Other facility-related costs </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3,684</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,824</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Employee-related liabilities </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">144</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(96</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Current net deferred tax asset </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">7,849</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">6,167</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Stock-based compensation </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">13,871</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">12,994</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Property and equipment </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(13,091</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(11,622</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Other facility-related costs </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">13,696</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">8,903</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Deferred revenue </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3,758</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Deferred leasing costs </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3,082</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,797</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Interest rate swap </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(18</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(56</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Other </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(411</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(533</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Long-term net deferred tax asset </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">17,129</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">16,241</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 30px; TEXT-INDENT:
-10px">Net deferred tax asset </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">24,978</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">22,408</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">As of December 31, 2013 and 2014, the
Company&#146;s liabilities for unrecognized tax benefits are included in income taxes payable in the Consolidated Balance Sheets. Interest and
penalties, including those related to uncertain tax positions, are included in the provision for income taxes in the Consolidated Statements of Income.
The Company recognized $0.4 million of expense in 2013 and $0.1 million of benefits in 2014, related to interest and penalties. The total amount of
interest and penalties included in the Consolidated Balance Sheets was $0.4 million and $0.3 million as of December 31, 2013 and 2014,
respectively.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The following table summarizes changes
in unrecognized tax benefits, excluding interest and penalties, for the respective periods (in thousands):</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN=7 nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Year Ended December 31,<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2013<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2014<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Beginning unrecognized tax benefits</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1,745</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Additions based on tax positions taken in the current year</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1,745</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,085</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Gross reductions for tax positions taken in prior years</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(565</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Settlements with taxing authorities </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(329</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Ending unrecognized tax benefits</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1,745</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,936</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<!-- agabop mode="frill" last-style="noterr" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">79<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_10-k PAGE POSITION: 81 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_10-k PAGE POSITION: 82 -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>STRAYER EDUCATION, INC.<BR>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS<BR></B></FONT></DIV></P>
<!-- agabop mode="main" last-style="noterr" -->
<!-- agabop mode="ep" last-style="noterr" -->
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">It is reasonably possible that
approximately $0.4 million of unrecognized tax benefits will be reduced in the next twelve months due to expiration of the applicable statutes of
limitations. The Company does not anticipate significant changes to other unrecognized tax benefits.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">As of December 31, 2014, $2.1 million
of the Company&#146;s total unrecognized tax benefits would favorably affect the Company&#146;s effective tax rate if recognized. If amounts accrued
are less than amounts ultimately assessed by taxing authorities, the Company would record additional income tax expense.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">A reconciliation between the
Company&#146;s statutory tax rate and the effective tax rate for the years ended December 31, 2012, 2013, and 2014 is as follows:</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2012<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2013<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2014<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Statutory federal rate </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">35.0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">35.0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">35.0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">State income taxes, net of federal benefits </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4.3</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4.6</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4.2</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Other </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0.2</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0.2</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0.3</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Effective tax rate </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">39.5</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">39.8</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: double windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">39.5</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Cash payments for income taxes were
$47.4 million in 2012, $26.5 million in 2013, and $30.8 million in 2014.</FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>13.</B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Summarized Quarterly Financial Data
(Unaudited)</B></FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Quarterly financial information for
2013 and 2014 is as follows (in thousands except per share data):</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN=15 nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Quarter<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="LEFT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2013<HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="LEFT"
WIDTH="22ptpt"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">First<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Second<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Third<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Fourth<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Revenues </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">137,506</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">131,980</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">110,031</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">124,083</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Income (loss) from operations </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">29,919</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">26,257</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">6,621</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(30,096</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Net income (loss) </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">17,231</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">15,002</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3,149</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(18,957</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Net income (loss) per share:<BR></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Basic </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1.59</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1.43</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0.30</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(1.80</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Diluted </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1.59</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1.42</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0.30</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(1.80</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">)&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN=15 nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Quarter<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="LEFT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">2014<HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="LEFT"
WIDTH="22ptpt"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">First<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Second<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Third<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Fourth<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Revenues </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">116,468</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">112,747</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">100,756</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">116,070</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Income from operations </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">25,909</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">23,998</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">9,216</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">22,624</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Net income </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">14,783</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">13,677</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4,953</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">12,943</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT:
-10px">Net income per share:<BR></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Basic </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1.40</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1.29</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0.47</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1.22</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT:
-10px">Diluted </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1.40</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1.29</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0.46</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1.21</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>14.</B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Litigation</B></FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">From time to time, the Company is
involved in litigation and other legal proceedings arising out of the ordinary course of its business. There are no pending material legal proceedings
to which the Company is subject or to which the Company&#146;s property is subject.</FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>15.</B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Regulation</B></FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Department of Education (the
&#147;Department&#148;) previously attempted to define &#147;an eligible program of training to prepare students for gainful employment in a recognized
occupation.&#148; After a federal court invalidated the Department&#146;s regulation, the Department established a negotiated rulemaking committee to
consider the issue of gainful employment. The negotiations did not result in the required consensus. On</FONT></DIV></P>
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">80<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
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<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_10-k PAGE POSITION: 83 -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>STRAYER EDUCATION, INC.<BR>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS<BR></B></FONT></DIV></P>
<!-- agabop mode="main" last-style="noterr" -->
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>March 25, 2014, the Department
issued a Notice of Proposed Rulemaking for public comment, and on October 31, 2014, the Department published the final regulation which will become
effective on July 1, 2015.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The new requirements include two
debt-to-earnings measures, consisting of an annual income rate and a discretionary income rate. The annual income rate measures student debt in
relation to earnings, and the discretionary income rate measures student debt in relation to discretionary income. Under the new gainful employment
regulation, a program would pass if the program&#146;s graduates:</FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;</U></B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">have an annual income rate that does not exceed 8%;
<B><U>or</U></B></FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">have a discretionary income rate that does not exceed
20%.</FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In addition, a program that does not
pass either of the debt-to-earnings metrics, and that has an annual income rate between 8% and 12%, or a discretionary income rate between 20% and 30%,
would be considered to be in a warning zone. A program would fail if the program&#146;s graduates have an annual income rate of 12% or greater and a
discretionary income rate of 30% or greater. A program would become Title IV-ineligible for three years if it fails both metrics for two out of three
consecutive years, or fails to pass at least one metric for four consecutive award years.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">If an institution is notified by the
Secretary that a program could become ineligible, based on its final rates, for the next award year:</FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">the institution must provide a warning with respect to the
program to students and prospective students indicating, among other things, that students may not be able to use Title IV funds to attend or continue
in the program; and</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">the institution must not enroll, register or enter into a
financial commitment with a prospective student until a specified time after providing the warning to the prospective student.</FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The new regulation also requires
institutions to report student and program level data to the Department, and comply with additional disclosure requirements beginning in January
2017.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In addition, the gainful employment
regulation requires institutions to certify by December 31, 2015, among other things, that each eligible gainful employment program is programmatically
accredited if required by a federal governmental entity or a state governmental entity in the state in which it is located or is otherwise required to
obtain state approval, and that the each eligible program satisfies the applicable educational prerequisites for professional licensure or
certification requirements in each state in which it is located or is otherwise required to obtain state approval, so that a student who completes the
program and seeks employment in that state qualifies to take any licensure or certification exam that is needed for the student to practice or find
employment in an occupation that the program prepares students to enter.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company does not have adequate
guidance or data from the Department to determine definitively the full financial or operational impact, if any, of the new regulations going forward.
The requirements associated with the gainful employment regulations will substantially increase our administrative burdens and could affect our student
enrollment, persistence and retention. Further, although the regulations provide opportunities for an institution to correct any potential deficiencies
in a program prior to the loss of Title IV eligibility, the continuing eligibility of our academic programs will be affected by factors beyond
management&#146;s control such as changes in our graduates&#146; income levels, changes in student borrowing levels, increases in interest rates,
changes in the percentage of former students who are current in the repayment of their student loans, and various other factors. Even if we were able
to correct any deficiency in the gainful employment metrics in a timely manner, the disclosure requirements associated with a program&#146;s failure to
meet at least one metric may adversely affect student enrollments in that program and may adversely affect the reputation of our
institution.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In November 2014, two organizations
filed separate lawsuits against the Department in federal courts seeking to have the new regulation invalidated. Both suits allege that the Department
exceeded its statutory authority in promulgating the regulation, that the regulation violates the institution&#146;s constitutional rights,
and</FONT></DIV></P>
<!-- agabop mode="frill" last-style="noterr" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">81<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
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<PAGE>
<BR>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>STRAYER EDUCATION, INC.<BR>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS<BR></B></FONT></DIV></P>
<!-- agabop mode="main" last-style="noterr" -->
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>that the regulation is arbitrary
and capricious. We cannot predict when or how the courts may rule on these lawsuits.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Strayer University must comply with the
campus safety and security reporting requirements as well as other requirements in the Jeanne Clery Disclosure of Campus Security Policy and Campus
Crime Statistics Act, or Clery Act, including recent changes made to the Clery Act by the Violence Against Women Reauthorization Act of 2013, which was
signed into law on March 7, 2013. On April 1, 2014, a negotiated rulemaking committee reached consensus on proposed regulations, and on October 20,
2014, the Department promulgated regulations implementing the recent amendments to the Clery Act. In addition, the Department has interpreted Title IX
of the Education Amendments of 1972, or Title IX, to categorize sexual violence as a form of prohibited sex discrimination and to require institutions
to follow certain disciplinary procedures with respect to such offenses. Failure to comply with the Clery Act or Title IX requirements or regulations
thereunder could result in action by the Department to require correction action, fine the Company or limit or suspend its participation in Title IV
programs, could lead to litigation, and could harm the Company&#146;s reputation.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Strayer University is subject to
announced and unannounced compliance reviews and audits by various external agencies, including the Department, its Office of Inspector General, state
licensing agencies, and accrediting agencies. The Department conducted four campus-based program reviews of Strayer University campuses in three states
and the District of Columbia, with one on-site review conducted August 18-20, 2014; one on-site review conducted September 8-11, 2014; and two on-site
reviews conducted September 22-26, 2014. The reviews covered federal financial aid years 2012-2013 and 2013-2014, and two of the reviews also covered
compliance with the Jeanne Clery Disclosure of Campus Security Policy and Campus Crime Statistics Act, the Drug-Free Schools and Communities Act, and
regulations related thereto. On October 21, 2014, the Department issued an Expedited Final Program Review Determination Letter for one of the program
reviews conducted the week of September 22, 2014, closing the program review with no further action required by the Company. On November 17, 2014, the
Company received a Program Review Report for the program review conducted in August 2014, and provided a response to the Department on December 15,
2014. On January 7, 2015, the Company received a Final Program Review Determination letter from that review, closing the review with no further action
required by the Company. While the on-site portions of the other two program reviews have concluded, Strayer University has yet to receive
determination letters from these reviews.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Each institution participating in Title
IV programs must enter into a Program Participation Agreement with the Department. Under the agreement, the institution agrees to follow the
Department&#146;s rules and regulations governing Title IV programs. On October 1, 2014, Strayer University received an executed provisional Program
Participation Agreement from the Department allowing it to participate in Title IV programs until June 30, 2017. The Program Participation Agreement
was issued on a provisional basis because of the Department&#146;s open program reviews. Under the provisional agreement, the only material additional
condition that the University must comply with is obtaining Department approval for substantial changes, including the addition of any new location,
level of academic offering, non-degree program, or degree program.</FONT></DIV></P>
<!-- agabop mode="ep" last-style="noterr" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">82<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
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<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_10-k PAGE POSITION: 85 -->
<!-- agabop mode="main" last-style="noterr" -->
<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="67px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Item 9.</B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Changes in and Disagreements With Accountants on Accounting
and Financial Disclosure</B></FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">None.</FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="67px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Item 9A.</B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Controls and Procedures</B></FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company&#146;s Chief Executive
Officer and Chief Financial Officer have evaluated the effectiveness of the Company&#146;s disclosure controls and procedures as of December 31, 2014.
Based upon such review, the Chief Executive Officer and Chief Financial Officer have concluded that the Company had in place, as of December 31, 2014,
effective controls and procedures designed to ensure that information required to be disclosed by the Company (including consolidated subsidiaries) in
the reports it files or submits under the Securities Exchange Act of 1934, as amended, and the rules thereunder, is recorded, processed, summarized and
reported within the time periods specified in the Commission&#146;s rules and forms. Disclosure controls and procedures include, without limitation,
controls and procedures designed to ensure that information required to be disclosed by an issuer in reports it files or submits under the Securities
Exchange Act is accumulated and communicated to the Company&#146;s management, including its principal executive officer or officers and principal
financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required
disclosure.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Management&#146;s Report on Internal Control Over Financial
Reporting</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company&#146;s management is
responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule
13a-15(f). A company&#146;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A
company&#146;s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and
that receipts and expenditures are being made only in accordance with authorizations of management and directors of the company; and (iii) provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company&#146;s assets that could
have a material effect on the financial statements.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Because of its inherent limitations,
internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Under the supervision and with the
participation of the Company&#146;s principal executive officer and principal financial officer, the Company&#146;s management assessed the
effectiveness of the registrant&#146;s internal control over financial reporting as of December 31, 2014, based on the framework in <I>Internal Control
&#151; Integrated Framework</I> (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our assessment under
the framework in <I>Internal Control &#151; Integrated Framework</I>, our management concluded that our internal control over financial reporting was
effective as of December 31, 2014.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The effectiveness of the Company&#146;s
internal control over financial reporting as of December 31, 2014 has been audited by PricewaterhouseCoopers LLP, an independent registered public
accounting firm, as stated in their report which appears herein.</FONT></DIV></P>
<!-- agabop mode="ep" last-style="h2" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">83<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
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<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_10-k PAGE POSITION: 86 -->
<!-- agabop mode="main" last-style="h2" -->
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Changes in Internal Controls over Financial
Reporting</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company&#146;s Chief Executive
Officer and Chief Financial Officer have evaluated any changes in the Company&#146;s internal control over financial reporting that occurred during the
quarter ended December 31, 2014, and have concluded that there was no change during such quarter that has materially affected, or is reasonably likely
to materially affect, the Company&#146;s internal control over financial reporting.</FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="67px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Item 9B.</B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Other Information</B></FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">None</FONT></DIV></P>
<!-- agabop mode="ep" last-style="h2" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">84<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_10-k PAGE POSITION: 86 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_10-k PAGE POSITION: 87 -->
<!-- agabop mode="main" last-style="h2" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>PART III</B></FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="47px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Item 10.</B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Directors, Executive Officers and Corporate
Governance</B></FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The following table sets forth certain
information with respect to the Company&#146;s directors, executive officers, and significant employees:</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="45%" nowrap ALIGN="LEFT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Name<HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="LEFT"
WIDTH="22ptpt"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" WIDTH="5%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Age<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" WIDTH="50%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Position<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="TOP" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="45%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px"><B>Directors:<BR></B></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="5%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">&nbsp;</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="50%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">&nbsp;</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="45%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Robert S. Silberman </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="5%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">57</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="50%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Executive Chairman of the Board</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="45%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Dr. John T. Casteen III </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="5%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">71</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="50%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Presiding Independent Director</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="45%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Dr. Charlotte F. Beason </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="5%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">67</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="50%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Director</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="45%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">William E. Brock </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="5%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">84</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="50%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Director</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="45%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Robert R. Grusky </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="5%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">57</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="50%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Director</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="45%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Robert L. Johnson </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="5%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">68</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="50%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Director</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="45%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Karl McDonnell </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="5%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">48</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="50%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Director, Chief Executive Officer</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="45%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Todd A. Milano </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="5%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">62</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="50%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Director</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="45%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">G. Thomas Waite, III </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="5%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">63</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="50%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Director</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="45%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">J. David Wargo </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="5%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">61</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="50%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Director</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="45%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px"><B>Executive Officers and Significant Employees:<BR></B></DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="5%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">&nbsp;</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="50%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">&nbsp;</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="45%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Dr. Michael Plater </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="5%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">58</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="50%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">President, Strayer University</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="45%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Mark C. Brown </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="5%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">55</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="50%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Executive Vice President and Chief Financial Officer</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#CCEEFF">
     <TD ALIGN="LEFT" WIDTH="45%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Kelly J. Bozarth </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="5%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">46</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="50%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Executive Vice President, Administration</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="45%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">Daniel W. Jackson </DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="5%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">40</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="50%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Senior Vice President and Treasurer</DIV></FONT></DIV></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Directors</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Mr. Robert S. Silberman</I> was
named Strayer&#146;s Executive Chairman of the Board in 2013. He was Chairman of the Board from February 2003 to 2013 and Chief Executive Officer from
March 2001 to 2013. From 1995 to 2000, Mr. Silberman served in a variety of senior management positions at CalEnergy Company, Inc., including as
President and Chief Operating Officer. From 1993 to 1995, Mr. Silberman was Assistant to the Chairman and Chief Executive Officer of International
Paper Company. From 1989 to 1993, Mr. Silberman served in several senior positions in the U.S. Department of Defense, including as Assistant Secretary
of the Army. Mr. Silberman has been a Director of Strayer since March 2001. He serves on the Board of Directors of Covanta Holding Company, Par
Petroleum, and 21st Century Fox. Mr. Silberman is a member of the Council on Foreign Relations. Mr. Silberman holds a bachelor&#146;s degree in history
from Dartmouth College and a master&#146;s degree in international policy from The Johns Hopkins University.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Dr. John T. Casteen III</I> is the
President Emeritus and University Professor at the University of Virginia, where he teaches courses in literature, intellectual history, and public
policy. He served as President of the University of Virginia from 1990 through 2010. He was President of the University of Connecticut from 1985 to
1990. From 1982 to 1985, Dr. Casteen served as the Secretary of Education for the Commonwealth of Virginia. Dr. Casteen is on the board of directors of
Altria, Inc., and served on the board of directors of Wachovia Corporation until 2008. Dr. Casteen also is director of a number of charitable and
privately-held business entities, including ECHO 360, the Virginia Foundation for Community College Education and the Woodrow Wilson International
Center for Scholars. Dr. Casteen serves on the Board of Trustees of the Jamestown-Yorktown Foundation. He has chaired the boards of both the College
Entrance Examination Board</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">85<BR></FONT></DIV></P>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>and the Association of American
Universities. Dr. Casteen has been a member of the Board since 2011, is Chair of the Nominating Committee of the Board, and currently serves as the
Presiding Independent Director. Dr. Casteen holds a bachelor&#146;s degree, master&#146;s degree and a Ph.D. in English from the University of
Virginia, as well as several honorary degrees, including degrees from the Universities of Athens (Greece) and Edinburgh (Scotland) and two community
colleges in Virginia.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Dr. Charlotte F. Beason</I> is a
consultant in education and health care administration, as she was from 2004 to 2005. She was Executive Director of the Kentucky Board of Nursing from
2005 to 2012. From 2000 to 2003, Dr. Beason was Chair and Vice Chair of the Commission on Collegiate Nursing Education (an autonomous agency
accrediting baccalaureate and graduate programs in nursing); she is an evaluator for the Commission on Collegiate Nursing Education. From 1988 to 2004,
Dr. Beason was with the Department of Veterans Affairs, first as Director of Health Professions Education Service and the Health Professional
Scholarship Program, and then as Program Director, Office of Nursing Services. Dr. Beason has served on the Board since 1996 and is a member of the
Nominating Committee of the Board. She is also Chairwoman of the Strayer University Board of Trustees. Dr. Beason holds a bachelor&#146;s degree in
nursing from Berea College, a master&#146;s degree in psychiatric nursing from Boston University and a doctorate in clinical psychology and public
practice from Harvard University.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Senator William E. Brock</I> is the
Founder and Chairman of the Brock Offices, a firm specializing in international trade, investment and human resources. From 1985 to 1987, Senator Brock
served in the President&#146;s Cabinet as the U.S. Secretary of Labor, and from 1981 to 1985, as the U.S. Trade Representative. Senator Brock
previously served as a Member of Congress and subsequently as U.S. Senator for the State of Tennessee. Senator Brock is a member of the Board of
Directors of On Assignment, Inc., and ResCare, Inc., and is a Senior Counselor and Member of the Board of Trustees of the Center for Strategic and
International Studies, where he chairs the International Policy Roundtable. In the past five years, Senator Brock has also served on the Board of
Directors of Catalyst Health Solutions, Inc. Senator Brock has been a member of the Board since 2001 and is a member of the Compensation Committee of
the Board. He holds a bachelor&#146;s degree in commerce from Washington and Lee University.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Mr. Robert R. Grusky</I> is a member
of Strayer Education, Inc. Board of Directors, on which he has served since 2001. He is the Founder and Managing Member of Hope Capital Management,
LLC, an investment manager, since 2000. He co-founded New Mountain Capital, LLC, a private equity firm, in 2000 and was a Principal and Member from
2000 to 2005, and has been a Senior Advisor since then. From 1998 to 2000, Mr. Grusky served as President of RSL Investments Corporation. From 1985 to
1997, with the exception of 1990 to 1991 when he was on a leave of absence to serve as a White House Fellow and Assistant for Special Projects to the
Secretary of Defense, Mr. Grusky served in a variety of capacities at Goldman, Sachs &amp; Co., first in its Mergers &amp; Acquisitions Department and
then in its Principal Investment Area. He also serves on the Board of Directors of AutoNation, Inc. In the past five years, he has also served on the
Board of Directors of AutoZone, Inc. He is a member of the Company&#146;s Audit Committee. He holds a bachelor&#146;s degree in history from Union
College and a master&#146;s degree in business administration from Harvard University.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Mr. Robert L. Johnson</I> is the
Founder and Chairman of The RLJ Companies, an innovative business network that owns or holds interests in businesses operating in hotel real estate
investment, private equity, consumer financial services, asset management, automobile dealerships, sports and entertainment, and video lottery terminal
(VLT) gaming. Mr. Johnson is the founder of Black Entertainment Television (BET), a subsidiary of Viacom and the leading African-American operated
media and entertainment company in the United States, and served as its Chief Executive Officer until January 2006. In 2002, Mr. Johnson became the
first African-American majority owner of a major sports franchise, the Charlotte Bobcats of the NBA. From 1976 to 1979, he served as Vice President of
Governmental Relations for the National Cable &amp; Telecommunications Association (NCTA). Mr. Johnson also served as Press Secretary for the Honorable
Walter E. Fauntroy, Congressional Delegate from the District of Columbia. He serves on the following boards: RLJ Lodging Trust; RLJ Entertainment,
Inc.; KB Home; Lowe&#146;s Companies, Inc.; Elevate Credit, Inc.; The Business Council; and the Smithsonian Institution&#146;s National Museum of
African American History and Culture. Mr. Johnson has served on the Board since 2003, and is a member of the Compensation Committee of the Board. He
holds a bachelor&#146;s degree in social studies from the University of Illinois and a master&#146;s</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">86<BR></FONT></DIV></P>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>degree in public affairs from the
Woodrow Wilson School of Public and International Affairs at Princeton University.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Mr. Karl McDonnell</I> was named
Strayer&#146;s Chief Executive Officer in May 2013. He was President and Chief Operating Officer from 2006 to 2013. Mr. McDonnell served as Chief
Operating Officer of InteliStaf Healthcare, Inc., one of the nation&#146;s largest privately-held healthcare staffing firms. Prior to his tenure at
InteliStaf, he served as Vice President of the Investment Banking Division at Goldman, Sachs &amp; Co. Mr. McDonnell has held senior management
positions with several Fortune 100 companies, including The Walt Disney Company. He has served on the Board since 2011 and from 2006 to 2013 was a
member of the Strayer University Board of Trustees. Mr. McDonnell holds a bachelor&#146;s degree from Virginia Wesleyan College and a master&#146;s
degree in business administration from Duke University.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Mr. Todd A. Milano</I> is President
Emeritus and Ambassador for Central Penn College, where he served as President and Chief Executive Officer from 1989 to 2012. Mr. Milano has served on
the Board since 1996 and is a member of the Audit Committee of the Board and is also a member of the Strayer University Board of Trustees. Mr. Milano
holds a bachelor&#146;s degree in industrial management from Purdue University.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Mr. G. Thomas Waite, III</I> has
been Treasurer and Chief Financial Officer of the Humane Society of the United States since 1997 and prior to that served as Controller beginning in
1993. In 1992, Mr. Waite was the Director of Commercial Management of The National Housing Partnership. Mr. Waite has served on the Board since 1996,
is Chair of the Audit Committee of the Board and is a former member of the Strayer University Board of Trustees. Mr. Waite holds a bachelor&#146;s
degree in commerce from the University of Virginia and is a Certified Public Accountant.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Mr. J. David Wargo</I> has been
President of Wargo and Company, Inc., an investment management company, since 1993. Mr. Wargo is a co-founder and was a Member of New Mountain Capital,
LLC, from 2000 to 2008, and was a Senior Advisor there from 2008 until 2011. From 1989 to 1992, Mr. Wargo was a Managing Director and Senior Analyst of
The Putnam Companies, a Boston-based investment management company. From 1985 to 1989, Mr. Wargo was a partner and held other positions at Marble Arch
Partners. Mr. Wargo is also a Director of Liberty Global, Inc., Discovery Communications, Inc., and Liberty TripAdvisor Holdings, Inc. Mr. Wargo has
served on the Board since 2001 and is Chair of the Compensation Committee of the Board. Mr. Wargo holds a bachelor&#146;s degree in physics and a
master&#146;s degree in nuclear engineering, both from the Massachusetts Institute of Technology. He also holds a master&#146;s degree in management
science from the Sloan School of Management, which is the business school of the Massachusetts Institute of Technology.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Executive Officers and Significant
Employees</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Dr. Michael A. Plater</I> is the
University President. He joined Strayer University in March 2010 as the Provost and Chief Academic Officer. Prior to joining Strayer, Dr. Plater was
the Dean of the College of Arts and Sciences at North Carolina A&amp;T State University, where he managed a faculty and staff of approximately 400
people in 13 academic departments, and five affiliated academic programs. Previous to joining North Carolina A&amp;T, Dr. Plater was at Brown
University as the Associate Dean of the Graduate School. Before joining Brown, Dr. Plater taught &#147;capstone&#148; Business Policy/Strategic
Management classes in the M.B.A. program and the introductory undergraduate management course at the University of Florida. Dr. Plater is also an ex
officio member of the Strayer University Board of Trustees. He received a bachelor&#146;s degree in economics from Harvard University, a master&#146;s
degree in business administration from the University of Pennsylvania, and a Ph.D. from the College of William and Mary.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Mr. Mark C. Brown</I> is Executive
Vice President and Chief Financial Officer, having joined Strayer in 2001. He is retiring from this position effective March 1, 2015 and will serve on
the Strayer University Board of Trustees. Mr. Brown was previously the Chief Financial Officer of the Kantar Group, the information and consultancy
division of WPP Group, a multi-national communications services company. Prior to that, for nearly 12 years, Mr. Brown held a variety of management
positions at PepsiCo, Inc., including Director of Corporate Planning for Pepsi Bottling Group and Business Unit Chief Financial Officer for Pepsi-Cola
International. Mr. Brown is a Certified Public Accountant who started his career with PricewaterhouseCoopers,</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">87<BR></FONT></DIV></P>
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<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>LLP. Mr. Brown holds a
bachelor&#146;s degree in accounting from Duke University and a master&#146;s degree in business administration from Harvard
University.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Ms. Rosemary J. Rose</I> is
Executive Vice President, Operations, having joined Strayer in 2009. Previously, over an eleven year period, Ms. Rose held senior management positions
with The Walt Disney Company including Vice President of Food and Beverage and Merchandise Operations and Vice President of Disney University&#146;s
Operations Learning and Development for Walt Disney World. During this time, she had responsibility for the lines of business for Food and Beverage and
Merchandise for all Walt Disney parks and resorts worldwide. Prior to Disney, Ms. Rose held a variety of senior management positions at Darden
Restaurants and the General Mills Restaurant Group. She also held positions with Automatic Data Processing and Barnett Banks. She holds a
bachelor&#146;s degree in finance and master&#146;s degree in business administration from the University of Central Florida.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Ms. Kelly J. Bozarth</I> is
Executive Vice President, Administration. She joined Strayer in 2008 and has served as Senior Vice President and Chief Business Officer of Strayer
University, and as Senior Vice President and Controller of the Company. Previously, Ms. Bozarth held senior management roles in finance and operations
in the education sector for five years. Prior to that, she held a variety of senior management positions in finance and in operations with The Walt
Disney Company over a 10 year period. Ms. Bozarth is a Certified Public Accountant who began her career at Deloitte and Touche. Ms. Bozarth holds a
bachelor&#146;s degree in accounting from Missouri State University and a master&#146;s degree in business administration from Pepperdine
University.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Mr. Daniel W. Jackson</I> is Senior
Vice President and Treasurer. Effective March 1, 2015, Mr. Jackson will assume the position of Executive Vice President and Chief Financial Officer.
Mr. Jackson has been with the company since 2003 and has served as Vice President of Finance, Regional Vice President of Operations, Director of
Business Operations, Campus Director, Manager of Financial Analysis, and as an adjunct faculty member. Prior to joining Strayer, Mr. Jackson was an
Equity Research Associate with Legg Mason Wood Walker, and Director of Operations for Fairmont Schools, Inc. Mr. Jackson holds a bachelor&#146;s degree
in international affairs from the University of Colorado at Boulder, and a master&#146;s degree in business administration from Georgetown
University.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Additional information responsive to
this item is hereby incorporated by reference from the sections titled &#147;Election of Directors,&#148; &#147;Board Structure,&#148; &#147;Code of
Ethics&#148; and &#147;Section 16(a) Beneficial Ownership Reporting Compliance&#148; contained in the Company&#146;s Proxy Statement, which will be
filed no later than 120 days following December 31, 2014.</FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="47px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Item 11.</B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Executive Compensation</B></FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The information required by this Item
is hereby incorporated by reference from the sections entitled &#147;Compensation Discussion and Analysis&#148; and the related tables and narrative
thereto, &#147;Director Compensation&#148; and the related tables thereto, &#147;Compensation Committee Interlocks and Insider Participation&#148; and
&#147;Compensation Committee Report&#148; to be contained in the Company&#146;s Proxy Statement, which will be filed no later than 120 days following
December 31, 2014.</FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="47px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Item 12.</B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Security Ownership of Certain Beneficial Owners and
Management</B></FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The information required by this Item
is hereby incorporated by reference from the section entitled &#147;Beneficial Ownership of Common Stock&#148; and &#147;Securities Authorized for
Issuance Under Equity Compensation Plans&#148; to be contained in the Company&#146;s Proxy Statement, which will be filed no later than 120 days
following December 31, 2014.</FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="47px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Item 13.</B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Certain Relationships and Related
Transactions</B></FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The information required by this Item
is hereby incorporated by reference from the sections entitled &#147;Board Structure&#148; and &#147;Certain Transactions with Related Parties&#148; to
be contained in the Company&#146;s Proxy Statement, which will be filed no later than 120 days following December 31, 2014.</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">88<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
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<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="47px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Item 14.</B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Principal Accounting Fees and Services</B></FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The information required by this Item
is hereby incorporated by reference from the section entitled &#147;Proposal 2 &#151; Ratification of Appointment of Independent Registered Public
Accounting Firm&#148; to be contained in the Company&#146;s Proxy Statement, which will be filed no later than 120 days following December 31,
2014.</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">89<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
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<BR>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>PART IV</B></FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="47px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Item 15.</B></FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Exhibits and Financial Statement Schedules</B></FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>(A)(1) Financial Statements</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">All required financial statements of
the registrant are set forth under Item 8 of this report on Form 10-K.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>(A)(2) Financial Statement Schedule</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The required financial statement
schedule of the registrant is set forth under Item 8 of this report on Form 10-K.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>(A)(3) Exhibits</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The exhibits required to be filed as a
part of this Annual Report on Form 10-K are listed in the Exhibit Index attached hereto and are incorporated herein by reference.</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">90<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>SIGNATURES</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Pursuant to the requirements of Section
13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto
duly authorized.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="50%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">&nbsp;</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="2%" COLSPAN=7><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">STRAYER
EDUCATION, INC.</FONT></DIV></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="50%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">&nbsp;</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="2%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">&nbsp;</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="48%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">&nbsp;</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="50%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">&nbsp;</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="2%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">By:</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="48%" COLSPAN="3" style='border-bottom: solid windowtext 1pt'><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px">/s/ Karl McDonnell</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="50%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">&nbsp;</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="2%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">&nbsp;</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="48%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Karl McDonnell<BR> Chief Executive Officer</DIV></FONT></DIV></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Date: February 20, 2015</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">91<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
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<PAGE>
<BR>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>POWER OF ATTORNEY</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">KNOW ALL MEN BY THESE PRESENTS, that
each person whose signature appears below constitutes and appoints Karl McDonnell and Mark C. Brown, and each of them individually, as his true and
lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him and his name, place and stead in any and all
capacities, to sign the report and any and all amendments to this report, and to file the same, with all exhibits thereto, and other documents in
connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, full power and authority to perform
each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do
in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitutes, may lawfully do or cause to be done by
virtue thereof.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Pursuant to the requirements of the
Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the registrant in the capacities and on the
date indicated.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="34%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">SIGNATURES<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" WIDTH="33%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">TITLE<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" WIDTH="33%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">DATE<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="TOP" BGCOLOR="#CCEEFF">
     <TD ALIGN="CENTER" WIDTH="34%"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">/s/ Robert S. Silberman<HR SIZE="1" NOSHADE COLOR="#000000">(Robert S. Silberman)</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="33%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Executive Chairman of the Board</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="CENTER" WIDTH="33%" COLSPAN="3"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">February 20, 2015</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="CENTER" WIDTH="34%"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">/s/ Karl McDonnell<HR SIZE="1" NOSHADE COLOR="#000000">(Karl McDonnell)</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="33%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Chief Executive Officer and Director (Principal Executive Officer)</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="CENTER" WIDTH="33%" COLSPAN="3"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">February 20, 2015</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#CCEEFF">
     <TD ALIGN="CENTER" WIDTH="34%"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">/s/ Mark C. Brown<HR SIZE="1" NOSHADE COLOR="#000000">(Mark C. Brown)</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="33%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Chief Financial Officer (Principal Financial and Accounting Officer)</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="CENTER" WIDTH="33%" COLSPAN="3"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">February 20, 2015</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="CENTER" WIDTH="34%"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">/s/ Charlotte F. Beason<HR SIZE="1" NOSHADE COLOR="#000000">(Charlotte F. Beason)</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="33%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Director</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="CENTER" WIDTH="33%" COLSPAN="3"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">February 20, 2015</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#CCEEFF">
     <TD ALIGN="CENTER" WIDTH="34%"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">/s/ William E. Brock<HR SIZE="1" NOSHADE COLOR="#000000">(William E. Brock)</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="33%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Director</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="CENTER" WIDTH="33%" COLSPAN="3"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">February 20, 2015</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="CENTER" WIDTH="34%"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">/s/ John T. Casteen, III<HR SIZE="1" NOSHADE COLOR="#000000">(John T. Casteen, III)</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="33%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Director</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="CENTER" WIDTH="33%" COLSPAN="3"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">February 20, 2015</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#CCEEFF">
     <TD ALIGN="CENTER" WIDTH="34%"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">/s/ Robert R. Grusky<HR SIZE="1" NOSHADE COLOR="#000000">(Robert R. Grusky)</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="33%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Director</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="CENTER" WIDTH="33%" COLSPAN="3"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">February 20, 2015</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="CENTER" WIDTH="34%"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">/s/ Robert L. Johnson<HR SIZE="1" NOSHADE COLOR="#000000">(Robert L. Johnson)</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="33%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Director</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="CENTER" WIDTH="33%" COLSPAN="3"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">February 20, 2015</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#CCEEFF">
     <TD ALIGN="CENTER" WIDTH="34%"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">/s/ Todd A. Milano<HR SIZE="1" NOSHADE COLOR="#000000">(Todd A. Milano)</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="33%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Director</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="CENTER" WIDTH="33%" COLSPAN="3"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">February 20, 2015</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="CENTER" WIDTH="34%"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">/s/ G. Thomas Waite, III<HR SIZE="1" NOSHADE COLOR="#000000">(G. Thomas Waite, III)</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="33%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Director</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="CENTER" WIDTH="33%" COLSPAN="3"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">February 20, 2015</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#CCEEFF">
     <TD ALIGN="CENTER" WIDTH="34%"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">/s/ J. David Wargo<HR SIZE="1" NOSHADE COLOR="#000000">(J. David Wargo)</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="33%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Director</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="CENTER" WIDTH="33%" COLSPAN="3"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">February 20, 2015</DIV></FONT></DIV></TD>
</TABLE>
&nbsp;<BR>
<!-- agabop mode="ep" last-style="h1" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">92<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_10-k PAGE POSITION: 94 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_10-k PAGE POSITION: 95 -->
<!-- agabop mode="main" last-style="h1" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Exhibit Index</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="5%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Exhibit<BR> Number<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER" WIDTH="77ptpt"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" WIDTH="95%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Description<HR SIZE=1 NOSHADE
COLOR="#000000" ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="TOP" BGCOLOR="#CCEEFF">
     <TD ALIGN="RIGHT" WIDTH="5%" nowrap><DIV ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;3.1</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="95%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Amended Articles of Incorporation and Articles Supplementary of the Company (incorporated by reference to Exhibit 3.01 of the
Company&#146;s Annual Report on Form 10-K (File No. 000-21039) filed with the Commission on March 28, 2002).</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="5%" nowrap><DIV ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;3.2</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="95%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Amended and Restated Bylaws of the Company (incorporated by reference to Exhibit 3.1 of the Company&#146;s Current Report on Form 8-K
filed with the Commission on November 4, 2010).</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#CCEEFF">
     <TD ALIGN="RIGHT" WIDTH="5%" nowrap><DIV ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;4.1</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="95%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Specimen Stock Certificate (incorporated by reference to Exhibit 4.01 of Amendment No. 3 to the Company&#146;s Registration Statement
on Form S-1 (File No. 333-3967) filed with the Commission on July 16, 1996).</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="5%" nowrap><DIV ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">10.1</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="95%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Second Amended and Restated Revolving Credit and Term Loan Agreement, dated as of November 8, 2012, among the Company, SunTrust Bank,
as Administrative Agent, and the other lenders and agents party thereto (incorporated by reference to Exhibit 10.1 of the Company&#146;s Current Report
on Form 8-K filed with the Commission on November 9, 2012).</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#CCEEFF">
     <TD ALIGN="RIGHT" WIDTH="5%" nowrap><DIV ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">10.2&#134;</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="95%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Employment Agreement, dated as of April 6, 2001, between Strayer Education, Inc. and Robert S. Silberman (incorporated by reference
to Exhibit 10.03 of the Company&#146;s Annual Report on Form 10-K (File No. 000-21039) filed with the Commission on March 28,
2002).</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="5%" nowrap><DIV ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">10.3&#134;</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="95%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">2011 Equity Compensation Plan (incorporated by reference to Exhibit A of the Company&#146;s Proxy Statement (File No. 000-21039)
filed with the Commission on March 29, 2011).</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#CCEEFF">
     <TD ALIGN="RIGHT" WIDTH="5%" nowrap><DIV ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">10.4&#134;</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="95%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Form of Restricted Stock Award Agreement &#151;Time Vesting &#151; under the 2011 Equity Compensation Plan (incorporated by reference
to Exhibit 10.1 of the Company&#146;s Current Report on Form 8-K (File No. 000-21039) filed with the Commission on February 14,
2013).</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="5%" nowrap><DIV ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">10.5&#134;</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="95%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Form of Restricted Stock Award Agreement &#151; Performance Vesting &#151; under the 2011 Equity Compensation Plan (incorporated by
reference to Exhibit 10.2 of the Company&#146;s Current Report on Form 8-K (File No. 000-21039) filed with the Commission on February 14,
2013).</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#CCEEFF">
     <TD ALIGN="RIGHT" WIDTH="5%" nowrap><DIV ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">10.6&#134;</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="95%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Form of Option Agreement under the 2011 Equity Compensation Plan (incorporated by reference to Exhibit 10.3 of the Company&#146;s
Current Report on Form 8-K (File No. 000-21039) filed with the Commission on February 14, 2013).</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="5%" nowrap><DIV ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">10.7&#134;</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="95%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Form of Restricted Stock Award Agreement for Non-Employee Directors under the 2011 Equity Compensation Plan (incorporated by
reference to Exhibit 10.4 of the Company&#146;s Current Report on Form 8-K (File No. 000-21039) filed with the Commission on February 14,
2013).</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#CCEEFF">
     <TD ALIGN="RIGHT" WIDTH="5%" nowrap><DIV ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">21.1*</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="95%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Subsidiaries of Registrant.</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="5%" nowrap><DIV ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">23.1*</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="95%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Consent of PricewaterhouseCoopers LLP.</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#CCEEFF">
     <TD ALIGN="RIGHT" WIDTH="5%" nowrap><DIV ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">24.1*</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="95%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Power of Attorney (included in signature page hereto).</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="5%" nowrap><DIV ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">31.1*</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="95%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Act.</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#CCEEFF">
     <TD ALIGN="RIGHT" WIDTH="5%" nowrap><DIV ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">31.2*</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="95%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Act.</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="5%" nowrap><DIV ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">32.1*</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="95%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002.</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#CCEEFF">
     <TD ALIGN="RIGHT" WIDTH="5%" nowrap><DIV ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">32.2*</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="95%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002.</DIV></FONT></DIV></TD>
</TABLE>
&nbsp;<BR>
<!-- agabop mode="ep" last-style="h1" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">93<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_10-k PAGE POSITION: 95 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_10-k PAGE POSITION: 96 -->
<!-- agabop mode="main" last-style="h1" -->
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH WIDTH="5%" nowrap ALIGN="LEFT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Exhibit<BR> Number<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="LEFT"  WIDTH="77ptpt"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" WIDTH="95%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Description<HR SIZE=1 NOSHADE
COLOR="#000000" ALIGN="CENTER"></FONT></TH>
</TR>
<TR VALIGN="TOP" BGCOLOR="#CCEEFF">
     <TD ALIGN="RIGHT" WIDTH="5%" nowrap><DIV ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">101.INS</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="95%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">XBRL Instance Document</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="5%" nowrap><DIV ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">101.SCH</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="95%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">XBRL Schema Document</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#CCEEFF">
     <TD ALIGN="RIGHT" WIDTH="5%" nowrap><DIV ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">101.CAL</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="95%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">XBRL Calculation Linkbase Document</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="5%" nowrap><DIV ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">101.LAB</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="95%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">XBRL Labels Linkbase Document</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#CCEEFF">
     <TD ALIGN="RIGHT" WIDTH="5%" nowrap><DIV ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">101.PRE</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="95%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">XBRL Presentation Linkbase Document</DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" WIDTH="5%" nowrap><DIV ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">101.DEF</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="95%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">XBRL Definition Linkbase Document</DIV></FONT></DIV></TD>
</TABLE>
&nbsp;<BR>
<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><HR SIZE="1"
WIDTH="72" ALIGN="left" NOSHADE COLOR="#000000"></FONT></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">*</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Filed herewith.</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#134;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Denotes management contract or compensation plan or
arrangement.</FONT></TD>
</TR>
</TABLE>
<BR>
<!-- agabop mode="ep" last-style="footnote" -->
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">94<BR></FONT></DIV></P>
<HR NOSHADE SIZE="5">
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21.1
<SEQUENCE>2
<FILENAME>ex21-1.htm
<DESCRIPTION>SUBSIDIARIES OF REGISTRANT
<TEXT>
<html>
<head>
	<title>Unassociated Document</title>
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</head>
<BODY>
<!-- v: version 37 -->
<!-- BEGIN DIVISION: DIV_ex21-1 PAGE POSITION: 1 -->
<!-- agabop mode="main" last-style="footnote" -->
<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></P>
<P ALIGN="RIGHT"><DIV ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Exhibit 21.1</B></FONT></DIV></P>
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Subsidiaries of the Registrant</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Strayer University, LLC</FONT></DIV></P>
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<HR NOSHADE SIZE="5">
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<BR>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>ex23-1.htm
<DESCRIPTION>CONSENT OF PRICEWATERHOUSECOOPERS LLP
<TEXT>
<html>
<head>
	<title>Unassociated Document</title>
	<!--Licensed to: DPS-->
	<!--Document Created using EDGARizer2020 5.1.2.0-->
	<!--Copyright 1995 - 2009 Thomson Reuters. All rights reserved.-->
</head>
<BODY>
<!-- v: version 37 -->
<!-- BEGIN DIVISION: DIV_ex23-1 PAGE POSITION: 1 -->
<!-- agabop mode="main" last-style="textf" -->
<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></P>
<P ALIGN="RIGHT"><DIV ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Exhibit 23.1</B></FONT></DIV></P>
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">We hereby consent to the incorporation
by reference in the Registration Statements on Form S-8 (No. 333-173732, No. 333-71182 and No. 333-71104) of Strayer Education, Inc. of our report
dated February 20, 2015 relating to the financial statements, financial statement schedule and the effectiveness of internal control over financial
reporting, which appears in this Form 10-K.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">/s/ PricewaterhouseCoopers LLP<BR> McLean, Virginia<BR> February 20,
2015</FONT></DIV></P>
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<BR>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>4
<FILENAME>ex31-1.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<html>
<head>
	<title>Unassociated Document</title>
	<!--Licensed to: DPS-->
	<!--Document Created using EDGARizer2020 5.1.2.0-->
	<!--Copyright 1995 - 2009 Thomson Reuters. All rights reserved.-->
</head>
<BODY>
<!-- v: version 37 -->
<!-- BEGIN DIVISION: DIV_ex31-1 PAGE POSITION: 1 -->
<!-- agabop mode="main" last-style="textf" -->
<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></P>
<P ALIGN="RIGHT"><DIV ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Exhibit 31.1</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><U>CERTIFICATION</U></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 0px; TOP-MARGIN: 6px; TEXT-ALIGN: LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">I, Karl McDonnell, certify that:</FONT></DIV></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1.</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">I have reviewed this annual report on Form 10-K of Strayer
Education, Inc. (the &#147;registrant&#148;);</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2.</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3.</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Based on my knowledge, the financial statements, and other
financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of
the registrant as of, and for, the periods presented in this report;</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4.</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The registrant&#146;s other certifying officer and I are
responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-(f)) for the registrant and have:</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(a)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(b)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purpose in accordance with generally accepted accounting
principles;</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(c)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Evaluated the effectiveness of the registrant&#146;s disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end
of the period covered by this report based on such evaluation; and</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(d)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Disclosed in this report any change in the registrant&#146;s
internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter (the registrant&#146;s fourth fiscal
quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal
control over financial reporting; and</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5.</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The registrant&#146;s other certifying officer and I have
disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#146;s auditors and the audit committee
of the registrant&#146;s board of directors (or persons performing the equivalent functions):</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(a)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to
record, process, summarize and report financial information; and</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(b)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Date: February 20, 2015</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="50%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">&nbsp;</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="50%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px"><U>/s/ Karl McDonnell</U></DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="50%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">&nbsp;</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="50%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Karl McDonnell<BR> Chief Executive Officer</DIV></FONT></DIV></TD>
</TABLE>
&nbsp;<BR>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>5
<FILENAME>ex31-2.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<html>
<head>
	<title>Unassociated Document</title>
	<!--Licensed to: DPS-->
	<!--Document Created using EDGARizer2020 5.1.2.0-->
	<!--Copyright 1995 - 2009 Thomson Reuters. All rights reserved.-->
</head>
<BODY>
<!-- v: version 37 -->
<!-- BEGIN DIVISION: DIV_ex31-2 PAGE POSITION: 1 -->
<!-- agabop mode="main" last-style="textf" -->
<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></P>
<P ALIGN="RIGHT"><DIV ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Exhibit 31.2</B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><U>CERTIFICATION</U></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 0px; TOP-MARGIN: 6px; TEXT-ALIGN: LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">I, Mark C. Brown, certify that:</FONT></DIV></DIV></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1.</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">I have reviewed this annual report on Form 10-K of Strayer
Education, Inc. (the &#147;registrant&#148;);</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2.</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3.</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Based on my knowledge, the financial statements, and other
financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of
the registrant as of, and for, the periods presented in this report;</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4.</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The registrant&#146;s other certifying officer and I are
responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(a)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(b)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(c)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Evaluated the effectiveness of the registrant&#146;s disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end
of the period covered by this report based on such evaluation; and</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(d)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Disclosed in this report any change in the registrant&#146;s
internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter (the registrant&#146;s fourth fiscal
quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal
control over financial reporting; and</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5.</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The registrant&#146;s other certifying officer and I have
disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#146;s auditors and the audit committee
of the registrant&#146;s board of directors (or person performing the equivalent functions):</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(a)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to
record, process, summarize and report financial information; and</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(b)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</FONT></TD>
</TR>
</TABLE>
<BR>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Date: February 20, 2015</FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>
<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="50%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">&nbsp;</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="50%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px"><U>/s/ Mark C. Brown</U></DIV></FONT></DIV></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="50%"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT:
0px">&nbsp;</DIV></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="50%" COLSPAN="3"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><DIV STYLE="MARGIN-LEFT: 0px;
TEXT-INDENT: 0px">Mark C. Brown<BR> Executive Vice President and<BR> Chief Financial Officer</DIV></FONT></DIV></TD>
</TABLE>
&nbsp;<BR>
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<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>6
<FILENAME>ex32-1.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<html>
<head>
	<title>Unassociated Document</title>
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<!-- v: version 37 -->
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<P ALIGN="RIGHT"><DIV ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Exhibit 32.1</B></FONT></DIV></P>
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><U>CERTIFICATION PURSUANT TO RULE 13b &#151; 14(b) OF THE
SECURITIES EXCHANGE ACT<BR> AND 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE<BR> SARBANES &#151; OXLEY ACT OF
2002</U></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 0px; TOP-MARGIN: 6px; TEXT-ALIGN: LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">In connection with the Annual Report of Strayer Education, Inc. (the &#147;Company&#148;) on Form 10-K for the year ended December 31, 2014 as
filed with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;), I, Karl McDonnell, Chief Executive Officer of the
Company, certify, pursuant to 18 U.S.C. &#167;1350, as adopted pursuant to &#167;906 of the Sarbanes-Oxley Act of 2002, that:</FONT></DIV></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(1)&nbsp;&nbsp;The Report fully
complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(2)&nbsp;&nbsp;The information
contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 0px; TOP-MARGIN: 6px; TEXT-ALIGN: LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2"><U>/s/ Karl
McDonnell&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Karl McDonnell<BR> Chief Executive Officer</FONT></DIV></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">February 20, 2015</FONT></DIV></P>
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<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>7
<FILENAME>ex32-2.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<html>
<head>
	<title>Unassociated Document</title>
	<!--Licensed to: DPS-->
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	<!--Copyright 1995 - 2009 Thomson Reuters. All rights reserved.-->
</head>
<BODY>
<!-- v: version 37 -->
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<P ALIGN="RIGHT"><DIV ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Exhibit 32.2</B></FONT></DIV></P>
<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><U>CERTIFICATION PURSUANT TO RULE 13b &#151; 14(b) OF THE
SECURITIES EXCHANGE ACT<BR> AND 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE<BR> SARBANES &#151; OXLEY ACT OF
2002</U></B></FONT></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In connection with the Annual Report of Strayer Education, Inc.
(the &#147;Company&#148;) on Form 10-K for the year ended December 31, 2014 as filed with the Securities and Exchange Commission on the date hereof
(the &#147;Report&#148;), I, Mark C. Brown, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C.
&#167;1350, as adopted pursuant to &#167;906 of the Sarbanes-Oxley Act of 2002, that:</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(1)&nbsp;&nbsp;The Report fully
complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(2)&nbsp;&nbsp;The information
contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</FONT></DIV></P>
<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 0px; TOP-MARGIN: 6px; TEXT-ALIGN: LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2"><U>/s/ Mark C.
Brown&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Mark C. Brown<BR> Executive Vice President and Chief Financial Officer</FONT></DIV></DIV></P>
<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">February 20, 2015</FONT></DIV></P>
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<TYPE>EX-101.INS
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<us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease contextRef="Context_FYE_01_Jan_2012T00_00_00_TO_31_Dec_2012T00_00_00" unitRef="USD" decimals="-3">-9620000</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
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<us-gaap:FairValueOfAssetsAcquired contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">412000</us-gaap:FairValueOfAssetsAcquired>
<us-gaap:NatureOfOperations contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="17" nowrap="nowrap"&gt;&lt;div&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;b&gt;1.&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;b&gt;Nature of Operations&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p&gt;&lt;/p&gt;&lt;p align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;/p&gt;&lt;div align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 20px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Strayer Education, Inc. (the &amp;#8220;Company&amp;#8221;), a Maryland corporation, conducts its operations through its wholly owned subsidiary, Strayer University (the &amp;#8220;University&amp;#8221;). The University is an accredited institution of higher education that provides undergraduate and graduate degrees in various fields of study through physical campuses, predominantly located in the eastern United States, and online. With the Company&amp;#8217;s focus on the student, regardless of whether he or she chooses to take classes at a physical campus or online, it has only one reporting segment.&lt;/font&gt;&lt;/div&gt;</us-gaap:NatureOfOperations>
<us-gaap:SignificantAccountingPoliciesTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="17" nowrap="nowrap"&gt;&lt;div&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;b&gt;2.&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;b&gt;Significant Accounting Policies&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Financial statement presentation&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The consolidated financial statements include the accounts of the Company and its only subsidiary, the University. All intercompany accounts and transactions have been eliminated in the consolidated financial statements.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Revenue Recognition&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The Company&amp;#8217;s educational programs are offered on a quarterly basis and such periods coincide with the Company&amp;#8217;s quarterly financial reporting periods. Approximately 96% of the Company&amp;#8217;s revenues during the year ended December 31, 2014, consisted of tuition revenue. Tuition revenue is recognized in the quarter of instruction. Tuition revenue is assessed for collectibility on a student-by-student basis throughout the quarter of instruction, and is shown net of any refunds, withdrawals, corporate discounts, scholarships and employee tuition discounts. This collectibility assessment considers available sources of funds for the student including Federal Financial Student Aid programs. The Company reassesses the collectibility of tuition revenue that it may earn based on new information and changes in the facts and circumstances relevant to a student&amp;#8217;s ability to pay, including the timing of a student&amp;#8217;s withdrawal from a program of study.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;At the start of each academic term, a liability (deferred revenue) is recorded for academic services to be provided and a tuition receivable is recorded for the portion of the tuition not paid upfront in cash. Any cash received prior to the start of an academic term is recorded as deferred revenue. The estimated value of scholarship awards which will be realized in the future is based on historical experience of students who are expected to realize scholarship awards earned as courses are successfully completed. Deferred revenue is recorded as a current or long-term liability in the consolidated balance sheets based on when the benefit is expected to be realized. Revenues also include textbook-related income, certificate revenue, certain academic fees, licensing revenue, and other income, which are recognized when earned.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman,
 times,;"&gt;The Company&amp;#8217;s
 refund policy typically permits students who complete less than half of a course to receive a partial refund of tuition for that course. Refunds reduce the tuition revenue that would have otherwise been recognized for that student. Since the Company&amp;#8217;s academic terms coincide with its financial reporting periods, all refunds are processed and recorded within the same quarter as the corresponding revenue. The amount of tuition revenue refundable to students may vary based on the student&amp;#8217;s state of residence. Unused books and related academic materials may be returned for a full refund within 21 days of the start of class; however, purchases of electronic content are not refundable if downloaded. Revenues derived from fees are not eligible for a refund.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Graduation Fund&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;In the third quarter of 2013, the Company introduced the Graduation Fund, which allows new undergraduate students to earn tuition credits that are redeemable in the final year of a student&amp;#8217;s course of study if he or she successfully remains in the program. New students registering in credit-bearing courses in any undergraduate program for the summer 2013 term (fiscal third quarter) and subsequent terms qualify for the Graduation Fund. Students must meet all of the University&amp;#8217;s admission requirements and not be eligible&lt;/font&gt;&lt;/div&gt;&lt;p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;br /&gt;for any previously offered scholarship program. The Company&amp;#8217;s employees and their dependents are not eligible for the program. To maintain eligibility, students must be enrolled in a bachelor&amp;#8217;s degree program, and they become ineligible to participate in the Graduation Fund if they have more than one consecutive term of non-attendance. In their final academic year, qualifying students will receive one free course for every three courses that were successfully completed.&lt;/font&gt;&lt;/p&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Revenue from students participating in the Graduation Fund is recorded in accordance with the Revenue Recognition Topic, ASC 605-50. The Company allocates the value of benefits to be earned evenly to each of the underlying revenue transactions that result in progress by the student toward earning the benefit. The Company&amp;#8217;s estimate of the benefits that will be earned in the future is based on its historical experience of student persistence toward completion of a course of study within this program and similar programs. Each quarter, the Company assesses its methodologies and assumptions underlying these estimates and, to date, any adjustments to the estimates have not been material.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The table below presents activity in the Graduation Fund for the year ended December 31, 2014 (in thousands):&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div&gt;(699&lt;/div&gt;&lt;table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 0px; text-indent: 0px;"&gt;Balance at December 31, 2013&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;1,898&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 0px; text-indent: 0px;"&gt;Revenue deferred&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;8,507&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 0px; text-indent: 0px;"&gt;Benefit redeemed&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times,
 serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom:
 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 0px; text-indent: 0px;"&gt;Balance at December 31, 2014&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;9,706&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div align="left"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Cash and Cash Equivalents&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Cash and cash equivalents consist of cash maintained in mostly FDIC-insured bank accounts and cash invested in bank overnight deposits and money market mutual funds. The Company places its cash and temporary cash investments with various financial institutions. The Company considers all highly liquid instruments purchased with a maturity of three months or less at the date of purchase to be cash equivalents.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Concentration of Credit Risk&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The Company places its cash and temporary cash investments in bank overnight deposits and money market mutual funds with various financial institutions. Cash and cash equivalent balances are in excess of the FDIC insurance limit. The Company has not experienced any losses on its cash and cash equivalents.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Restricted Cash&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;A significant portion of the Company&amp;#8217;s revenues are funded by various federal and state government programs. The Company generally does not receive funds from these programs prior to the start of the corresponding academic term. The Company may be required to return certain funds for students who withdraw from the University during the academic term. At December 31, 2014, the Company had approximately $0.2 million of these unpaid obligations, which are recorded as restricted cash and included in other current assets in the consolidated balance sheet. There was no amount payable for these obligations at December 31, 2013.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;As part of commencing operations in Pennsylvania in 2003, the Company was required to maintain a &amp;#8220;minimum protective endowment&amp;#8221; of at least $0.5 million in an interest-bearing account. These funds are required as long as the Company operates its campuses in the state. The Company holds these funds in an interest-bearing account which is included in other assets.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Tuition Receivable and Allowance for Doubtful Accounts&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The Company records tuition receivable and deferred revenue for its students upon the start of the academic term. Therefore, at the end of the quarter (and academic term), tuition receivable represents amounts due from students for educational services already provided and deferred revenue represents advance payments from students for academic services to be provided in the future. Tuition receivables are not collateralized; however, credit risk is minimized as a result of the diverse nature of the University&amp;#8217;s student base. The University establishes an allowance for doubtful accounts primarily based upon historical collection rates by age of receivable, net of recoveries. These collection rates incorporate historical performance based on a student&amp;#8217;s current enrollment status and likelihood of future enrollment. The Company periodically assesses its methodologies for estimating bad debts in consideration of actual experience.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The Company&amp;#8217;s tuition receivable and allowance for doubtful accounts were as follows:&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="7"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;December 31,&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;th align="left" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;($ in thousands)&lt;/i&gt;&lt;b&gt;&lt;br /&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman,;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times,
 serif;"&gt;2013&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center"
 nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2014&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Tuition receivable&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;26,145&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;25,777&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Allowance for doubtful accounts&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(10,303&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(8,835&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Tuition receivable, net&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;15,842&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;16,942&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Approximately $3.4 million and $1.6 million of tuition receivable is included in &amp;#8220;Other assets&amp;#8221; in the accompanying Consolidated Balance Sheets as of December 31, 2013 and 2014, respectively, because these amounts are expected to be collected after 12 months.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The following table illustrates changes in the Company&amp;#8217;s allowance for doubtful accounts for each of the past three years:&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="11"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Year Ended December 31,&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;th align="left" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;($ in thousands)&lt;/i&gt;&lt;b&gt;&lt;br /&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2012&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman,;"&gt;2013&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center"
 nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2014&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div
 style="margin-left: 10px; text-indent: -10px;"&gt;Beginning allowance for doubtful accounts&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;7,279&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;6,596&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;10,303&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Additions charged to expense&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;23,728&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;22,225&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;16,947&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Write-offs, net of recoveries&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(24,411&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(18,518&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(18,415&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Ending allowance for doubtful accounts&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;6,596&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;10,303&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td
 align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double;
 border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;8,835&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div align="left"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Property and Equipment&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Property and equipment are stated at cost less accumulated depreciation and amortization. In accordance with the Property, Plant and Equipment Topic, ASC 360, the carrying values of the Company&amp;#8217;s assets are re-evaluated when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If it is determined that an impairment loss has occurred based on expected undiscounted future cash flows, then a loss is recognized using a fair-value based model. Through 2014, no such impairment loss had occurred. Depreciation and amortization of property and equipment is calculated using the straight-line method over the estimated useful lives ranging from 3 to 40 years. Depreciation and amortization amounted to $24.0 million, $35.6 and $20.6 million for the years ended December 31, 2012, 2013, and 2014, respectively.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Construction in progress includes costs of computer software developed for internal use, which is accounted for in accordance with the Internal-Use Software Topic, ASC 350-40. Computer software development costs that are incurred in the preliminary project stage are expensed as incurred. During the development stage direct consulting costs, payroll and payroll-related costs for employees that are directly associated with the project are capitalized and will be amortized over the estimated useful life of the software once placed into operation. Purchases of property and equipment and changes in accounts payable for each of the three years in the period ended December 31, 2014 in the Consolidated Statements of Cash Flows have been adjusted to exclude non-cash purchases of property and equipment transactions during that period.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Fair Value&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The Fair Value Measurement Topic, ASC 820-10 (&amp;#8220;ASC 820-10&amp;#8221;), establishes a framework for measuring fair value, establishes a fair value hierarchy based upon the observability of inputs used to measure fair value, and expands disclosures about fair value measurements. Assets and liabilities are classified in their entirety within the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Under ASC 820-10, fair value of an investment is the price that would be received to sell an asset or to transfer a liability to an entity in an orderly transaction between market participants at the measurement date. The hierarchy gives the highest priority to assets and liabilities with readily available quoted prices in an active market and lowest priority to unobservable inputs which require a higher degree of judgment when measuring fair value, as follows:&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="37" nowrap="nowrap"&gt;&lt;div style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8226;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Level 1 assets or liabilities use quoted prices in active markets for identical assets or liabilities as of the measurement date;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="37" nowrap="nowrap"&gt;&lt;div style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8226;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Level 2 assets or liabilities use observable inputs, other than quoted market prices, that are either directly or indirectly observable in the marketplace for identical or similar assets and liabilities; and&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="37" nowrap="nowrap"&gt;&lt;div style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8226;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Level 3 assets or liabilities use unobservable inputs that are supported by little or no market activity.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The Company&amp;#8217;s assets and liabilities that are subject to fair value measurement are categorized in one of the three levels above. Fair values are based on the inputs available at the measurement dates, and may rely on certain assumptions that may affect the valuation of fair value for certain assets or liabilities.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Goodwill and Indefinite-Lived Intangible Assets&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Goodwill represents the excess of the purchase price of an acquired business over the amount assigned to the assets acquired and liabilities assumed. Indefinite-lived intangible assets, which include a trade name, are recorded at fair market value on their acquisition date. An indefinite life was assigned to the trade name
 because it has the continued ability to generate cash flows indefinitely.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Goodwill and the indefinite-lived intangible asset are assessed at least
 annually for impairment during the three-month period ending September 30, or more frequently if events occur or circumstances change between annual tests that would more likely than not reduce the fair value of the respective reporting unit below its carrying amount. Under Accounting Standards Update No. 2011-08,&amp;#160;&lt;i&gt;Intangibles-Goodwill and Other (Topic 350): Testing Goodwill for Impairment&lt;/i&gt;, the Company is permitted, but not required, to first assess qualitative factors to determine whether it is necessary to perform the more thorough quantitative goodwill impairment test. Following its qualitative assessment, the Company determined it was not more likely than not that the fair value of its goodwill was less than the carrying amount and, accordingly, no impairment existed in 2014.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Long-Term Liabilities&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Included in the Company&amp;#8217;s long-term liabilities are the non-current portion of the Company&amp;#8217;s borrowings under its term loan and revolving credit facility, liabilities related to the Company&amp;#8217;s operating leases, deferred payments related to an acquisition, fair value of the Company&amp;#8217;s interest rate swap, and the non-current portion of unearned tuition. In conjunction with the opening of some campuses and other facilities, the Company was reimbursed by the lessors for improvements made to those leased properties. In accordance with the Operating Leases Subtopic, ASC 840-20 (&amp;#8220;ASC 840-20&amp;#8221;), these underlying assets were capitalized as leasehold improvements and a liability was established for the reimbursements. The leasehold improvements and the liability are amortized on a straight-line basis over the corresponding lease terms, which generally range from five to ten years. In accordance with ASC 840-20, the Company records rent expense on a straight-line basis over the initial term of a lease. The cumulative difference between the rent payment and the straight-line rent expense is recorded as a liability. The Company also records the non-current portion of the gain related to the sale and lease back of a campus facility as a long-term liability.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Accounting for Derivative Instruments and Hedging Activities&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;On the date that the Company enters into a derivative contract, it designates the derivative as a hedge of (a) a forecasted transaction or (b) the variability of cash flows that are to be received or paid in connection with a recognized asset or liability (a cash flow hedge). All derivatives are recognized in the balance sheet at their fair value.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Changes in the fair value of a derivative that is highly effective and that is designated and qualifies as a cash flow hedge, to the extent that the hedge is effective, are recorded, net of income tax, in other comprehensive income, until earnings are affected by the variability of cash flows of the hedged transaction (e.g., until periodic settlements of a variable-rate asset or liability are recorded in earnings). Any hedge ineffectiveness (which represents the amount by which the changes in the fair value of the derivative exceed the variability in the cash flows of the forecasted transaction) is recorded in current-period earnings.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. The Company also formally assesses (both at the hedge&amp;#8217;s inception and on an ongoing basis) whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in the fair value or cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. When it is determined that a derivative is not (or has ceased to be) highly effective as a hedge, the Company discontinues hedge accounting prospectively.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Authorized Stock&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The Company has authorized 20,000,000 shares of common stock, par value $.01, of which 10,797,464 and 10,903,341 shares were issued and outstanding as of December 31, 2013 and 2014, respectively. The Company also has authorized 8,000,000 shares of preferred stock, none of which has been issued or outstanding since 2004. Before any preferred stock may be issued in the future, the Board of Directors would need to establish the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications, and the terms or conditions of the redemption of the preferred stock.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Advertising Costs&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The Company expenses advertising costs in the quarter incurred, except for costs associated with the production of media commercials which are expensed when the commercial is first aired.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left"&gt;&lt;font size="2" style="font-family: times new roman,;"&gt;&lt;i&gt;Stock-Based Compensation&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman,
 times, serif;"&gt;As required by the Stock Compensation Topic, ASC 718, the Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors, including employee stock options, restricted stock, restricted stock units, and employee stock purchases related to the Company&amp;#8217;s Employee Stock Purchase
 Plan, based on estimated fair values. Stock-based compensation expense recognized in the Consolidated Statements of Income for each of the three years in the period ended December 31, 2014, is based on awards ultimately expected to vest and, therefore, has been adjusted for estimated forfeitures. The Company is required to estimate forfeitures at the time of grant and revise, if necessary, the estimate in subsequent periods if actual forfeitures differ from those estimates. The forfeiture rate used is based on historical experience. The Company also assesses the likelihood that performance criteria associated with performance-based awards will be met. If it is determined that it is more likely than not that performance criteria will not be achieved, the Company revises its estimate of the number of shares it believes will ultimately vest.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Net Income Per Share&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the periods. Diluted earnings per share reflects the potential dilution that could occur assuming conversion or exercise of all dilutive unexercised stock options, restricted stock and restricted stock units. The dilutive effect of stock awards was determined using the treasury stock method. Under the treasury stock method, all of the following are assumed to be used to repurchase shares of the Company&amp;#8217;s common stock: (1) the proceeds received from the exercise of stock options, (2) the amount of compensation cost associated with the stock awards for future service not yet recognized by the Company, and (3) the amount of tax benefits that would be recorded in additional paid-in capital when the stock awards become deductible for income tax purposes. Stock options are not included in the computation of diluted earnings per share when the stock option exercise price of an individual grant exceeds the average market price for the period. During the year ended December 31, 2014, the Company had no issued and outstanding stock options that were excluded from the calculation.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Set forth below is a reconciliation of shares used to calculate basic and diluted earnings per share (in thousands):&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div&gt;&amp;#8212;&lt;/div&gt;&lt;table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2012&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2013&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2014&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Weighted average shares outstanding used to compute basic earnings per share&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;11,390&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;10,584&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;10,561&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Incremental shares issuable upon the assumed exercise of stock options&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td
 align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;6&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr
 valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Unvested restricted stock and restricted stock units&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;50&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;40&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;83&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Shares used to compute diluted earnings per share&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;11,440&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;10,624&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;10,650&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div align="left"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Income Taxes&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The Company provides for deferred income taxes based on temporary differences between financial statement and income tax bases of assets and liabilities using enacted tax rates in effect in the year in which the differences are expected to reverse.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The Income Taxes Topic, ASC 740, requires the Company to determine whether uncertain tax positions should be recognized within the Company&amp;#8217;s financial statements. The Company recognizes interest and penalties, if any, related to uncertain tax positions in income tax expense. Uncertain tax positions are recognized when a tax position, based solely on its technical merits, is determined to be more likely than not to be sustained upon examination. Upon determination, uncertain tax positions are measured to determine the amount of benefit that is greater than 50% likely to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. A tax position is derecognized if it no longer meets the more likely than not threshold of being sustained.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The tax years 2012-2014 remain open for Federal tax examination and the tax years 2010-2014 remain open to examination by state and local taxing jurisdictions in which the Company is subject.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Use of Estimates&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left"&gt;&amp;#160;&lt;/div&gt;&lt;div
 align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the period reported. The
 most significant management estimates included allowances for doubtful accounts, the useful lives of property and equipment, fair value of future contractual operating lease obligations, potential sublease income and vacancy periods, accrued expenses, forfeiture rates and the likelihood of achieving performance criteria for stock-based awards, value of free courses earned by students&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;br /&gt;that will be redeemed in the future, valuation of goodwill, intangible assets and the interest rate swap arrangement, and the provision for income taxes. Actual results could differ from those estimates.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Comprehensive Income&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Comprehensive income consists of net income and the change in the fair value of the Company&amp;#8217;s interest rate swap, net of income taxes.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Recent Accounting Pronouncements&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;In May 2014, the FASB issued ASU No. 2014-09, &amp;#8220;Revenue from Contracts with Customers (Topic 606)&amp;#8221; (&amp;#8220;ASU 2014-09&amp;#8221;). The standard establishes a new recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. ASU 2014-09 is effective for fiscal years beginning after December 15, 2016, and early adoption is not permitted. The Company currently is evaluating the impact that the standard will have on its financial condition, results of operations, and disclosures.&lt;/font&gt;&lt;/div&gt;</us-gaap:SignificantAccountingPoliciesTextBlock>
<us-gaap:RestructuringAndRelatedActivitiesDisclosureTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="17" nowrap="nowrap"&gt;&lt;div&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;b&gt;3.&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;b&gt;Restructuring and Related Charges&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;In October 2013, the Company implemented a restructuring to better align the Company&amp;#8217;s resources with its current student enrollments. This restructuring, which occurred primarily in the fourth quarter of 2013, included the closing of approximately 20 physical locations and reductions in the number of campus-based and corporate employees.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The following table sets forth the changes in the Company&amp;#8217;s restructuring liability by type of cost during the year ended December 31, 2014:&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="left" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;($ in thousands)&lt;/i&gt;&lt;b&gt;&lt;br /&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Lease&lt;br /&gt;and Related&lt;br /&gt;Costs, Net&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Severance&lt;br /&gt;and Other&lt;br /&gt;Employee&lt;br /&gt;Separation Costs&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Total&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Balance at December 31, 2013&lt;sup style="font-size: 11.0500001907349px; vertical-align: text-top;"&gt;(1)&lt;/sup&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;42,550&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;2,216&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;44,766&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Payments&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times
 new roman, times, serif;"&gt;(12,418&lt;/font&gt;&lt;/td&gt;&lt;td
 align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(2,138&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(14,556&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Adjustments&lt;sup style="font-size: 11.0500001907349px; vertical-align: text-top;"&gt;(2)&lt;/sup&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(2,849&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(78&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(2,927&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Balance at December 31, 2014&lt;sup style="font-size: 11.0500001907349px; vertical-align: text-top;"&gt;(1)&lt;/sup&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;27,283&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;27,283&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="37" nowrap="nowrap"&gt;&lt;div style="margin-left: 20px; text-indent: -20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(1)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The current portion of restructuring liabilities was $10.4 million and $6.0 million as of December 31, 2013 and December 31, 2014, respectively, which are included in Accounts payable and accrued expenses. The long-term portion is included in Other long-term liabilities.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="37" nowrap="nowrap"&gt;&lt;div style="margin-left: 20px; text-indent: -20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(2)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2"
 style="font-family: times new roman, times, serif;"&gt;Adjustments for lease and related costs during the year ended December 31,
 2014 primarily result from changes in the timing and expected income from settlements and executed sublease agreements signed during the period, which amounted to $4.1 million, partly offset by the accretion of interest on lease costs of approximately $1.3 million. Adjustments for severance and other employee separation costs primarily related to employees who were re-hired to other roles within the Company and were not paid severance.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;b&gt;&lt;i&gt;Lease and Related Costs, Net&lt;/i&gt;&lt;/b&gt;&amp;#160;&amp;#8212; During the fourth quarter of 2013, the University implemented a plan to close approximately 20 of its campus locations. The Company recorded approximately $36.0 million of aggregate charges representing the estimated fair value of future contractual operating lease obligations, which were recorded in the periods the Company ceased using the respective facilities. Lease obligations, some of which continue through 2022, are measured at fair value using a discounted cash flow approach encompassing significant unobservable inputs (Level 3). The estimation of future cash flows includes non-cancelable contractual lease costs over the remaining terms of the leases discounted at the Company&amp;#8217;s marginal borrowing rate of 4.5%, partially offset by estimated future sublease rental income discounted at credit-adjusted rates. The Company&amp;#8217;s estimate of the amount and timing of sublease rental income considers&lt;/font&gt;&lt;/div&gt;&lt;p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;subleases that have been executed and subleases expected to be executed, based on current commercial real estate market data and conditions, and other qualitative factors specific to the facilities. The estimates are adjusted as market conditions change or as new information becomes available. Through December 31, 2014, adjustments to these reserves have related to settlements of leases with the landlords, execution of sublease agreements and accretion of interest.&lt;/font&gt;&lt;/p&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;b&gt;&lt;i&gt;Severance and Other Employee Separation Costs&lt;/i&gt;&lt;/b&gt;&lt;i&gt;&amp;#160;&amp;#8212; During the fourth quarter of 2013, the Company implemented workforce reductions in order to better align its human capital resources with the evolving needs of students. A total of $6.9 million in severance and other employee separation costs were recorded at that time. The remaining liability at December 31, 2013 was paid in 2014.&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;</us-gaap:RestructuringAndRelatedActivitiesDisclosureTextBlock>
<us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="17" nowrap="nowrap"&gt;&lt;div&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;b&gt;4.&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;b&gt;Property and Equipment&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p&gt;&lt;/p&gt;&lt;p align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;/p&gt;&lt;div align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 20px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The composition of property and equipment as of December 31, 2013 and 2014 is as follows (in thousands):&lt;/font&gt;&lt;/div&gt;&lt;p style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;/p&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2013&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2014&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Estimated useful&lt;br /&gt;life (years)&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: -10px; margin-left: 10px;"&gt;Land&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;7,138&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;7,138&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: -10px; margin-left: 10px;"&gt;Buildings and improvements&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;19,105&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;18,998&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;5&amp;#8211;40&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: -10px; margin-left: 10px;"&gt;Furniture, equipment, and computer hardware and software&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;159,160&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;153,417&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%"
 nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times,
 serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;5&amp;#8211;10&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: -10px; margin-left: 10px;"&gt;Leasehold improvements&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;39,299&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;38,732&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;3&amp;#8211;10&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: -10px; margin-left: 10px;"&gt;Construction in progress&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;790&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;1,942&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: -10px; margin-left: 10px;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;225,492&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;220,227&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: -10px; margin-left: 10px;"&gt;Accumulated depreciation and amortization&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(131,071&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(137,961&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: -10px; margin-left:
 10px;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%"
 nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 2pt; border-bottom-style: double;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-color: windowtext; border-bottom-width: 2pt; border-bottom-style: double;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;94,421&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 2pt; border-bottom-style: double;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-color: windowtext; border-bottom-width: 2pt; border-bottom-style: double;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;82,266&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p&gt;&amp;#160;&lt;/p&gt;&lt;p align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;/p&gt;&lt;div align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 20px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Construction in progress includes costs associated with the construction of new campuses and the development of information technology applications. In 2013 and 2014, the Company recorded leasehold improvements of $0.3 million and $0.1 million, respectively, which were reimbursed by lessors as lease incentives. In 2013 and 2014, the Company wrote off $0.8 million and $13.6 million, respectively, in fixed assets that were fully depreciated and no longer in service.&lt;/font&gt;&lt;/div&gt;</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
<us-gaap:DebtDisclosureTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="17" nowrap="nowrap"&gt;&lt;div&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;b&gt;5.&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;b&gt;Term Loan and Revolving Credit Facility&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p&gt;&lt;/p&gt;&lt;p align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;/p&gt;&lt;div align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 20px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;On November 8, 2012, the Company entered into a Second Amended and Restated Revolving Credit and Term Loan Agreement (the &amp;#8220;Amended Credit Facility&amp;#8221;), providing for a $100.0 million revolving credit facility and $125.0 million term loan facility, with an option, subject to obtaining additional loan commitments and the satisfaction of certain conditions, to increase the commitments under the Amended Credit Facility by up to $50.0 million in the future. Each of the revolving portions of the Amended Credit Facility, which includes a letter of credit subfacility of $50.0 million, and the term loan portion of the Amended Credit Facility matures on December 31, 2016, and amends and refinances the Company&amp;#8217;s original Credit Facility. The term loan portion of the Amended Credit Facility also includes required quarterly amortization payments in the amount of $781,250 in the case of each payment made during calendar years 2013 and 2014 (0.625% of the aggregate original principal amount of the term loan facility), and $1,562,500 in the case of each payment made during calendar years 2015 and 2016 (1.25% of the aggregate original principal amount of the term loan facility). The Amended Credit Facility is guaranteed by the Company&amp;#8217;s subsidiary and is secured by substantially all of the personal property and assets of the Company and the guarantor.&lt;/font&gt;&lt;/div&gt;&lt;p style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;/p&gt;&lt;p align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;/p&gt;&lt;div align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 20px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Borrowings under the Amended Credit Facility bear interest at LIBOR or a base rate plus a margin ranging from 2.00% to 2.50%, depending on the Company&amp;#8217;s leverage ratio. The Company is party to an interest rate swap arrangement that fixes its interest rate on the entire term loan facility at an effective rate ranging from 2.85% to 3.35%, depending on the Company&amp;#8217;s leverage ratio. In addition, an unused&lt;/font&gt;&lt;/div&gt;&lt;p style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;/p&gt;&lt;p align="center" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;/p&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;br /&gt;commitment fee ranging from 0.30% to 0.40%, depending on the Company&amp;#8217;s leverage ratio, accrues on unused amounts under the revolving portion of the Amended Credit Facility. The Amended Credit Facility contains customary affirmative and negative covenants, representations, warranties, events of default and remedies upon default, including acceleration and rights to foreclose on the collateral securing the Amended Credit Facility. In addition, the Amended Credit Facility requires that the Company satisfy certain financial maintenance covenants, including:&lt;/font&gt;&lt;/div&gt;&lt;p&gt;&lt;/p&gt;&lt;table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="37" nowrap="nowrap"&gt;&lt;div style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8226;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;A leverage ratio of not greater than 2 to 1. Leverage ratio is defined as the ratio of total debt to trailing four-quarter EBITDA (earnings before interest, taxes, depreciation, amortization and non-cash charges such as stock-based compensation).&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p&gt;&lt;/p&gt;&lt;table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="37" nowrap="nowrap"&gt;&lt;div style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8226;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;A coverage ratio of not less than 1.75 to 1. Coverage ratio is defined as the ratio of trailing four-quarter EBITDA and rent expense to trailing four-quarter interest and rent expense.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p&gt;&lt;/p&gt;&lt;table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="37" nowrap="nowrap"&gt;&lt;div style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8226;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;A Department of Education Financial Responsibility Composite Score of not less than 1.5.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p&gt;&lt;/p&gt;&lt;p align="left"&gt;&lt;/p&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The Company was in compliance with all the terms of the Amended Credit Facility at December 31, 2014.&lt;/font&gt;&lt;/div&gt;&lt;p&gt;&lt;/p&gt;&lt;p align="left"&gt;&lt;/p&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;During the year ended December 31, 2014, the Company paid
 cash interest of $4.4 million, and the Company&amp;#8217;s
 average annual interest rate, including non-cash charges for the amortization of debt financing costs, was 4.3%.&lt;/font&gt;&lt;/div&gt;&lt;p&gt;&lt;/p&gt;&lt;p align="left"&gt;&lt;/p&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;As of December 31, 2014, the Company had $118.8 million outstanding under the term loan facility and no balance outstanding under the revolving credit facility.&lt;/font&gt;&lt;/div&gt;&lt;p&gt;&lt;/p&gt;&lt;p align="left"&gt;&lt;/p&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Debt and short-term borrowings consist of the following as of December 31, 2014 (in thousands):&lt;/font&gt;&lt;/div&gt;&lt;p&gt;&lt;/p&gt;&lt;p align="left"&gt;&lt;/p&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;p&gt;&lt;/p&gt;&lt;table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: 0px; margin-left: 0px;"&gt;Term loan&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;118,750&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: 0px; margin-left: 0px;"&gt;Revolving credit facility&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: -10px; margin-left: 20px;"&gt;Total debt&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;118,750&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: 0px; margin-left: 0px;"&gt;Less: Current portion of long-term debt&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;6,250&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: -10px; margin-left: 20px;"&gt;Long-term debt&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 2pt; border-bottom-style: double;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-color: windowtext; border-bottom-width: 2pt; border-bottom-style: double;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;112,500&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p&gt;&amp;#160;&lt;/p&gt;&lt;p align="left"&gt;&lt;/p&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Aggregate debt maturities as of December 31, 2014 are as follows (in thousands):&lt;/font&gt;&lt;/div&gt;&lt;p&gt;&lt;/p&gt;&lt;p align="left"&gt;&lt;/p&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;p&gt;&lt;/p&gt;&lt;table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: 0px; margin-left: 0px;"&gt;2015&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;6,250&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: 0px; margin-left: 0px;"&gt;2016&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;112,500&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left"
 width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: 0px; margin-left: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td
 width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 2pt; border-bottom-style: double;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-color: windowtext; border-bottom-width: 2pt; border-bottom-style: double;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;118,750&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p&gt;&amp;#160;&lt;/p&gt;&lt;p align="left"&gt;&lt;/p&gt;&lt;div align="left"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Interest Rate Swap&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;p&gt;&lt;/p&gt;&lt;p align="left"&gt;&lt;/p&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The Company is party to an interest rate swap on the outstanding balance of the Amended Credit Facility in order to minimize the interest rate exposure on the balance of the term loan facility (the &amp;#8220;Swap&amp;#8221;). The Swap effectively fixes the variable interest rate on the associated term loan at a rate ranging from 2.85% to 3.35%, depending on the Company&amp;#8217;s leverage ratio, rather than being subject to fluctuations in the LIBOR rate. The term of the Swap effectively matches the term of the underlying term loan facility. The Swap has been designated as a cash flow hedge and has been deemed effective in accordance with the Derivatives and Hedging Topic, ASC 815. The Company expects the Swap to continue to be deemed effective for the duration of the Swap. The fair value of the Swap is included in Other assets in the Company&amp;#8217;s consolidated balance sheets.&lt;/font&gt;&lt;/div&gt;</us-gaap:DebtDisclosureTextBlock>
<us-gaap:FairValueDisclosuresTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="17" nowrap="nowrap"&gt;&lt;div&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;b&gt;6.&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;b&gt;Fair Value Measurement&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Assets and liabilities measured at fair value on a recurring basis consist of the following as of December 31, 2014 (in thousands):&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="11"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Fair Value Measurements at Reporting Date Using&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;December 31,&lt;br /&gt;2014&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Quoted Prices in&lt;br /&gt;Active Markets for&lt;br /&gt;Identical Assets/&lt;br /&gt;Liabilities&lt;br /&gt;(Level 1)&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Significant&lt;br /&gt;Other&lt;br /&gt;Observable&lt;br /&gt;Inputs&lt;br /&gt;(Level 2)&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Significant&lt;br /&gt;Unobservable&lt;br /&gt;Inputs&lt;br /&gt;(Level 3)&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;&lt;b&gt;Assets:&lt;br /&gt;&lt;/b&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Cash equivalents:&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times,
 serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family:
 times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Money market funds&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;8,275&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;8,275&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Interest rate swap&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;143&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;143&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 30px; text-indent: -10px;"&gt;Total assets at fair value on a recurring basis&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"
 style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;8,418&lt;/font&gt;&lt;/td&gt;&lt;td align="left"
 width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;8,275&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;143&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;&lt;b&gt;Liabilities:&lt;br /&gt;&lt;/b&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Other long-term liabilities:&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Deferred payments&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;2,398&lt;/font&gt;&lt;/td&gt;&lt;td
 align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style:
 solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;2,398&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 30px; text-indent: -10px;"&gt;Total liabilities at fair value on a recurring basis&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;2,398&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;2,398&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Assets and liabilities measured at fair value on a recurring basis consist of the following as of December 31, 2013 (in thousands):&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="11"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Fair Value Measurements at Reporting Date Using&lt;/font&gt;&lt;/th&gt;&lt;th
 align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times,
 serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;b&gt;December 31,&lt;br /&gt;2013&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Quoted Prices in&lt;br /&gt;Active Markets for&lt;br /&gt;Identical Assets/&lt;br /&gt;Liabilities&lt;br /&gt;(Level 1)&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Significant&lt;br /&gt;Other&lt;br /&gt;Observable&lt;br /&gt;Inputs&lt;br /&gt;(Level 2)&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Significant&lt;br /&gt;Unobservable&lt;br /&gt;Inputs&lt;br /&gt;(Level 3)&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;&lt;b&gt;Assets:&lt;br /&gt;&lt;/b&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Cash equivalents:&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Money market funds&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;8,382&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;8,382&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times,
 serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Interest rate
 swaps&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;45&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;45&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 30px; text-indent: -10px;"&gt;Total assets at fair value on a recurring basis&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;8,427&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;8,382&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;45&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;&lt;b&gt;Liabilities:&lt;br /&gt;&lt;/b&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%"
 nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new
 roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Other long-term liabilities:&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Deferred payments&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;2,115&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;2,115&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 30px; text-indent: -10px;"&gt;Total liabilities at fair value on a recurring basis&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;2,115&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new
 roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color:
 windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;2,115&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The Company measures the above items on a recurring basis at fair value as follows:&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="37" nowrap="nowrap"&gt;&lt;div style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8226;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Money market funds &amp;#8212; Classified in Level 1 is excess cash the Company holds in both taxable and tax-exempt money market funds and are included in Cash and cash equivalents in the accompanying Consolidated Balance Sheets. The Company records any net unrealized gains and losses for changes in fair value as a component of Accumulated other comprehensive income in Stockholders&amp;#8217; equity. The Company&amp;#8217;s cash and cash equivalents not held in money market funds at December 31, 2013 and 2014, approximate fair value and are not disclosed in the above tables because of the short-term nature of the financial instruments.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;b&gt;&lt;br /&gt;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="37" nowrap="nowrap"&gt;&lt;div style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8226;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Interest rate swap &amp;#8212; The Company has an interest rate swap with a notional amount of $118.8 million as of December 31, 2014, used to minimize the interest rate exposure and fix the variable interest rate on a portion of the Company&amp;#8217;s variable rate debt. The swap is classified within Level 2 and is valued using readily available pricing sources which utilize market observable inputs including the current variable interest rate for similar types of instruments.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="37" nowrap="nowrap"&gt;&lt;div style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8226;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Deferred payments &amp;#8212; The Company acquired certain assets and entered into a deferred payment arrangement with one of the sellers in connection with an acquisition completed in 2011, which is classified within Level 3 as there is no liquid market for similarly priced instruments. The deferred payment is valued using a discounted cash flow model that encompasses significant unobservable inputs to estimate the operating results of the acquired assets. The assumptions used to prepare the discounted cash flows include estimates for interest rates, enrollment growth, retention rates and pricing strategies. These assumptions are subject to change as the underlying data sources evolve and the program matures.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The Company&amp;#8217;s lease loss liability incorporates an assessment of current sublease market conditions and uses Level 3 inputs, but is not deemed a fair value liability as the future lease payments are required to be discounted using the Company&amp;#8217;s incremental borrowing rate at the date of lease abandonment without subsequent adjustment. See Note 3 for further discussion of the Company&amp;#8217;s lease loss liability.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;At December 31, 2014, the carrying value of the Company&amp;#8217;s debt was $118.8 million. All of the Company&amp;#8217;s debt is variable interest rate debt and is classified within Level 2 because it is valued using readily available pricing sources which utilize market observable inputs. The Company
 has determined the carrying amount approximates fair value.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The Company did not change its valuation techniques associated with recurring fair value measurements from prior periods, and no assets or liabilities were transferred between levels of the fair value hierarchy during the years ended December 31, 2013 or 2014. Assets measured at fair value on a non-recurring basis as of December 31, 2013 and 2014, include $6.8
 million of goodwill and $1.6 million of other indefinite-lived intangible assets. Changes in the fair value of the Company&amp;#8217;s Level 3 liability that was outstanding throughout the year ended December 31, 2014 are as follows (in thousands):&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Deferred&lt;br /&gt;Payments&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 0px; text-indent: 0px;"&gt;Balance at December 31, 2013&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;2,115&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 0px; text-indent: 0px;"&gt;Amounts earned&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(545&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 0px; text-indent: 0px;"&gt;Adjustments to fair value&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;828&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 0px; text-indent: 0px;"&gt;Transfers in or out of Level 3&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 0px; text-indent: 0px;"&gt;Balance at December 31, 2014&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;2,398&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:FairValueDisclosuresTextBlock>
<us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="17" nowrap="nowrap"&gt;&lt;div&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;b&gt;7.&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;b&gt;Stock Options, Restricted Stock and Restricted Stock Units&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;In April 2011, the Company&amp;#8217;s stockholders approved the Strayer Education, Inc. 2011 Equity Compensation Plan (the &amp;#8220;Plan&amp;#8221;), which provides for the granting of restricted stock, restricted stock units, stock options intended to qualify as incentive stock options, options that do not qualify as incentive stock options, and other forms of equity compensation and performance-based awards to employees, officers and directors of the Company, or to a consultant or advisor to the Company, at the discretion of the Board of Directors. Vesting provisions are at the discretion of the Board of Directors. Options may be granted at option prices based at or above the fair market value of the shares at the date of grant. The maximum term of the awards granted under the Plan is ten years.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;In February 2014, the Company&amp;#8217;s Board of Directors approved grants of 46,064 shares of restricted stock to certain individuals. These shares, which vest 100% in February 2018, were granted pursuant to the Plan. The Company&amp;#8217;s stock price closed at $33.65 on the date of these restricted stock grants.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;In May 2014, the Company&amp;#8217;s Board of Directors approved grants of 46,674 shares of restricted stock. These shares, which vest in their entirety four years from the date of grant, were granted pursuant to the Plan. The Company&amp;#8217;s Board of Directors also approved grants of 15,868 shares of restricted stock. These shares, which vest over a three-year period, were awarded to non-employee members of the Company&amp;#8217;s Board of Directors, as part of the Company&amp;#8217;s annual director compensation program. The Company&amp;#8217;s stock price closed at $42.85 on the date of these restricted stock grants.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Dividends paid on unvested restricted stock are reimbursed to the Company if the recipient forfeits his or her shares as a result of termination of employment prior to vesting in the award, unless waived by the Board of Directors.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Restricted Stock and Restricted Stock Units&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The table below sets forth the restricted stock and restricted stock units activity for the years ended December 31, 2012, 2013 and 2014:&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Number of&lt;br /&gt;shares&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Weighted-average&lt;br /&gt;grant price&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Balance, December 31, 2011&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;380,944&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;194.26&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times
 new roman, times,
 serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Grants&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;82,741&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;111.44&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Vested shares&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(26,189&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;195.58&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Forfeitures&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(3,057&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;127.51&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Balance, December 31, 2012&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;434,439&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;178.88&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Grants&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;225,741&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;57.90&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Vested shares&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(51,916&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;164.22&lt;/font&gt;&lt;/td&gt;&lt;td align="left"
 width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times,
 serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Forfeitures&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(120,491&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;140.30&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Balance, December 31, 2013&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;487,773&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;131.51&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Grants&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;108,606&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;38.95&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Vested shares&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(69,434&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;158.97&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Forfeitures&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(2,729&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;93.44&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Balance, December 31, 2014&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family:
 times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width:
 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;524,216&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;115.67&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div align="left"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Stock Options&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The table below sets forth the stock option activity for the years ended December 31, 2012, 2013 and 2014 and other stock option information at December 31, 2014:&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Number of&lt;br /&gt;shares&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Weighted-average&lt;br /&gt;exercise price&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Weighted-&lt;br /&gt;average&lt;br /&gt;remaining&lt;br /&gt;contractual&lt;br /&gt;life (years)&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Aggregate&lt;br /&gt;intrinsic&lt;br /&gt;value&lt;sup style="font-size: 8.5px; vertical-align: text-top;"&gt;(1)&lt;/sup&gt;&lt;br /&gt;(in thousands)&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Balance, December 31, 2011&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;100,000&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;107.28&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;1.1&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Grants&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times,
 serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div
 align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Exercises&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Forfeitures&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; 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text-indent: -10px;"&gt;Balance, December 31, 2013&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td
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text-indent: -10px;"&gt;Grants&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Exercises&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Forfeitures&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext;
 border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2"
 style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Balance, December 31, 2014&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;100,000&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;51.95&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;6.0&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;2,233&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Exercisable, December 31, 2014&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="37" nowrap="nowrap"&gt;&lt;div style="margin-left: 20px; text-indent: -20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(1)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference
 between the Company&amp;#8217;s closing stock price on the respective trading day and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holder had all options been exercised on the respective trading day. The amount of intrinsic value will change based on the fair market value of the Company&amp;#8217;s common stock.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The number of shares
 exercisable as of December 31, 2012, 2013 and 2014 are as follows:&lt;/font&gt;&lt;/div&gt;&lt;p&gt;&lt;/p&gt;&lt;table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Number of&lt;br /&gt;shares&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Weighted-average&lt;br /&gt;exercise price&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Exercisable, December 31, 2012&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;100,000&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;107.28&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Exercisable, December 31, 2013&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;51.95&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Exercisable, December 31, 2014&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;51.95&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div align="left"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Valuation and Expense Information under Stock Compensation Topic ASC 718&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;p&gt;&lt;/p&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;At December 31, 2014, total stock-based compensation cost which has not yet been recognized was $28.8 million for unvested restricted stock, restricted stock units, and stock option awards. This cost is expected to be recognized over the next 42 months on a weighted-average basis. Awards of approximately 398,000 shares of restricted stock and restricted stock units are subject to performance conditions. The accrual for stock-based compensation for performance awards is based on the Company&amp;#8217;s estimates that such performance criteria are probable of being achieved. Such a determination involves significant judgment surrounding the Company&amp;#8217;s ability to maintain regulatory compliance. If the performance targets are not reached during the vesting period, or it is determined it is more likely than not that the performance criteria will not be achieved, related compensation expense is adjusted. During 2012, the Company determined that it was more likely than not that certain performance criteria for 45,920 shares would not be met, and reduced stock-based compensation expense by approximately $7.0 million.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The following table sets forth the amount of stock-based compensation expense recorded in each of the expense line items (in thousands):&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times,
 serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2012&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman,
 times, serif;"&gt;2013&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2014&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Instruction and educational support&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;3,273&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;1,976&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;1,736&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Marketing&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Admissions advisory&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;General and administration&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;2,191&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;7,315&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"
 style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;7,717&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times,
 serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Stock-based compensation expense included in operating expense&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;5,464&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;9,291&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;9,453&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Tax benefit&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;2,158&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;3,698&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;3,734&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Stock-based compensation expense, net of tax&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;3,306&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;5,593&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;5,719&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The following table summarizes information regarding share-based payment arrangements for the years
 ended December 31, 2012, 2013 and 2014 (in thousands):&lt;/font&gt;&lt;/div&gt;&lt;p&gt;&lt;/p&gt;&lt;table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="11"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;For the year ended&lt;br /&gt;December 31,&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman,
 times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2012&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2013&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2014&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Proceeds from stock options exercised&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Excess tax benefits (shortfall) related to share-based payment arrangements&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(245&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(3,567&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(2,039&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Intrinsic value of stock options exercised&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
<stra:OtherLiabilitiesNonCurrentDisclosureTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="17" nowrap="nowrap"&gt;&lt;div&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&lt;b&gt;8.&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&lt;b&gt;Other Long-Term Liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;Other long-term liabilities consist of the following as of December 31, 2013 and 2014 (in thousands):&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;2013&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;2014&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;Loss on facilities not in use&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;34,339&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;21,280&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;Deferred revenue, net of current portion&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;1,897&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;9,654&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;Deferred rent and other facility costs&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;8,258&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;8,646&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;Deferred payments related to acquisition&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;4,915&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new
 roman,times;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%"
 nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;5,198&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;Lease incentives&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;1,353&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;1,056&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;Deferred gain on sale of campus building&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;694&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;414&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;51,456&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;46,248&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&lt;i&gt;Loss on Facilities Not in Use and Deferred Rent and Other Facility Costs&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&lt;i&gt;&lt;/i&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;The Company records a liability for lease costs of campuses and non-campus facilities that are not currently in use (see Note 3). For facilities still in use, the Company records rent expense on a straight-line basis over the initial term of a lease. The difference between the rent payment and the straight-line rent expense is recorded as a liability.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto;
 word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;&lt;div align="left"
 style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&lt;i&gt;Deferred Revenue&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&lt;i&gt;&lt;/i&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;The Company provides for certain scholarship and awards programs, such as the Graduation Fund (see Note 2 for additional information), that are earned by students when they successfully complete course requirements. The Company also has licensed certain of its non-credit bearing course content to a third party. Included in long-term deferred revenue is the amount of revenue under these arrangements that the Company expects will be realized after one year.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&lt;i&gt;Deferred Payments Related to Acquisition&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&lt;i&gt;&lt;/i&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;&lt;div align="left"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;The Company acquired certain assets and entered into deferred payment arrangements with one of the sellers in connection with an acquisition completed in 2011. In addition, one of the sellers contributed $2.8 million to the Company representing the seller&amp;#8217;s continuing interest in the assets acquired.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&lt;i&gt;Lease Incentives&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&lt;i&gt;&lt;/i&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;&lt;div align="left"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;In conjunction with the opening of new campuses or renovating existing ones, the Company, in some instances, was reimbursed by the lessors for improvements made to the leased properties. In accordance with ASC 840-20, the underlying assets were capitalized as leasehold improvements and a liability was established for the reimbursements. The leasehold improvements and the liability are amortized on a straight-line basis over the corresponding lease terms, which generally range from five to 10 years.&lt;/font&gt;&lt;/div&gt;&lt;div align="left"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&lt;i&gt;&lt;/i&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;&lt;div align="left"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&lt;i&gt;Deferred Gain on Sale of Campus Building&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;&lt;i&gt;&lt;/i&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;&lt;div align="left"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;In June 2007, the Company sold one of its campus buildings for $5.8 million. The Company is leasing back most of the campus building over a 10-year period. In conjunction with this sale and lease back transaction, the Company realized a gain of $2.8 million before tax, which is deferred and recognized over the 10-year lease term.&lt;/font&gt;&lt;/div&gt;</stra:OtherLiabilitiesNonCurrentDisclosureTextBlock>
<us-gaap:PensionAndOtherPostretirementBenefitsDisclosureTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="17" nowrap="nowrap"&gt;&lt;div&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;b&gt;9.&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;b&gt;Other Employee Benefit Plans&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The Company has a 401(k) plan covering all eligible employees of the Company. Effective January 1, 2015, participants may contribute up to $18,000 of their base compensation annually. Employee contributions are voluntary. Discretionary contributions were made by the Company matching 50% of employee deferrals up to a maximum of 3% of the employee&amp;#8217;s annual salary. The Company&amp;#8217;s contributions, which vest immediately, totaled $2.9 million, $1.1 million and $0.9 million for the years ended December 31, 2012, 2013, and 2014, respectively.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;In May 1998, the Company adopted the Strayer Education, Inc. Employee Stock Purchase Plan (&amp;#8220;ESPP&amp;#8221;). Under the ESPP, eligible employees may purchase shares of the Company&amp;#8217;s common stock, subject to certain limitations, at 90% of its market value at the date of purchase. Purchases are limited to 10% of an employee&amp;#8217;s eligible compensation. The aggregate number of shares of common stock that may be made available for purchase by participating employees under the ESPP is 2,500,000 shares. Shares purchased in the open market for employees for the years ended December 31, 2012, 2013, and 2014 were as follows:&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 90%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; margin-left: 20px; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Shares&lt;br /&gt;purchased&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Average price&lt;br /&gt;per share&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;2012&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;6,549&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;71.14&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;2013&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;8,911&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;42.27&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;2014&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times,
 serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2"
 style="font-family: times new roman, times, serif;"&gt;5,872&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;44.55&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;</us-gaap:PensionAndOtherPostretirementBenefitsDisclosureTextBlock>
<us-gaap:TreasuryStockTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="17" nowrap="nowrap"&gt;&lt;div&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;b&gt;10.&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;b&gt;Stock Repurchase Plan&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;As announced on November 3, 2003, the Company&amp;#8217;s Board of Directors initially authorized the Company to repurchase up to an aggregate of $15 million in value of common stock through December 31, 2004 in open market purchases from time to time at the discretion of the Company&amp;#8217;s management depending on market conditions and other corporate considerations. The Company&amp;#8217;s Board of Directors amended the program on various dates, increasing the repurchase amount authorized and extending the expiration date. At December 31, 2014, approximately $70 million of the Company&amp;#8217;s share repurchase authorization was remaining for repurchases through December 31, 2015. All of the Company&amp;#8217;s share repurchases were effected in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. This stock repurchase plan may be modified, suspended or terminated at any time by the Company without notice.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;A summary of the Company&amp;#8217;s stock repurchase activity for the years ended December 31, 2012, 2013, and 2014, all of which was part of a publicly announced plan, is set forth in the table below:&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 90%; margin-left: 20px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Number of&lt;br /&gt;shares&lt;br /&gt;repurchased&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Average price paid&lt;br /&gt;per share&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Amount available for&lt;br /&gt;future repurchases&lt;br /&gt;(in millions)&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;2012&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;484,841&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;51.56&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;95.0&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;2013&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;495,085&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;50.49&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;70.0&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times,
 serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"
 bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;2014&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;70.0&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Repurchases of common stock are recorded as a reduction to additional paid-in capital. To the extent additional paid-in capital had been reduced to zero through stock repurchases, retained earnings was then reduced.&lt;/font&gt;&lt;/div&gt;</us-gaap:TreasuryStockTextBlock>
<us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="17" nowrap="nowrap"&gt;&lt;div&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;b&gt;11.&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;b&gt;Commitments and Contingencies&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;p align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;/p&gt;&lt;div align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 20px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The University participates in various federal student financial assistance programs which are subject to audit. Management believes that the potential effects of audit adjustments, if any, for the periods currently under audit will not have a material adverse effect, individually or in the aggregate, on the Company&amp;#8217;s consolidated financial position, results of operations or cash flows.&lt;/font&gt;&lt;/div&gt;&lt;p style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;/p&gt;&lt;p align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;/p&gt;&lt;div align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 20px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;As of December 31, 2014, the Company had 93 long-term, non-cancelable operating leases for campuses and other administrative facilities. Rent expense was $46.5 million, $82.2 million and $35.7 million for the years ended December 31, 2012, 2013, and 2014, respectively. Rent expense for 2013 includes approximately $36.0 million in charges related to the closure of approximately 20 locations. Rent expense for 2014 includes a benefit of approximately $4.1 million to reduce the Company&amp;#8217;s liability for losses on facilities no longer in use. The rents on the Company&amp;#8217;s leases are subject to annual increases. The minimum rental commitments for the Company as of December 31, 2014 are as follows (in thousands):&lt;/font&gt;&lt;/div&gt;&lt;p style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;/p&gt;&lt;p align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;/p&gt;&lt;div align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 20px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;p style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;/p&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Minimum&lt;br /&gt;rental&lt;br /&gt;commitments&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: 0px; margin-left: 0px;"&gt;2015&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;38,966&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: 0px; margin-left: 0px;"&gt;2016&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;36,202&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: 0px; margin-left: 0px;"&gt;2017&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;31,281&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: 0px; margin-left: 0px;"&gt;2018&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td
 align="right"&gt;&lt;font size="2" style="font-family: times new roman, times,
 serif;"&gt;26,624&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: 0px; margin-left: 0px;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;21,200&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: 0px; margin-left: 0px;"&gt;Thereafter&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;38,312&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: -10px; margin-left: 20px;"&gt;Total&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 2pt; border-bottom-style: double;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-color: windowtext; border-bottom-width: 2pt; border-bottom-style: double;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;192,585&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
<us-gaap:IncomeTaxDisclosureTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="17" nowrap="nowrap"&gt;&lt;div&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;b&gt;12.&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;b&gt;Income Taxes&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The income tax provision for the years ended December 31, 2012, 2013 and 2014 is summarized below (in thousands):&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2012&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2013&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2014&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Current:&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Federal&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;36,028&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;26,390&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;25,285&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;State&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;8,333&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"
 style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new
 roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;4,582&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;4,490&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Total current&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;44,361&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;30,972&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;29,775&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Deferred:&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Federal&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(608&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(18,387&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;141&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;State&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(708&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext;
 border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(1,726&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"
 style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;344&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Total deferred&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(1,316&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(20,113&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;485&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Total provision for income taxes&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;43,045&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;10,859&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;30,260&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The tax effects of the principal temporary differences that give rise to the Company&amp;#8217;s deferred tax assets are as follows as of December 31, 2013 and 2014 (in thousands):&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%"
 nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1"
 style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2013&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2014&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Tuition receivable&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;4,021&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;3,439&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Other facility-related costs&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;3,684&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;2,824&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Employee-related liabilities&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;144&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(96&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Current net deferred tax asset&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;7,849&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;6,167&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Stock-based compensation&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;13,871&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2"
 style="font-family: times new roman, times, serif;"&gt;12,994&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div
 style="margin-left: 10px; text-indent: -10px;"&gt;Property and equipment&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(13,091&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(11,622&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Other facility-related costs&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;13,696&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;8,903&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Deferred revenue&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;3,758&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Deferred leasing costs&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;3,082&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;2,797&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Interest rate swap&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(18&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(56&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Other&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(411&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid;
 border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(533&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div
 align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Long-term net deferred tax asset&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;17,129&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;16,241&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 30px; text-indent: -10px;"&gt;Net deferred tax asset&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;24,978&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;22,408&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;As of December 31, 2013 and 2014, the Company&amp;#8217;s liabilities for unrecognized tax benefits are included in income taxes payable in the Consolidated Balance Sheets. Interest and penalties, including those related to uncertain tax positions, are included in the provision for income taxes in the Consolidated Statements of Income. The Company recognized $0.4 million of expense in 2013 and $0.1 million of benefits in 2014, related to interest and penalties. The total amount of interest and penalties included in the Consolidated Balance Sheets was $0.4 million and $0.3 million as of December 31, 2013 and 2014, respectively.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The following table summarizes changes in unrecognized tax benefits, excluding interest and penalties, for the respective periods (in thousands):&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times,
 serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="7"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Year Ended
 December 31,&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2013&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2014&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Beginning unrecognized tax benefits&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;1,745&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Additions based on tax positions taken in the current year&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;1,745&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;2,085&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Gross reductions for tax positions taken in prior years&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(565&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Settlements with taxing authorities&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(329&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Ending unrecognized tax benefits&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext;
 border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;1,745&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman,
 times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;2,936&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;It is reasonably possible that approximately $0.4 million of unrecognized tax benefits will be reduced in the next twelve months due to expiration of the applicable statutes of limitations. The Company does not anticipate significant changes to other unrecognized tax benefits.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;As of December 31, 2014, $2.1 million of the Company&amp;#8217;s total unrecognized tax benefits would favorably affect the Company&amp;#8217;s effective tax rate if recognized. If amounts accrued are less than amounts ultimately assessed by taxing authorities, the Company would record additional income tax expense.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;A reconciliation between the Company&amp;#8217;s statutory tax rate and the effective tax rate for the years ended December 31, 2012, 2013, and 2014 is as follows:&lt;/font&gt;&lt;/div&gt;&lt;p&gt;&amp;#160;&lt;/p&gt;&lt;table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2012&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2013&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2014&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Statutory federal rate&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;35.0&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;%&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;35.0&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;%&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;35.0&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;%&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;State income taxes, net of federal benefits&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;4.3&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;4.6&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;4.2&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Other&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%"
 nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;0.2&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td
 width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;0.2&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;0.3&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Effective tax rate&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;39.5&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;%&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;39.8&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;%&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;39.5&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;%&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Cash payments for income taxes were $47.4 million in 2012, $26.5 million in 2013, and $30.8 million in 2014.&lt;/font&gt;&lt;/div&gt;</us-gaap:IncomeTaxDisclosureTextBlock>
<us-gaap:QuarterlyFinancialInformationTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="17" nowrap="nowrap"&gt;&lt;div&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;b&gt;13.&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;b&gt;Summarized Quarterly Financial Data (Unaudited)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;p align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;/p&gt;&lt;div align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 20px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Quarterly financial information for 2013 and 2014 is as follows (in thousands except per share data):&lt;/font&gt;&lt;/div&gt;&lt;p style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;/p&gt;&lt;p align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;/p&gt;&lt;div align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 20px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;p style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;/p&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="15"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Quarter&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;th align="left" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2013&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;First&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Second&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Third&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Fourth&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: -10px; margin-left: 10px;"&gt;Revenues&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;137,506&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;131,980&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;110,031&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;124,083&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: -10px; margin-left: 10px;"&gt;Income (loss) from operations&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;29,919&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:
 times new roman, times,
 serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;26,257&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;6,621&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(30,096&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: -10px; margin-left: 10px;"&gt;Net income (loss)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;17,231&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;15,002&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;3,149&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(18,957&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: -10px; margin-left: 10px;"&gt;Net income (loss) per share:&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: -10px; margin-left: 20px;"&gt;Basic&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;1.59&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;1.43&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;0.30&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(1.80&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new
 roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div
 align="left"&gt;&lt;div style="text-indent: -10px; margin-left: 20px;"&gt;Diluted&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;1.59&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;1.42&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;0.30&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(1.80&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;p align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;/p&gt;&lt;div align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 20px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;p style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;/p&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="15"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Quarter&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;th align="left" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2014&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;First&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Second&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Third&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Fourth&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: -10px; margin-left: 10px;"&gt;Revenues&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;116,468&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;112,747&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;100,756&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;116,070&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: -10px; margin-left: 10px;"&gt;Income from operations&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td
 width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times,
 serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;25,909&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;23,998&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;9,216&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;22,624&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: -10px; margin-left: 10px;"&gt;Net income&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;14,783&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;13,677&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;4,953&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;12,943&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: -10px; margin-left: 10px;"&gt;Net income per share:&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: -10px; margin-left: 20px;"&gt;Basic&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;1.40&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;1.29&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times,
 serif;"&gt;0.47&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%"
 nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;1.22&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: -10px; margin-left: 20px;"&gt;Diluted&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;1.40&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;1.29&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;0.46&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;1.21&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;</us-gaap:QuarterlyFinancialInformationTextBlock>
<us-gaap:LegalMattersAndContingenciesTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="17" nowrap="nowrap"&gt;&lt;div&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;b&gt;14.&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;b&gt;Litigation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;p align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;/p&gt;&lt;div align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 20px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;From time to time, the Company is involved in litigation and other legal proceedings arising out of the ordinary course of its business. There are no pending material legal proceedings to which the Company is subject or to which the Company&amp;#8217;s property is subject.&lt;/font&gt;&lt;/div&gt;</us-gaap:LegalMattersAndContingenciesTextBlock>
<stra:RegulationDisclosureTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="17" nowrap="nowrap"&gt;&lt;div&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;b&gt;15.&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;b&gt;Regulation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The Department of Education (the &amp;#8220;Department&amp;#8221;) previously attempted to define &amp;#8220;an eligible program of training to prepare students for gainful employment in a recognized occupation.&amp;#8221; After a federal court invalidated the Department&amp;#8217;s regulation, the Department established a negotiated rulemaking committee to consider the issue of gainful employment. The negotiations did not result in the required consensus. On&lt;/font&gt;&lt;/div&gt;&lt;p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;March 25, 2014, the Department issued a Notice of Proposed Rulemaking for public comment, and on October 31, 2014, the Department published the final regulation which will become effective on July 1, 2015.&lt;/font&gt;&lt;/p&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The new requirements include two debt-to-earnings measures, consisting of an annual income rate and a discretionary income rate. The annual income rate measures student debt in relation to earnings, and the discretionary income rate measures student debt in relation to discretionary income. Under the new gainful employment regulation, a program would pass if the program&amp;#8217;s graduates:&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="37" nowrap="nowrap"&gt;&lt;div style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8226;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;have an annual income rate that does not exceed 8%;&amp;#160;&lt;b&gt;&lt;u&gt;or&lt;/u&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="37" nowrap="nowrap"&gt;&lt;div style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8226;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;have a discretionary income rate that does not exceed 20%.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;In addition, a program that does not pass either of the debt-to-earnings metrics, and that has an annual income rate between 8% and 12%, or a discretionary income rate between 20% and 30%, would be considered to be in a warning zone. A program would fail if the program&amp;#8217;s graduates have an annual income rate of 12% or greater and a discretionary income rate of 30% or greater. A program would become Title IV-ineligible for three years if it fails both metrics for two out of three consecutive years, or fails to pass at least one metric for four consecutive award years.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;If an institution is notified by the Secretary that a program could become ineligible, based on its final rates, for the next award year:&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="37" nowrap="nowrap"&gt;&lt;div style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8226;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;the institution must provide a warning with respect to the program to students and prospective students indicating, among other things, that students may not be able to use Title IV funds to attend or continue in the program; and&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="37" nowrap="nowrap"&gt;&lt;div style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8226;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;the institution must not enroll, register or enter into a financial commitment with a prospective student until a specified time after providing the warning to the prospective student.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The new regulation also requires institutions to report student and program level data to the Department, and comply with additional disclosure requirements beginning in January 2017.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font
 size="2" style="font-family: times new roman, times,
 serif;"&gt;In addition, the gainful employment regulation requires institutions to certify by December 31, 2015, among other things, that each eligible gainful employment program is programmatically accredited if required by a federal governmental entity or a state governmental entity in the state in which it is located or is otherwise required to obtain state approval, and that the each eligible program satisfies the applicable educational prerequisites for professional licensure or certification requirements in each state in which it is located or is otherwise required to obtain state approval, so that a student who completes the program and seeks employment in that state qualifies to take any licensure or certification exam that is needed for the student to practice or find employment in an occupation that the program prepares students to enter.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The Company does not have adequate guidance or data from the Department to determine definitively the full financial or operational impact, if any, of the new regulations going forward. The requirements associated with the gainful employment regulations will substantially increase our administrative burdens and could affect our student enrollment, persistence and retention. Further, although the regulations provide opportunities for an institution to correct any potential deficiencies in a program prior to the loss of Title IV eligibility, the continuing eligibility of our academic programs will be affected by factors beyond management&amp;#8217;s control such as changes in our graduates&amp;#8217; income levels, changes in student borrowing levels, increases in interest rates, changes in the percentage of former students who are current in the repayment of their student loans, and various other factors. Even if we were able to correct any deficiency in the gainful employment metrics in a timely manner, the disclosure requirements associated with a program&amp;#8217;s failure to meet at least one metric may adversely affect student enrollments in that program and may adversely affect the reputation of our institution.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;In November 2014, two organizations filed separate lawsuits against the Department in federal courts seeking to have the new regulation invalidated. Both suits allege that the Department exceeded its statutory authority in promulgating the regulation, that the regulation violates the institution&amp;#8217;s constitutional rights, and &lt;/font&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;that the regulation is arbitrary and capricious. We cannot predict when or how the courts may rule on these lawsuits.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Strayer University must comply with the campus safety and security reporting requirements as well as other requirements in the Jeanne Clery Disclosure of Campus Security Policy and Campus Crime Statistics Act, or Clery Act, including recent changes made to the Clery Act by the Violence Against Women Reauthorization Act of 2013, which was signed into law on March 7, 2013. On April 1, 2014, a negotiated rulemaking committee reached consensus on proposed regulations, and on October 20, 2014, the Department promulgated regulations implementing the recent amendments to the Clery Act. In addition, the Department has interpreted Title IX of the Education Amendments of 1972, or Title IX, to categorize sexual violence as a form of prohibited sex discrimination and to require institutions to follow certain disciplinary procedures with respect to such offenses. Failure to comply with the Clery Act or Title IX requirements or regulations thereunder could result in action by the Department to require correction action, fine the Company or limit or suspend its participation in Title IV programs, could lead to litigation, and could harm the Company&amp;#8217;s reputation.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Strayer University is subject to announced and unannounced compliance reviews and audits by various external agencies, including the Department, its Office of Inspector General, state licensing agencies, and accrediting agencies. The Department conducted four campus-based program reviews of Strayer University campuses in three states and the District of Columbia, with one on-site review conducted August 18-20, 2014; one on-site review conducted September 8-11, 2014; and two on-site reviews conducted September 22-26, 2014. The reviews covered federal financial aid years 2012-2013 and 2013-2014, and two of the reviews also covered compliance with the Jeanne Clery Disclosure of Campus Security Policy and Campus Crime Statistics Act, the Drug-Free Schools and Communities Act, and regulations related thereto. On October 21, 2014, the Department issued an Expedited Final Program Review Determination Letter for one of the program reviews conducted the week of September 22, 2014, closing the program review with no further action required by the Company. On November 17, 2014, the Company received a Program Review Report for the program review conducted in August 2014, and provided a response to the Department on December 15, 2014. On January 7, 2015, the Company received a Final Program Review Determination letter from that review, closing the review with no further action required by the Company. While the on-site portions of the other two program reviews have concluded, Strayer University has yet to receive determination letters from these reviews.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Each institution
 participating in Title IV programs must enter into a Program
 Participation Agreement with the Department. Under the agreement, the institution agrees to follow the Department&amp;#8217;s rules and regulations governing Title IV programs. On October 1, 2014, Strayer University received an executed provisional Program Participation Agreement from the Department allowing it to participate in Title IV programs until June 30, 2017. The Program Participation Agreement was issued on a provisional basis because of the Department&amp;#8217;s open program reviews. Under the provisional agreement, the only material additional condition that the University must comply with is obtaining Department approval for substantial changes, including the addition of any new location, level of academic offering, non-degree program, or degree program.&lt;/font&gt;&lt;/div&gt;</stra:RegulationDisclosureTextBlock>
<us-gaap:ConsolidationPolicyTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Financial statement presentation&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The consolidated financial statements include the accounts of the Company and its only subsidiary, the University. All intercompany accounts and transactions have been eliminated in the consolidated financial statements.&lt;/font&gt;&lt;/div&gt;</us-gaap:ConsolidationPolicyTextBlock>
<us-gaap:RevenueRecognitionSalesOfServices contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Revenue Recognition&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The Company&amp;#8217;s educational programs are offered on a quarterly basis and such periods coincide with the Company&amp;#8217;s quarterly financial reporting periods. Approximately 96% of the Company&amp;#8217;s revenues during the year ended December 31, 2014, consisted of tuition revenue. Tuition revenue is recognized in the quarter of instruction. Tuition revenue is assessed for collectibility on a student-by-student basis throughout the quarter of instruction, and is shown net of any refunds, withdrawals, corporate discounts, scholarships and employee tuition discounts. This collectibility assessment considers available sources of funds for the student including Federal Financial Student Aid programs. The Company reassesses the collectibility of tuition revenue that it may earn based on new information and changes in the facts and circumstances relevant to a student&amp;#8217;s ability to pay, including the timing of a student&amp;#8217;s withdrawal from a program of study.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;At the start of each academic term, a liability (deferred revenue) is recorded for academic services to be provided and a tuition receivable is recorded for the portion of the tuition not paid upfront in cash. Any cash received prior to the start of an academic term is recorded as deferred revenue. The estimated value of scholarship awards which will be realized in the future is based on historical experience of students who are expected to realize scholarship awards earned as courses are successfully completed. Deferred revenue is recorded as a current or long-term liability in the consolidated balance sheets based on when the benefit is expected to be realized. Revenues also include textbook-related income, certificate revenue, certain academic fees, licensing revenue, and other income, which are recognized when earned.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The Company&amp;#8217;s refund policy typically permits students who complete less than half of a course to receive a partial refund of tuition for that course. Refunds reduce the tuition revenue that would have otherwise been recognized for that student. Since the Company&amp;#8217;s academic terms coincide with its financial reporting periods, all refunds are processed and recorded within the same quarter as the corresponding revenue. The amount of tuition revenue refundable to students may vary based on the student&amp;#8217;s state of residence. Unused books and related academic materials may be returned for a full refund within 21 days of the start of class; however, purchases of electronic content are not refundable if downloaded. Revenues derived from fees are not eligible for a refund.&lt;/font&gt;&lt;/div&gt;</us-gaap:RevenueRecognitionSalesOfServices>
<stra:GraduationFundPolicyTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Graduation Fund&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;In the third quarter of 2013, the Company introduced the Graduation Fund, which allows new undergraduate students to earn tuition credits that are redeemable in the final year of a student&amp;#8217;s course of study if he or she successfully remains in the program. New students registering in credit-bearing courses in any undergraduate program for the summer 2013 term (fiscal third quarter) and subsequent terms qualify for the Graduation Fund. Students must meet all of the University&amp;#8217;s admission requirements and not be eligible&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;br /&gt;for any previously offered scholarship program. The Company&amp;#8217;s employees and their dependents are not eligible for the program. To maintain eligibility, students must be enrolled in a bachelor&amp;#8217;s degree program, and they become ineligible to participate in the Graduation Fund if they have more than one consecutive term of non-attendance. In their final academic year, qualifying students will receive one free course for every three courses that were successfully completed.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Revenue from students participating in the Graduation Fund is recorded in accordance with the Revenue Recognition Topic, ASC 605-50. The Company allocates the value of benefits to be earned evenly to each of the underlying revenue transactions that result in progress by the student toward earning the benefit. The Company&amp;#8217;s estimate of the benefits that will be earned in the future is based on its historical experience of student persistence toward completion of a course of study within this program and similar programs. Each quarter, the Company assesses its methodologies and assumptions underlying these estimates and, to date, any adjustments to the estimates have not been material.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The table below presents activity in the Graduation Fund for the year ended December 31, 2014 (in thousands):&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 0px; text-indent: 0px;"&gt;Balance at December 31, 2013&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;1,898&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 0px; text-indent: 0px;"&gt;Revenue deferred&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;8,507&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 0px; text-indent: 0px;"&gt;Benefit redeemed&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(699&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 0px; text-indent: 0px;"&gt;Balance at December 31, 2014&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;9,706&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;</stra:GraduationFundPolicyTextBlock>
<us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Cash and Cash Equivalents&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Cash and cash equivalents consist of cash maintained in mostly FDIC-insured bank accounts and cash invested in bank overnight deposits and money market mutual funds. The Company places its cash and temporary cash investments with various financial institutions. The Company considers all highly liquid instruments purchased with a maturity of three months or less at the date of purchase to be cash equivalents.&lt;/font&gt;&lt;/div&gt;</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
<us-gaap:ConcentrationRiskCreditRisk contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Concentration of Credit Risk&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The Company places its cash and temporary cash investments in bank overnight deposits and money market mutual funds with various financial institutions. Cash and cash equivalent balances are in excess of the FDIC insurance limit. The Company has not experienced any losses on its cash and cash equivalents.&lt;/font&gt;&lt;/div&gt;</us-gaap:ConcentrationRiskCreditRisk>
<us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Restricted Cash&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;A significant portion of the Company&amp;#8217;s revenues are funded by various federal and state government programs. The Company generally does not receive funds from these programs prior to the start of the corresponding academic term. The Company may be required to return certain funds for students who withdraw from the University during the academic term. At December 31, 2014, the Company had approximately $0.2 million of these unpaid obligations, which are recorded as restricted cash and included in other current assets in the consolidated balance sheet. There was no amount payable for these obligations at December 31, 2013.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;As part of commencing operations in Pennsylvania in 2003, the Company was required to maintain a &amp;#8220;minimum protective endowment&amp;#8221; of at least $0.5 million in an interest-bearing account. These funds are required as long as the Company operates its campuses in the state. The Company holds these funds in an interest-bearing account which is included in other assets.&lt;/font&gt;&lt;/div&gt;</us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy>
<us-gaap:ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Tuition Receivable and Allowance for Doubtful Accounts&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The Company records tuition receivable and deferred revenue for its students upon the start of the academic term. Therefore, at the end of the quarter (and academic term), tuition receivable represents amounts due from students for educational services already provided and deferred revenue represents advance payments from students for academic services to be provided in the future. Tuition receivables are not collateralized; however, credit risk is minimized as a result of the diverse nature of the University&amp;#8217;s student base. The University establishes an allowance for doubtful accounts primarily based upon historical collection rates by age of receivable, net of recoveries. These collection rates incorporate historical performance based on a student&amp;#8217;s current enrollment status and likelihood of future enrollment. The Company periodically assesses its methodologies for estimating bad debts in consideration of actual experience.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The Company&amp;#8217;s tuition receivable and allowance for doubtful accounts were as follows:&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="7"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;December 31,&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;th align="left" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;($ in thousands)&lt;/i&gt;&lt;b&gt;&lt;br /&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2013&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2014&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Tuition receivable&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;26,145&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;25,777&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Allowance for doubtful accounts&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times,
 serif;"&gt;(10,303&lt;/font&gt;&lt;/td&gt;&lt;td
 align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(8,835&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Tuition receivable, net&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;15,842&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;16,942&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Approximately $3.4 million and $1.6 million of tuition receivable is included in &amp;#8220;Other assets&amp;#8221; in the accompanying Consolidated Balance Sheets as of December 31, 2013 and 2014, respectively, because these amounts are expected to be collected after 12 months.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The following table illustrates changes in the Company&amp;#8217;s allowance for doubtful accounts for each of the past three years:&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="11"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Year Ended December 31,&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;th align="left" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;($ in thousands)&lt;/i&gt;&lt;b&gt;&lt;br /&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2012&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2013&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2014&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Beginning allowance for doubtful accounts&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;7,279&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font
 size="2" style="font-family: times new roman, times,
 serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;6,596&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;10,303&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Additions charged to expense&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;23,728&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;22,225&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;16,947&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Write-offs, net of recoveries&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(24,411&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(18,518&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(18,415&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Ending allowance for doubtful accounts&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;6,596&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;10,303&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;8,835&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;</us-gaap:ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy>
<us-gaap:PropertyPlantAndEquipmentPolicyTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Property and Equipment&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Property and equipment are stated at cost less accumulated depreciation and amortization. In accordance with the Property, Plant and Equipment Topic, ASC 360, the carrying values of the Company&amp;#8217;s assets are re-evaluated when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If it is determined that an impairment loss has occurred based on expected undiscounted future cash flows, then a loss is recognized using a fair-value based model. Through 2014, no such impairment loss had occurred. Depreciation and amortization of property and equipment is calculated using the straight-line method over the estimated useful lives ranging from 3 to 40 years. Depreciation and amortization amounted to $24.0 million, $35.6 and $20.6 million for the years ended December 31, 2012, 2013, and 2014, respectively.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Construction in progress includes costs of computer software developed for internal use, which is accounted for in accordance with the Internal-Use Software Topic, ASC 350-40. Computer software development costs that are incurred in the preliminary project stage are expensed as incurred. During the development stage direct consulting costs, payroll and payroll-related costs for employees that are directly associated with the project are capitalized and will be amortized over the estimated useful life of the software once placed into operation. Purchases of property and equipment and changes in accounts payable for each of the three years in the period ended December 31, 2014 in the Consolidated Statements of Cash Flows have been adjusted to exclude non-cash purchases of property and equipment transactions during that period.&lt;/font&gt;&lt;/div&gt;</us-gaap:PropertyPlantAndEquipmentPolicyTextBlock>
<us-gaap:FairValueOfFinancialInstrumentsPolicy contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Fair Value&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The Fair Value Measurement Topic, ASC 820-10 (&amp;#8220;ASC 820-10&amp;#8221;), establishes a framework for measuring fair value, establishes a fair value hierarchy based upon the observability of inputs used to measure fair value, and expands disclosures about fair value measurements. Assets and liabilities are classified in their entirety within the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Under ASC 820-10, fair value of an investment is the price that would be received to sell an asset or to transfer a liability to an entity in an orderly transaction between market participants at the measurement date. The hierarchy gives the highest priority to assets and liabilities with readily available quoted prices in an active market and lowest priority to unobservable inputs which require a higher degree of judgment when measuring fair value, as follows:&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="37" nowrap="nowrap"&gt;&lt;div style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8226;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Level 1 assets or liabilities use quoted prices in active markets for identical assets or liabilities as of the measurement date;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="37" nowrap="nowrap"&gt;&lt;div style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8226;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Level 2 assets or liabilities use observable inputs, other than quoted market prices, that are either directly or indirectly observable in the marketplace for identical or similar assets and liabilities; and&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="37" nowrap="nowrap"&gt;&lt;div style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8226;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Level 3 assets or liabilities use unobservable inputs that are supported by little or no market activity.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The Company&amp;#8217;s assets and liabilities that are subject to fair value measurement are categorized in one of the three levels above. Fair values are based on the inputs available at the measurement dates, and may rely on certain assumptions that may affect the valuation of fair value for certain assets or liabilities.&lt;/font&gt;&lt;/div&gt;</us-gaap:FairValueOfFinancialInstrumentsPolicy>
<us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Goodwill and Indefinite-Lived Intangible Assets&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Goodwill represents the excess of the purchase price of an acquired business over the amount assigned to the assets acquired and liabilities assumed. Indefinite-lived intangible assets, which include a trade name, are recorded at fair market value on their acquisition date. An indefinite life was assigned to the trade name because it has the continued ability to generate cash flows indefinitely.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Goodwill and the indefinite-lived intangible asset are assessed at least annually for impairment during the three-month period ending September 30, or more frequently if events occur or circumstances change between annual tests that would more likely than not reduce the fair value of the respective reporting unit below its carrying amount. Under Accounting Standards Update No. 2011-08,&amp;#160;&lt;i&gt;Intangibles-Goodwill and Other (Topic 350): Testing Goodwill for Impairment&lt;/i&gt;, the Company is permitted, but not required, to first assess qualitative factors to determine whether it is necessary to perform the more thorough quantitative goodwill impairment test. Following its qualitative assessment, the Company determined it was not more likely than not that the fair value of its goodwill was less than the carrying amount and, accordingly, no impairment existed in 2014.&lt;/font&gt;&lt;/div&gt;</us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock>
<stra:LongTermLiabilitiesPolicyTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Long-Term Liabilities&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Included in the Company&amp;#8217;s long-term liabilities are the non-current portion of the Company&amp;#8217;s borrowings under its term loan and revolving credit facility, liabilities related to the Company&amp;#8217;s operating leases, deferred payments related to an acquisition, fair value of the Company&amp;#8217;s interest rate swap, and the non-current portion of unearned tuition. In conjunction with the opening of some campuses and other facilities, the Company was reimbursed by the lessors for improvements made to those leased properties. In accordance with the Operating Leases Subtopic, ASC 840-20 (&amp;#8220;ASC 840-20&amp;#8221;), these underlying assets were capitalized as leasehold improvements and a liability was established for the reimbursements. The leasehold improvements and the liability are amortized on a straight-line basis over the corresponding lease terms, which generally range from five to ten years. In accordance with ASC 840-20, the Company records rent expense on a straight-line basis over the initial term of a lease. The cumulative difference between the rent payment and the straight-line rent expense is recorded as a liability. The Company also records the non-current portion of the gain related to the sale and lease back of a campus facility as a long-term liability.&lt;/font&gt;&lt;/div&gt;</stra:LongTermLiabilitiesPolicyTextBlock>
<us-gaap:DerivativesMethodsOfAccountingHedgingDerivatives contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Accounting for Derivative Instruments and Hedging Activities&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;On the date that the Company enters into a derivative contract, it designates the derivative as a hedge of (a) a forecasted transaction or (b) the variability of cash flows that are to be received or paid in connection with a recognized asset or liability (a cash flow hedge). All derivatives are recognized in the balance sheet at their fair value.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Changes in the fair value of a derivative that is highly effective and that is designated and qualifies as a cash flow hedge, to the extent that the hedge is effective, are recorded, net of income tax, in other comprehensive income, until earnings are affected by the variability of cash flows of the hedged transaction (e.g., until periodic settlements of a variable-rate asset or liability are recorded in earnings). Any hedge ineffectiveness (which represents the amount by which the changes in the fair value of the derivative exceed the variability in the cash flows of the forecasted transaction) is recorded in current-period earnings.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. The Company also formally assesses (both at the hedge&amp;#8217;s inception and on an ongoing basis) whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in the fair value or cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. When it is determined that a derivative is not (or has ceased to be) highly effective as a hedge, the Company discontinues hedge accounting prospectively.&lt;/font&gt;&lt;/div&gt;</us-gaap:DerivativesMethodsOfAccountingHedgingDerivatives>
<stra:AuthorizedStockPolicyTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Authorized Stock&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The Company has authorized 20,000,000 shares of common stock, par value $.01, of which 10,797,464 and 10,903,341 shares were issued and outstanding as of December 31, 2013 and 2014, respectively. The Company also has authorized 8,000,000 shares of preferred stock, none of which has been issued or outstanding since 2004. Before any preferred stock may be issued in the future, the Board of Directors would need to establish the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications, and the terms or conditions of the redemption of the preferred stock.&lt;/font&gt;&lt;/div&gt;</stra:AuthorizedStockPolicyTextBlock>
<us-gaap:AdvertisingCostsPolicyTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Advertising Costs&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The Company expenses advertising costs in the quarter incurred, except for costs associated with the production of media commercials which are expensed when the commercial is first aired.&lt;/font&gt;&lt;/div&gt;</us-gaap:AdvertisingCostsPolicyTextBlock>
<us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Stock-Based Compensation&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;As required by the Stock Compensation Topic, ASC 718, the Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors, including employee stock options, restricted stock, restricted stock units, and employee stock purchases related to the Company&amp;#8217;s Employee Stock Purchase Plan, based on estimated fair values. Stock-based compensation expense recognized in the Consolidated Statements of Income for each of the three years in the period ended December 31, 2014, is based on awards ultimately expected to vest and, therefore, has been adjusted for estimated forfeitures. The Company is required to estimate forfeitures at the time of grant and revise, if necessary, the estimate in subsequent periods if actual forfeitures differ from those estimates. The forfeiture rate used is based on historical experience. The Company also assesses the likelihood that performance criteria associated with performance-based awards will be met. If it is determined that it is more likely than not that performance criteria will not be achieved, the Company revises its estimate of the number of shares it believes will ultimately vest.&lt;/font&gt;&lt;/div&gt;</us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy>
<us-gaap:EarningsPerSharePolicyTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Net Income Per Share&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the periods. Diluted earnings per share reflects the potential dilution that could occur assuming conversion or exercise of all dilutive unexercised stock options, restricted stock and restricted stock units. The dilutive effect of stock awards was determined using the treasury stock method. Under the treasury stock method, all of the following are assumed to be used to repurchase shares of the Company&amp;#8217;s common stock: (1) the proceeds received from the exercise of stock options, (2) the amount of compensation cost associated with the stock awards for future service not yet recognized by the Company, and (3) the amount of tax benefits that would be recorded in additional paid-in capital when the stock awards become deductible for income tax purposes. Stock options are not included in the computation of diluted earnings per share when the stock option exercise price of an individual grant exceeds the average market price for the period. During the year ended December 31, 2014, the Company had no issued and outstanding stock options that were excluded from the calculation.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Set forth below is a reconciliation of shares used to calculate basic and diluted earnings per share (in thousands):&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2012&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2013&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2014&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Weighted average shares outstanding used to compute basic earnings per share&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;11,390&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;10,584&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;10,561&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div
 align="left"&gt;&lt;div
 style="margin-left: 10px; text-indent: -10px;"&gt;Incremental shares issuable upon the assumed exercise of stock options&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;6&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Unvested restricted stock and restricted stock units&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;50&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;40&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;83&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Shares used to compute diluted earnings per share&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;11,440&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;10,624&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;10,650&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;</us-gaap:EarningsPerSharePolicyTextBlock>
<us-gaap:IncomeTaxPolicyTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Income Taxes&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The Company provides for deferred income taxes based on temporary differences between financial statement and income tax bases of assets and liabilities using enacted tax rates in effect in the year in which the differences are expected to reverse.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The Income Taxes Topic, ASC 740, requires the Company to determine whether uncertain tax positions should be recognized within the Company&amp;#8217;s financial statements. The Company recognizes interest and penalties, if any, related to uncertain tax positions in income tax expense. Uncertain tax positions are recognized when a tax position, based solely on its technical merits, is determined to be more likely than not to be sustained upon examination. Upon determination, uncertain tax positions are measured to determine the amount of benefit that is greater than 50% likely to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. A tax position is derecognized if it no longer meets the more likely than not threshold of being sustained.&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The tax years 2012-2014 remain open for Federal tax examination and the tax years 2010-2014 remain open to examination by state and local taxing jurisdictions in which the Company is subject.&lt;/font&gt;&lt;/div&gt;</us-gaap:IncomeTaxPolicyTextBlock>
<us-gaap:UseOfEstimates contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Use of Estimates&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the period reported. The most significant management estimates included allowances for doubtful accounts, the useful lives of property and equipment, fair value of future contractual operating lease obligations, potential sublease income and vacancy periods, accrued expenses, forfeiture rates and the likelihood of achieving performance criteria for stock-based awards, value of free courses earned by students&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;br /&gt;that will be redeemed in the future, valuation of goodwill, intangible assets and the interest rate swap arrangement, and the provision for income taxes. Actual results could differ from those estimates.&lt;/font&gt;&lt;/div&gt;</us-gaap:UseOfEstimates>
<us-gaap:ComprehensiveIncomePolicyPolicyTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Comprehensive Income&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Comprehensive income consists of net income and the change in the fair value of the Company&amp;#8217;s interest rate swap, net of income taxes.&lt;/font&gt;&lt;/div&gt;</us-gaap:ComprehensiveIncomePolicyPolicyTextBlock>
<us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;Recent Accounting Pronouncements&lt;/i&gt;&lt;/font&gt;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;In May 2014, the FASB issued ASU No. 2014-09, &amp;#8220;Revenue from Contracts with Customers (Topic 606)&amp;#8221; (&amp;#8220;ASU 2014-09&amp;#8221;). The standard establishes a new recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. ASU 2014-09 is effective for fiscal years beginning after December 15, 2016, and early adoption is not permitted. The Company currently is evaluating the impact that the standard will have on its financial condition, results of operations, and disclosures.&lt;/font&gt;&lt;/div&gt;</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
<stra:ScheduleOfGraduationFundLiabilityTableTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 0px; text-indent: 0px;"&gt;Balance at December 31, 2013&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;1,898&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 0px; text-indent: 0px;"&gt;Revenue deferred&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;8,507&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 0px; text-indent: 0px;"&gt;Benefit redeemed&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(699&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 0px; text-indent: 0px;"&gt;Balance at December 31, 2014&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;9,706&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</stra:ScheduleOfGraduationFundLiabilityTableTextBlock>
<us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="7"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;December 31,&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;th align="left" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;($ in thousands)&lt;/i&gt;&lt;b&gt;&lt;br /&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2013&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2014&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Tuition receivable&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;26,145&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;25,777&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Allowance for doubtful accounts&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(10,303&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; 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border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;15,842&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;16,942&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;</us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock>
<stra:ScheduleOfAllowanceForDoubtfulAccountsTableTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="11"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Year Ended December 31,&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;th align="left" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;($ in thousands)&lt;/i&gt;&lt;b&gt;&lt;br /&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2012&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2013&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2014&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Beginning allowance for doubtful accounts&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;7,279&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;6,596&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;10,303&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Additions charged to expense&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;23,728&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;22,225&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;16,947&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Write-offs, net of recoveries&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(24,411&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(18,518&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times,
 serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right"
 width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(18,415&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Ending allowance for doubtful accounts&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;6,596&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;10,303&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;8,835&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;</stra:ScheduleOfAllowanceForDoubtfulAccountsTableTextBlock>
<us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2012&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2013&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2014&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Weighted average shares outstanding used to compute basic earnings per share&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;11,390&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;10,584&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;10,561&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Incremental shares issuable upon the assumed exercise of stock options&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;6&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Unvested restricted stock and restricted stock units&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;50&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;40&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;83&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2"
 style="font-family: times new roman, times,
 serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Shares used to compute diluted earnings per share&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;11,440&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;10,624&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;10,650&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;</us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock>
<us-gaap:ScheduleOfRestructuringReserveByTypeOfCostTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="left" width="100%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;i&gt;($ in thousands)&lt;/i&gt;&lt;b&gt;&lt;br /&gt;&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Lease&lt;br /&gt;and Related&lt;br /&gt;Costs, Net&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Severance&lt;br /&gt;and Other&lt;br /&gt;Employee&lt;br /&gt;Separation Costs&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Total&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;&lt;font size="2"&gt;Balance at December 31, 2013&lt;sup style="font-size: 11.0500001907349px; vertical-align: text-top;"&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;42,550&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;2,216&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;44,766&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;&lt;font size="2"&gt;Payments&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(12,418&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(2,138&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(14,556&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;&lt;font size="2"&gt;Adjustments&lt;sup style="font-size: 11.0500001907349px; vertical-align: text-top;"&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(2,849&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(78&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2"
 style="font-family: times new roman, times, serif;"&gt;(2,927&lt;/font&gt;&lt;/td&gt;&lt;td
 align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;&lt;font size="2"&gt;Balance at December 31, 2014&lt;sup style="font-size: 11.0500001907349px; vertical-align: text-top;"&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;27,283&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;27,283&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="37" nowrap="nowrap"&gt;&lt;div style="margin-left: 20px; text-indent: -20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(1)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The current portion of restructuring liabilities was $10.4 million and $6.0 million as of December 31, 2013 and December 31, 2014, respectively, which are included in Accounts payable and accrued expenses. The long-term portion is included in Other long-term liabilities.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="37" nowrap="nowrap"&gt;&lt;div style="margin-left: 20px; text-indent: -20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(2)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;Adjustments for lease and related costs during the year ended December 31, 2014 primarily result from changes in the timing and expected income from settlements and executed sublease agreements signed during the period, which amounted to $4.1 million, partly offset by the accretion of interest on lease costs of approximately $1.3 million. Adjustments for severance and other employee separation costs primarily related to employees who were re-hired to other roles within the Company and were not paid severance.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ScheduleOfRestructuringReserveByTypeOfCostTextBlock>
<us-gaap:PropertyPlantAndEquipmentTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;p style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;/p&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2013&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2014&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Estimated useful&lt;br /&gt;life (years)&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: -10px; 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margin-left: 20px;"&gt;Total debt&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;118,750&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: 0px; margin-left: 0px;"&gt;Less: Current portion of long-term debt&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;6,250&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: -10px; margin-left: 20px;"&gt;Long-term debt&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 2pt; border-bottom-style: double;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-color: windowtext; border-bottom-width: 2pt; border-bottom-style: double;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;112,500&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ScheduleOfDebtTableTextBlock>
<us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div&gt;&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;&lt;table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;td style="width: 1339.4px; text-align: left; text-indent: -29.7pt; padding-left: 29.7pt; font-size: 10pt;"&gt;2015&lt;/td&gt;&lt;td style="width: 16px; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 16px; text-align: left; font-size: 10pt;"&gt;$&lt;/td&gt;&lt;td style="width: 141px; text-align: right; font-size: 10pt;"&gt;6,250&lt;/td&gt;&lt;td style="width: 15px; text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: white;"&gt;&lt;td style="text-align: left; text-indent: -29.7pt; padding-bottom: 1.5pt; padding-left: 29.7pt; font-size: 10pt;"&gt;2016&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;112,500&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1.5pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;td style="padding-bottom: 4pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"&gt;$&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"&gt;118,750&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 4pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock>
<us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="11"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Fair Value Measurements at Reporting Date Using&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;December 31,&lt;br /&gt;2014&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Quoted Prices in&lt;br /&gt;Active Markets for&lt;br /&gt;Identical Assets/&lt;br /&gt;Liabilities&lt;br /&gt;(Level 1)&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Significant&lt;br /&gt;Other&lt;br /&gt;Observable&lt;br /&gt;Inputs&lt;br /&gt;(Level 2)&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Significant&lt;br /&gt;Unobservable&lt;br /&gt;Inputs&lt;br /&gt;(Level 3)&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;&lt;b&gt;Assets:&lt;br /&gt;&lt;/b&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Cash equivalents:&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new
 roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr
 valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Money market funds&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;8,275&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;8,275&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Interest rate swap&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;143&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;143&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 30px; text-indent: -10px;"&gt;Total assets at fair value on a recurring basis&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;8,418&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;8,275&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;143&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times
 new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%"
 nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;&lt;b&gt;Liabilities:&lt;br /&gt;&lt;/b&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Other long-term liabilities:&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Deferred payments&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;2,398&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"
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 style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;2,398&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 30px; text-indent: -10px;"&gt;Total liabilities at fair value on a recurring basis&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;2,398&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;2,398&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="11"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Fair Value Measurements at Reporting Date Using&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;b&gt;December 31,&lt;br /&gt;2013&lt;/b&gt;&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Quoted Prices in&lt;br /&gt;Active Markets for&lt;br /&gt;Identical Assets/&lt;br /&gt;Liabilities&lt;br /&gt;(Level 1)&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Significant&lt;br /&gt;Other&lt;br /&gt;Observable&lt;br /&gt;Inputs&lt;br /&gt;(Level 2)&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Significant&lt;br /&gt;Unobservable&lt;br /&gt;Inputs&lt;br /&gt;(Level 3)&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;&lt;b&gt;Assets:&lt;br /&gt;&lt;/b&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2"
 style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new
 roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Cash equivalents:&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Money market funds&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;8,382&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;8,382&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Interest rate swaps&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;45&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;45&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times,
 serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid;
 border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 30px; text-indent: -10px;"&gt;Total assets at fair value on a recurring basis&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;8,427&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;8,382&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;45&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;&lt;b&gt;Liabilities:&lt;br /&gt;&lt;/b&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Other long-term liabilities:&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%"
 nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font
 size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Deferred payments&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;2,115&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;2,115&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 30px; text-indent: -10px;"&gt;Total liabilities at fair value on a recurring basis&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;2,115&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;2,115&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;</us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock>
<us-gaap:FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Deferred&lt;br /&gt;Payments&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 0px; text-indent: 0px;"&gt;Balance at December 31, 2013&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;2,115&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 0px; text-indent: 0px;"&gt;Amounts earned&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(545&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 0px; text-indent: 0px;"&gt;Adjustments to fair value&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;828&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 0px; text-indent: 0px;"&gt;Transfers in or out of Level 3&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 0px; text-indent: 0px;"&gt;Balance at December 31, 2014&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;2,398&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;</us-gaap:FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock>
<us-gaap:ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Number of&lt;br /&gt;shares&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Weighted-average&lt;br /&gt;grant price&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Balance, December 31, 2011&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;380,944&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;194.26&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Grants&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;82,741&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;111.44&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Vested shares&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(26,189&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;195.58&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Forfeitures&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(3,057&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;127.51&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Balance, December 31, 2012&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;434,439&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td
 width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2"
 style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;178.88&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Grants&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;225,741&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;57.90&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Vested shares&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(51,916&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;164.22&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Forfeitures&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(120,491&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;140.30&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Balance, December 31, 2013&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;487,773&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;131.51&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Grants&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;108,606&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;38.95&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Vested shares&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(69,434&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new
 roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times,
 serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;158.97&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Forfeitures&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(2,729&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;93.44&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Balance, December 31, 2014&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;524,216&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;115.67&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;</us-gaap:ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock>
<us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Number of&lt;br /&gt;shares&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Weighted-average&lt;br /&gt;exercise price&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Weighted-&lt;br /&gt;average&lt;br /&gt;remaining&lt;br /&gt;contractual&lt;br /&gt;life (years)&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Aggregate&lt;br /&gt;intrinsic&lt;br /&gt;value&lt;sup style="font-size: 8.5px; 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text-indent: -10px;"&gt;Grants&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Exercises&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman,
 times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%"
 nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Forfeitures&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Balance, December 31, 2012&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;100,000&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;107.28&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;0.1&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Grants&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;100,000&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;51.95&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td
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border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;100,000&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;51.95&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;6.0&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;2,233&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Exercisable, December 31, 2014&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="top"&gt;&lt;td align="left" width="37" nowrap="nowrap"&gt;&lt;div style="margin-left: 20px; text-indent: -20px;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(1)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td align="left" width="3"&gt;&amp;#160;&lt;/td&gt;&lt;td align="left" width="100%"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company&amp;#8217;s closing stock price on the respective trading day and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holder had all options been exercised on the respective trading day. 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<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableTableTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Number of&lt;br /&gt;shares&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Weighted-average&lt;br /&gt;exercise price&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Exercisable, December 31, 2012&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;100,000&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;107.28&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Exercisable, December 31, 2013&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;51.95&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Exercisable, December 31, 2014&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;51.95&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableTableTextBlock>
<us-gaap:ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2012&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2013&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2014&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Instruction and educational support&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;3,273&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;1,976&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;1,736&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Marketing&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Admissions advisory&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;General and administration&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;2,191&lt;/font&gt;&lt;/td&gt;&lt;td
 align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font
 size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;7,315&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;7,717&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 20px; text-indent: -10px;"&gt;Stock-based compensation expense included in operating expense&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;5,464&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;9,291&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;9,453&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Tax benefit&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;2,158&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;3,698&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; 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 border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;5,719&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;</us-gaap:ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock>
<us-gaap:ScheduleOfCashProceedsReceivedFromShareBasedPaymentAwardsTableTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="11"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;For the year ended&lt;br /&gt;December 31,&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2012&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2013&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2014&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Proceeds from stock options exercised&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Excess tax benefits (shortfall) related to share-based payment arrangements&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(245&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(3,567&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(2,039&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Intrinsic value of stock options exercised&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times,
 serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;</us-gaap:ScheduleOfCashProceedsReceivedFromShareBasedPaymentAwardsTableTextBlock>
<us-gaap:OtherNoncurrentLiabilitiesTableTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2013&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2014&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Loss on facilities not in use&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;34,339&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;21,280&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Deferred revenue, net of current portion&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;1,897&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;9,654&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Deferred rent and other facility costs&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;8,258&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;8,646&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Deferred payments related to acquisition&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;4,915&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;5,198&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;Lease incentives&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;1,353&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;1,056&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr
 valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px;
 text-indent: -10px;"&gt;Deferred gain on sale of campus building&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;694&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;414&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;51,456&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;46,248&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;</us-gaap:OtherNoncurrentLiabilitiesTableTextBlock>
<us-gaap:ScheduleOfShareBasedCompensationEmployeeStockPurchasePlanActivityTableTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 90%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; margin-left: 20px; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Shares&lt;br /&gt;purchased&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Average price&lt;br /&gt;per share&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;2012&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;6,549&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;71.14&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;2013&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;8,911&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;42.27&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;2014&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;5,872&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;44.55&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ScheduleOfShareBasedCompensationEmployeeStockPurchasePlanActivityTableTextBlock>
<us-gaap:ScheduleOfTreasuryStockByClassTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 90%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; margin-left: 20px; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Number of&lt;br /&gt;shares&lt;br /&gt;repurchased&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Average price paid&lt;br /&gt;per share&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Amount available for&lt;br /&gt;future repurchases&lt;br /&gt;(in millions)&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;2012&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;484,841&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;51.56&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;95.0&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;2013&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;495,085&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;50.49&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;70.0&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="margin-left: 10px; text-indent: -10px;"&gt;2014&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;70.0&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;</us-gaap:ScheduleOfTreasuryStockByClassTextBlock>
<us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;&lt;tr style="vertical-align: bottom;"&gt;&lt;td style="font-size: 10pt; text-align: left; padding-bottom: 1.5pt;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;Minimum rental commitments&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;td style="width: 1379px; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;2015&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 16px; font-size: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 16px; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 141px; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;38,966&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 15px; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: white;"&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;2016&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;36,202&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;2017&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;31,281&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: white;"&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;2018&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;26,624&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;2019&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;21,200&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: white;"&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;Thereafter&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 10pt; padding-bottom: 1.5pt;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;&lt;p style="margin: 0px;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;38,312&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left; padding-bottom: 1.5pt;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;td style="font-size: 10pt; text-align: left; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;Total&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 10pt; padding-bottom: 4pt;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;192,585&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left; padding-bottom: 4pt;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;</us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock>
<us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div&gt;&lt;table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;&lt;tr style="vertical-align: bottom;"&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;2012&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;2013&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;2014&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom;"&gt;&lt;td style="font-size: 10pt;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;Current:&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;" colspan="2"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;" colspan="2"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;" colspan="2"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;td style="width: 950.2px; text-indent: -29.7pt; padding-left: 0.55in; font-size: 10pt;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;Federal&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 16px; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 16px; text-align: left; font-size: 10pt;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 142px; text-align: right; font-size: 10pt;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;36,028&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 16px; text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 16px; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 16px; text-align: left; font-size: 10pt;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 141px; text-align: right; font-size: 10pt;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;26,390&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 15px; text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 15px; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 15px; text-align: left; font-size: 10pt;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 141px; text-align: right; font-size: 10pt;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;25,285&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 15px; text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: white;"&gt;&lt;td style="text-indent: -29.7pt; padding-bottom: 1.5pt; padding-left: 0.55in; font-size: 10pt;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;State&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;8,333&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1.5pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;4,582&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1.5pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;4,490&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1.5pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;td style="text-align: left; text-indent: -29.7pt; padding-bottom: 1.5pt; padding-left: 29.7pt; font-size: 10pt;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;Total current&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;44,361&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1.5pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;30,972&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1.5pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;29,775&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1.5pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr
 style="vertical-align: bottom; background-color: white;"&gt;&lt;td style="text-indent: -29.7pt; padding-left: 29.7pt; font-size: 10pt;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;Deferred:&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;td style="text-indent: -29.7pt; padding-left: 0.55in; font-size: 10pt;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;Federal&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;(608&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;(18,387&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;141&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: white;"&gt;&lt;td style="text-indent: -29.7pt; padding-bottom: 1.5pt; padding-left: 0.55in; font-size: 10pt;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;State&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;(708&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1.5pt; font-size: 10pt;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;(1,726&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1.5pt; font-size: 10pt;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;344&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1.5pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;td style="text-align: left; text-indent: -29.7pt; padding-bottom: 1.5pt; padding-left: 29.7pt; font-size: 10pt;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;Total deferred&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;(1,316&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1.5pt; font-size: 10pt;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;(20,113&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1.5pt; font-size: 10pt;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;485&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1.5pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: white;"&gt;&lt;td style="text-align: left; text-indent: -29.7pt; padding-bottom: 4pt; padding-left: 0.55in; font-size: 10pt;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;Total provision for income taxes&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;43,045&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 4pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;10,859&lt;/font&gt;&lt;/td&gt;&lt;td
 style="text-align: left; padding-bottom: 4pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"&gt;&lt;font size="2" style="font-family: times new roman,times;"&gt;30,260&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 4pt; font-size: 10pt;"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock>
<us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;&lt;tr style="vertical-align: bottom;"&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"&gt;2013&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"&gt;2014&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;td style="width: 1151.40625px; font-size: 10pt; text-align: left; text-indent: -29.7pt; padding-left: 29.7pt;"&gt;Tuition receivable&lt;/td&gt;&lt;td style="width: 16px; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 16px; font-size: 10pt; text-align: left;"&gt;$&lt;/td&gt;&lt;td style="width: 142px; font-size: 10pt; text-align: right;"&gt;4,021&lt;/td&gt;&lt;td style="width: 16px; font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 15px; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 15px; font-size: 10pt; text-align: left;"&gt;$&lt;/td&gt;&lt;td style="width: 141px; font-size: 10pt; text-align: right;"&gt;3,439&lt;/td&gt;&lt;td style="width: 15px; font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: white;"&gt;&lt;td style="font-size: 10pt; text-align: left; text-indent: -29.7pt; padding-left: 29.7pt;"&gt;Other facility-related costs&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: right;"&gt;3,684&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: right;"&gt;2,824&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;td style="font-size: 10pt; padding-bottom: 1.5pt; text-indent: -29.7pt; padding-left: 29.7pt;"&gt;Employee-related liabilities&lt;/td&gt;&lt;td style="font-size: 10pt; padding-bottom: 1.5pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 10pt; text-align: right;"&gt;144&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; padding-bottom: 1.5pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 10pt; text-align: right;"&gt;(96&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; text-align: left;"&gt;)&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: white;"&gt;&lt;td style="font-size: 10pt; text-align: left; padding-bottom: 1.5pt; text-indent: -29.7pt; padding-left: 0.55in;"&gt;Current net deferred tax asset&lt;/td&gt;&lt;td style="font-size: 10pt; padding-bottom: 1.5pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 10pt; text-align: right;"&gt;7,849&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; padding-bottom: 1.5pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 10pt; text-align: right;"&gt;6,167&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;td style="font-size: 10pt; text-indent: -29.7pt; padding-left: 29.7pt;"&gt;Stock-based compensation&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: right;"&gt;13,871&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: right;"&gt;12,994&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: white;"&gt;&lt;td style="font-size: 10pt; text-align: left; text-indent: -29.7pt; padding-left: 29.7pt;"&gt;Property and equipment&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: right;"&gt;(13,091&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;)&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: right;"&gt;(11,622&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;)&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;td style="font-size: 10pt; text-align: left; text-indent: -29.7pt; padding-left: 29.7pt;"&gt;Other facility-related costs&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: right;"&gt;13,696&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: right;"&gt;8,903&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: white;"&gt;&lt;td style="font-size: 10pt; text-align: left; text-indent: -29.7pt; padding-left: 29.7pt;"&gt;Deferred revenue&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: right;"&gt;-&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: right;"&gt;3,758&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;td style="font-size:
 10pt; text-align: left; text-indent: -29.7pt; padding-left: 29.7pt;"&gt;Deferred leasing costs&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: right;"&gt;3,082&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: right;"&gt;2,797&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: white;"&gt;&lt;td style="font-size: 10pt; text-align: left; text-indent: -29.7pt; padding-left: 29.7pt;"&gt;Interest rate swap&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: right;"&gt;(18&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;)&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: right;"&gt;(56&lt;/td&gt;&lt;td style="font-size: 10pt; text-align: left;"&gt;)&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;td style="font-size: 10pt; padding-bottom: 1.5pt; text-indent: -29.7pt; padding-left: 29.7pt;"&gt;Other&lt;/td&gt;&lt;td style="font-size: 10pt; padding-bottom: 1.5pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 10pt; text-align: right;"&gt;(411&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; text-align: left;"&gt;)&lt;/td&gt;&lt;td style="font-size: 10pt; padding-bottom: 1.5pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 10pt; text-align: right;"&gt;(533&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; text-align: left;"&gt;)&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: white;"&gt;&lt;td style="font-size: 10pt; text-align: left; padding-bottom: 1.5pt; text-indent: -29.7pt; padding-left: 0.55in;"&gt;Long-term net deferred tax asset&lt;/td&gt;&lt;td style="font-size: 10pt; padding-bottom: 1.5pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 10pt; text-align: right;"&gt;17,129&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; padding-bottom: 1.5pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 10pt; text-align: right;"&gt;16,241&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;td style="font-size: 10pt; text-align: left; padding-bottom: 4pt; text-indent: -29.7pt; padding-left: 49.5pt;"&gt;Net deferred tax asset&lt;/td&gt;&lt;td style="font-size: 10pt; padding-bottom: 4pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size: 10pt; text-align: left;"&gt;$&lt;/td&gt;&lt;td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size: 10pt; text-align: right;"&gt;24,978&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt; padding-bottom: 4pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size: 10pt; text-align: left;"&gt;$&lt;/td&gt;&lt;td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size: 10pt; text-align: right;"&gt;22,408&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-size: 10pt; text-align: left;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;</us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock>
<us-gaap:SummaryOfIncomeTaxContingenciesTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div&gt;&lt;table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;&lt;tr valign="bottom"&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;br class="apple-interchange-newline" /&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="7"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;Year Ended December 31,&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;th align="center" width="100%" nowrap="nowrap"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2013&lt;/font&gt;&lt;/th&gt;&lt;th align="center"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/th&gt;&lt;th align="center" nowrap="nowrap" colspan="3"&gt;&lt;font size="1" style="font-family: times new roman, times, serif;"&gt;2014&lt;/font&gt;&lt;/th&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: -10px; margin-left: 10px;"&gt;Beginning unrecognized tax benefits&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;1,745&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: -10px; margin-left: 10px;"&gt;Additions based on tax positions taken in the current year&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;1,745&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;2,085&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: -10px; margin-left: 10px;"&gt;Gross reductions for tax positions taken in prior years&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(565&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: -10px; margin-left: 10px;"&gt;Settlements with taxing authorities&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;(329&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;)&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr valign="bottom" bgcolor="#cceeff"&gt;&lt;td align="left" width="100%"&gt;&lt;div align="left"&gt;&lt;div style="text-indent: -10px; margin-left: 20px;"&gt;Ending unrecognized tax benefits&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap"
 style="border-bottom-color: windowtext; border-bottom-width: 2pt; border-bottom-style:
 double;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-color: windowtext; border-bottom-width: 2pt; border-bottom-style: double;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;1,745&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td width="3%"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/td&gt;&lt;td align="right" width="5%" nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 2pt; border-bottom-style: double;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&amp;#160;&amp;#160;$&lt;/font&gt;&lt;/td&gt;&lt;td align="right" style="border-bottom-color: windowtext; border-bottom-width: 2pt; border-bottom-style: double;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;2,936&lt;/font&gt;&lt;/td&gt;&lt;td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"&gt;&lt;font size="2" style="font-family: times new roman, times, serif;"&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:SummaryOfIncomeTaxContingenciesTextBlock>
<us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div&gt;&lt;table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;&lt;tr style="vertical-align: bottom;"&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"&gt;2012&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"&gt;2013&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"&gt;2014&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;td style="width: 963.4px; text-align: left; text-indent: -29.7pt; padding-left: 29.7pt; font-size: 10pt;"&gt;Statutory federal rate&lt;/td&gt;&lt;td style="width: 16px; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 16px; text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 142px; text-align: right; font-size: 10pt;"&gt;35.0&lt;/td&gt;&lt;td style="width: 16px; text-align: left; font-size: 10pt;"&gt;%&lt;/td&gt;&lt;td style="width: 16px; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 16px; text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 141px; text-align: right; font-size: 10pt;"&gt;35.0&lt;/td&gt;&lt;td style="width: 15px; text-align: left; font-size: 10pt;"&gt;%&lt;/td&gt;&lt;td style="width: 15px; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 15px; text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 141px; text-align: right; font-size: 10pt;"&gt;35.0&lt;/td&gt;&lt;td style="width: 15px; text-align: left; font-size: 10pt;"&gt;%&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: white;"&gt;&lt;td style="text-align: left; text-indent: -29.7pt; padding-left: 29.7pt; font-size: 10pt;"&gt;State income taxes, net of federal benefits&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;4.3&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;4.6&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;4.2&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;td style="text-indent: -29.7pt; padding-bottom: 1.5pt; padding-left: 29.7pt; font-size: 10pt;"&gt;Other&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;0.2&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1.5pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;0.2&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1.5pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;0.3&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1.5pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: white;"&gt;&lt;td style="text-align: left; text-indent: -29.7pt; padding-bottom: 4pt; padding-left: 0.55in; font-size: 10pt;"&gt;Effective tax rate&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"&gt;39.5&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 4pt; font-size: 10pt;"&gt;%&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"&gt;39.8&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 4pt; font-size: 10pt;"&gt;%&lt;/td&gt;&lt;td style="padding-bottom: 4pt; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"&gt;39.5&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 4pt; font-size: 10pt;"&gt;%&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock>
<us-gaap:ScheduleOfQuarterlyFinancialInformationTableTextBlock contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;div&gt;&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;&lt;table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;&lt;tr style="vertical-align: bottom;"&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="14"&gt;Quarter&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom;"&gt;&lt;td style="font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;2013&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"&gt;First&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"&gt;Second&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"&gt;Third&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"&gt;Fourth&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;td style="width: 775.4px; text-indent: -29.7pt; padding-left: 29.7pt; font-size: 10pt;"&gt;Revenues&lt;/td&gt;&lt;td style="width: 16px; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 16px; text-align: left; font-size: 10pt;"&gt;$&lt;/td&gt;&lt;td style="width: 142px; text-align: right; font-size: 10pt;"&gt;137,506&lt;/td&gt;&lt;td style="width: 16px; text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 16px; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 16px; text-align: left; font-size: 10pt;"&gt;$&lt;/td&gt;&lt;td style="width: 142px; text-align: right; font-size: 10pt;"&gt;131,980&lt;/td&gt;&lt;td style="width: 16px; text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 15px; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 15px; text-align: left; font-size: 10pt;"&gt;$&lt;/td&gt;&lt;td style="width: 141px; text-align: right; font-size: 10pt;"&gt;110,031&lt;/td&gt;&lt;td style="width: 15px; text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 15px; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 15px; text-align: left; font-size: 10pt;"&gt;$&lt;/td&gt;&lt;td style="width: 141px; text-align: right; font-size: 10pt;"&gt;124,083&lt;/td&gt;&lt;td style="width: 15px; text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: white;"&gt;&lt;td style="text-align: left; text-indent: -29.7pt; padding-left: 29.7pt; font-size: 10pt;"&gt;Income (loss) from operations&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;29,919&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;26,257&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;6,621&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;(30,096&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;)&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;td style="text-align: left; text-indent: -29.7pt; padding-left: 29.7pt; font-size: 10pt;"&gt;Net income (loss)&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;17,231&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;15,002&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;3,149&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;(18,957&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;)&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: white;"&gt;&lt;td style="text-indent: -29.7pt; padding-left: 29.7pt; font-size: 10pt;"&gt;Net income (loss) per share:&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;td style="text-indent: -29.7pt; padding-left: 0.55in; font-size: 10pt;"&gt;Basic&lt;/td&gt;&lt;td
 style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;$&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;1.59&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;$&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;1.43&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;$&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;0.30&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;$&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;(1.80&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;)&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: white;"&gt;&lt;td style="text-indent: -29.7pt; padding-left: 0.55in; font-size: 10pt;"&gt;Diluted&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;$&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;1.59&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;$&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;1.42&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;$&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;0.30&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;$&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;(1.80&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;)&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;&lt;table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;&lt;tr style="vertical-align: bottom;"&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="14"&gt;Quarter&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom;"&gt;&lt;td style="font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"&gt;2014&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"&gt;First&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"&gt;Second&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"&gt;Third&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"&gt;Fourth&lt;/td&gt;&lt;td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;td style="width: 775.4px; text-indent: -29.7pt; padding-left: 29.7pt; font-size: 10pt;"&gt;Revenues&lt;/td&gt;&lt;td style="width: 16px; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 16px; text-align: left; font-size: 10pt;"&gt;$&lt;/td&gt;&lt;td style="width: 142px; text-align: right; font-size: 10pt;"&gt;116,468&lt;/td&gt;&lt;td style="width: 16px; text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 16px; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 16px; text-align: left; font-size: 10pt;"&gt;$&lt;/td&gt;&lt;td style="width: 142px; text-align: right; font-size: 10pt;"&gt;112,747&lt;/td&gt;&lt;td style="width: 16px; text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 15px; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 15px; text-align: left; font-size: 10pt;"&gt;$&lt;/td&gt;&lt;td style="width: 141px; text-align: right; font-size: 10pt;"&gt;100,756&lt;/td&gt;&lt;td style="width: 15px; text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 15px; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 15px; text-align: left; font-size: 10pt;"&gt;$&lt;/td&gt;&lt;td style="width: 141px; text-align: right; font-size: 10pt;"&gt;116,070&lt;/td&gt;&lt;td style="width: 15px; text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: white;"&gt;&lt;td style="text-align: left; text-indent: -29.7pt; padding-left: 29.7pt; font-size: 10pt;"&gt;Income from operations&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;25,909&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;23,998&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;9,216&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;22,624&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;td style="text-align: left; text-indent: -29.7pt; padding-left: 29.7pt; font-size: 10pt;"&gt;Net income&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;14,783&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td
 style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;13,677&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;4,953&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;12,943&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: white;"&gt;&lt;td style="text-indent: -29.7pt; padding-left: 29.7pt; font-size: 10pt;"&gt;Net income per share:&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;td style="text-indent: -29.7pt; padding-left: 0.55in; font-size: 10pt;"&gt;Basic&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;$&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;1.40&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;$&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;1.29&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;$&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;0.47&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;$&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;1.22&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="vertical-align: bottom; background-color: white;"&gt;&lt;td style="text-indent: -29.7pt; padding-left: 0.55in; font-size: 10pt;"&gt;Diluted&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;$&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;1.40&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;$&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;1.29&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;$&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;0.46&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;$&lt;/td&gt;&lt;td style="text-align: right; font-size: 10pt;"&gt;1.21&lt;/td&gt;&lt;td style="text-align: left; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfQuarterlyFinancialInformationTableTextBlock>
<us-gaap:NumberOfReportableSegments contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="Segments" decimals="INF">1</us-gaap:NumberOfReportableSegments>
<stra:GraduationFundLiability contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">1898000</stra:GraduationFundLiability>
<stra:GraduationFundLiability contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">9706000</stra:GraduationFundLiability>
<stra:RevenueDeferred contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">8507000</stra:RevenueDeferred>
<stra:BenefitRedeemed contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">-699000</stra:BenefitRedeemed>
<us-gaap:AccountsReceivableGrossCurrent contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">26145000</us-gaap:AccountsReceivableGrossCurrent>
<us-gaap:AccountsReceivableGrossCurrent contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">25777000</us-gaap:AccountsReceivableGrossCurrent>
<us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent contextRef="Context_As_Of_31_Dec_2011T00_00_00_TO_31_Dec_2011T00_00_00" unitRef="USD" decimals="-3">7279000</us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent>
<us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent contextRef="Context_As_Of_31_Dec_2012T00_00_00_TO_31_Dec_2012T00_00_00" unitRef="USD" decimals="-3">6596000</us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent>
<us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">10303000</us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent>
<us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">8835000</us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent>
<us-gaap:ProvisionForDoubtfulAccounts contextRef="Context_FYE_01_Jan_2012T00_00_00_TO_31_Dec_2012T00_00_00" unitRef="USD" decimals="-3">23728000</us-gaap:ProvisionForDoubtfulAccounts>
<us-gaap:ProvisionForDoubtfulAccounts contextRef="Context_FYE_01_Jan_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">22225000</us-gaap:ProvisionForDoubtfulAccounts>
<us-gaap:ProvisionForDoubtfulAccounts contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">16947000</us-gaap:ProvisionForDoubtfulAccounts>
<us-gaap:AllowanceForDoubtfulAccountsReceivableWriteOffs contextRef="Context_FYE_01_Jan_2012T00_00_00_TO_31_Dec_2012T00_00_00" unitRef="USD" decimals="-3">24411000</us-gaap:AllowanceForDoubtfulAccountsReceivableWriteOffs>
<us-gaap:AllowanceForDoubtfulAccountsReceivableWriteOffs contextRef="Context_FYE_01_Jan_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">18518000</us-gaap:AllowanceForDoubtfulAccountsReceivableWriteOffs>
<us-gaap:AllowanceForDoubtfulAccountsReceivableWriteOffs contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">18415000</us-gaap:AllowanceForDoubtfulAccountsReceivableWriteOffs>
<us-gaap:IncrementalCommonSharesAttributableToShareBasedPaymentArrangements contextRef="Context_FYE_01_Jan_2012T00_00_00_TO_31_Dec_2012T00_00_00" unitRef="shares" xsi:nil="true"/>
<us-gaap:IncrementalCommonSharesAttributableToShareBasedPaymentArrangements contextRef="Context_FYE_01_Jan_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="shares" xsi:nil="true"/>
<us-gaap:IncrementalCommonSharesAttributableToShareBasedPaymentArrangements contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="shares" decimals="-3">6000</us-gaap:IncrementalCommonSharesAttributableToShareBasedPaymentArrangements>
<us-gaap:IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends contextRef="Context_FYE_01_Jan_2012T00_00_00_TO_31_Dec_2012T00_00_00" unitRef="shares" decimals="-3">50000</us-gaap:IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends>
<us-gaap:IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends contextRef="Context_FYE_01_Jan_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="shares" decimals="-3">40000</us-gaap:IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends>
<us-gaap:IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="shares" decimals="-3">83000</us-gaap:IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends>
<stra:PercentageOfTuitionRevenueInRevenue contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="pure" decimals="2">0.96</stra:PercentageOfTuitionRevenueInRevenue>
<stra:UnusedBooksAndAcademicMeterialRefunadablePeriod contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">P21D</stra:UnusedBooksAndAcademicMeterialRefunadablePeriod>
<us-gaap:RestrictedCashAndCashEquivalentsAtCarryingValue contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-5">200000</us-gaap:RestrictedCashAndCashEquivalentsAtCarryingValue>
<us-gaap:AccountsReceivableNetNoncurrent contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-5">3400000</us-gaap:AccountsReceivableNetNoncurrent>
<us-gaap:AccountsReceivableNetNoncurrent contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-5">1600000</us-gaap:AccountsReceivableNetNoncurrent>
<stra:ExpectedCollectionPeriodOfTuitionReceivable contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">After 12 months.</stra:ExpectedCollectionPeriodOfTuitionReceivable>
<us-gaap:RestrictedCashAndCashEquivalentsNoncurrent contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-5">500000</us-gaap:RestrictedCashAndCashEquivalentsNoncurrent>
<us-gaap:PreferredStockSharesAuthorized contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="shares" decimals="INF">8000000</us-gaap:PreferredStockSharesAuthorized>
<us-gaap:PreferredStockSharesIssued contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="shares" xsi:nil="true"/>
<us-gaap:PreferredStockSharesOutstanding contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="shares" xsi:nil="true"/>
<us-gaap:IncomeTaxExaminationDescription contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">Upon determination, uncertain tax positions are measured to determine the amount of benefit that is greater than 50% likely to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. A tax position is derecognized if it no longer meets the more likely than not threshold of being sustained.</us-gaap:IncomeTaxExaminationDescription>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_RangeAxis_MinimumMember">P3Y</us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_RangeAxis_MaximumMember">P40Y</us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_PropertyPlantAndEquipmentByTypeAxis_LeaseholdImprovementsMember_RangeAxis_MinimumMember">P3Y</us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_PropertyPlantAndEquipmentByTypeAxis_LeaseholdImprovementsMember_RangeAxis_MaximumMember">P10Y</us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_PropertyPlantAndEquipmentByTypeAxis_FurnitureEquipmentAndComputerHardwareAndSoftwareMember_RangeAxis_MaximumMember">P10Y</us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_PropertyPlantAndEquipmentByTypeAxis_FurnitureEquipmentAndComputerHardwareAndSoftwareMember_RangeAxis_MinimumMember">P5Y</us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_PropertyPlantAndEquipmentByTypeAxis_BuildingAndBuildingImprovementsMember_RangeAxis_MinimumMember">P5Y</us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_PropertyPlantAndEquipmentByTypeAxis_BuildingAndBuildingImprovementsMember_RangeAxis_MaximumMember">P40Y</us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:RestructuringReserve contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3" id="Item_1">44766000</us-gaap:RestructuringReserve>
<us-gaap:RestructuringReserve contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00_RestructuringCostAndReserveAxis_LeaseAndRelatedCostsMember" unitRef="USD" decimals="-3" id="Item_3">42550000</us-gaap:RestructuringReserve>
<us-gaap:RestructuringReserve contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00_RestructuringCostAndReserveAxis_SeveranceAndOtherEmployeeSeparationCostsMember" unitRef="USD" decimals="-3" id="Item_4">2216000</us-gaap:RestructuringReserve>
<us-gaap:RestructuringReserve contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3" id="Item_5">27283000</us-gaap:RestructuringReserve>
<us-gaap:RestructuringReserve contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_RestructuringCostAndReserveAxis_LeaseAndRelatedCostsMember" unitRef="USD" decimals="-3" id="Item_6">27283000</us-gaap:RestructuringReserve>
<us-gaap:RestructuringReserve contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_RestructuringCostAndReserveAxis_SeveranceAndOtherEmployeeSeparationCostsMember" unitRef="USD" xsi:nil="true" id="Item_7"/>
<us-gaap:PaymentsForRestructuring contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">14556000</us-gaap:PaymentsForRestructuring>
<us-gaap:PaymentsForRestructuring contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_RestructuringCostAndReserveAxis_LeaseAndRelatedCostsMember" unitRef="USD" decimals="-3">12418000</us-gaap:PaymentsForRestructuring>
<us-gaap:PaymentsForRestructuring contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_RestructuringCostAndReserveAxis_SeveranceAndOtherEmployeeSeparationCostsMember" unitRef="USD" decimals="-3">2138000</us-gaap:PaymentsForRestructuring>
<stra:RestructruingReserveAccrualAdjustmentsSettledIncurred contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3" id="Item_8">-2927000</stra:RestructruingReserveAccrualAdjustmentsSettledIncurred>
<stra:RestructruingReserveAccrualAdjustmentsSettledIncurred contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_RestructuringCostAndReserveAxis_LeaseAndRelatedCostsMember" unitRef="USD" decimals="-3" id="Item_10">-2849000</stra:RestructruingReserveAccrualAdjustmentsSettledIncurred>
<stra:RestructruingReserveAccrualAdjustmentsSettledIncurred contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_RestructuringCostAndReserveAxis_SeveranceAndOtherEmployeeSeparationCostsMember" unitRef="USD" decimals="-3" id="Item_11">-78000</stra:RestructruingReserveAccrualAdjustmentsSettledIncurred>
<us-gaap:RestructuringReserveCurrent contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-5">10400000</us-gaap:RestructuringReserveCurrent>
<us-gaap:RestructuringReserveCurrent contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-5">6000000</us-gaap:RestructuringReserveCurrent>
<stra:RestructuringAndRelatedCostAdjustmentForLeaseAndRelatedCost contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-5">4100000</stra:RestructuringAndRelatedCostAdjustmentForLeaseAndRelatedCost>
<us-gaap:AccretionExpense contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-5">1300000</us-gaap:AccretionExpense>
<stra:CampusLocationClosed contextRef="Context_FYE_01_Jan_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="Campus" decimals="INF">20</stra:CampusLocationClosed>
<us-gaap:ContractualObligation contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00_RestructuringCostAndReserveAxis_LeaseAndRelatedCostsMember" unitRef="USD" decimals="-5">36000000</us-gaap:ContractualObligation>
<stra:LeaseTermExpire contextRef="Context_FYE_01_Jan_2013T00_00_00_TO_31_Dec_2013T00_00_00">2022</stra:LeaseTermExpire>
<stra:MarginalBorrowingRateOfLease contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="pure" decimals="3">0.045</stra:MarginalBorrowingRateOfLease>
<stra:SeveranceAndOtherEmployeeSeparationCosts contextRef="Context_FYE_01_Jan_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-5">6900000</stra:SeveranceAndOtherEmployeeSeparationCosts>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">225492000</us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00_PropertyPlantAndEquipmentByTypeAxis_LandMember" unitRef="USD" decimals="-3">7138000</us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00_PropertyPlantAndEquipmentByTypeAxis_BuildingAndBuildingImprovementsMember" unitRef="USD" decimals="-3">19105000</us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00_PropertyPlantAndEquipmentByTypeAxis_FurnitureEquipmentAndComputerHardwareAndSoftwareMember" unitRef="USD" decimals="-3">159160000</us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00_PropertyPlantAndEquipmentByTypeAxis_LeaseholdImprovementsMember" unitRef="USD" decimals="-3">39299000</us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00_PropertyPlantAndEquipmentByTypeAxis_ConstructionInProgressMember" unitRef="USD" decimals="-3">790000</us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">220227000</us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_PropertyPlantAndEquipmentByTypeAxis_LandMember" unitRef="USD" decimals="-3">7138000</us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_PropertyPlantAndEquipmentByTypeAxis_BuildingAndBuildingImprovementsMember" unitRef="USD" decimals="-3">18998000</us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_PropertyPlantAndEquipmentByTypeAxis_FurnitureEquipmentAndComputerHardwareAndSoftwareMember" unitRef="USD" decimals="-3">153417000</us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_PropertyPlantAndEquipmentByTypeAxis_LeaseholdImprovementsMember" unitRef="USD" decimals="-3">38732000</us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_PropertyPlantAndEquipmentByTypeAxis_ConstructionInProgressMember" unitRef="USD" decimals="-3">1942000</us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">131071000</us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>
<us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">137961000</us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>
<stra:LeaseholdImprovementsReimbursedByLessorsAsLeaseIncentives contextRef="Context_FYE_01_Jan_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-5">300000</stra:LeaseholdImprovementsReimbursedByLessorsAsLeaseIncentives>
<stra:LeaseholdImprovementsReimbursedByLessorsAsLeaseIncentives contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-5">100000</stra:LeaseholdImprovementsReimbursedByLessorsAsLeaseIncentives>
<us-gaap:PropertyPlantAndEquipmentDisposals contextRef="Context_FYE_01_Jan_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-5">800000</us-gaap:PropertyPlantAndEquipmentDisposals>
<us-gaap:PropertyPlantAndEquipmentDisposals contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-5">13600000</us-gaap:PropertyPlantAndEquipmentDisposals>
<us-gaap:LongTermDebt contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">118750000</us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_DebtInstrumentAxis_TermLoanFacilityMember" unitRef="USD" decimals="-5">118800000</us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_LongtermDebtTypeAxis_TermLoanFacilityMember" unitRef="USD" decimals="-3">118750000</us-gaap:LongTermDebt>
<us-gaap:LongTermDebt contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_LongtermDebtTypeAxis_RevolvingCreditFacilityMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">6250000</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">112500000</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo>
<us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity contextRef="Context_As_Of_08_Nov_2012T00_00_00_TO_08_Nov_2012T00_00_00_DebtInstrumentAxis_RevolvingCreditFacilityMember" unitRef="USD" decimals="-5">100000000</us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity>
<us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity contextRef="Context_As_Of_08_Nov_2012T00_00_00_TO_08_Nov_2012T00_00_00_DebtInstrumentAxis_TermLoanFacilityMember" unitRef="USD" decimals="-5">125000000</us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity>
<us-gaap:LineOfCreditFacilityExpirationDate1 contextRef="Context_Custom_01_Nov_2012T00_00_00_TO_30_Nov_2012T00_00_00">2016-12-31</us-gaap:LineOfCreditFacilityExpirationDate1>
<us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_DebtInstrumentAxis_RevolvingCreditFacilityMember_RangeAxis_MinimumMember_VariableRateAxis_BaseRateMember" unitRef="pure" decimals="4">0.0200</us-gaap:DebtInstrumentBasisSpreadOnVariableRate1>
<us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_DebtInstrumentAxis_RevolvingCreditFacilityMember_RangeAxis_MaximumMember_VariableRateAxis_BaseRateMember" unitRef="pure" decimals="4">0.0250</us-gaap:DebtInstrumentBasisSpreadOnVariableRate1>
<us-gaap:LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_DebtInstrumentAxis_TermLoanFacilityMember_RangeAxis_MinimumMember" unitRef="pure" decimals="4">0.0030</us-gaap:LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage>
<us-gaap:LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_DebtInstrumentAxis_TermLoanFacilityMember_RangeAxis_MaximumMember" unitRef="pure" decimals="4">0.0040</us-gaap:LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage>
<stra:OptionToIncreaseCommitmentsUnderCreditFacility contextRef="Context_As_Of_08_Nov_2012T00_00_00_TO_08_Nov_2012T00_00_00_DebtInstrumentAxis_RevolvingCreditFacilityMember" unitRef="USD" decimals="-5">50000000</stra:OptionToIncreaseCommitmentsUnderCreditFacility>
<stra:OptionToIncreaseCommitmentsUnderCreditFacility contextRef="Context_As_Of_08_Nov_2012T00_00_00_TO_08_Nov_2012T00_00_00_DebtInstrumentAxis_RevolvingCreditFacilityMember_LineOfCreditFacilityAxis_LetterOfCreditMember" unitRef="USD" decimals="-5">50000000</stra:OptionToIncreaseCommitmentsUnderCreditFacility>
<stra:TermLoanFacilityAmortizationPaymentsYearOne contextRef="Context_As_Of_08_Nov_2012T00_00_00_TO_08_Nov_2012T00_00_00" unitRef="USD" decimals="0">781250</stra:TermLoanFacilityAmortizationPaymentsYearOne>
<stra:TermLoanFacilityAmortizationPaymentsYearTwo contextRef="Context_As_Of_08_Nov_2012T00_00_00_TO_08_Nov_2012T00_00_00" unitRef="USD" decimals="0">781250</stra:TermLoanFacilityAmortizationPaymentsYearTwo>
<stra:TermLoanFacilityAmortizationPaymentsYearThree contextRef="Context_As_Of_08_Nov_2012T00_00_00_TO_08_Nov_2012T00_00_00" unitRef="USD" decimals="0">1562500</stra:TermLoanFacilityAmortizationPaymentsYearThree>
<stra:TermLoanFacilityAmortizationPaymentsYearFour contextRef="Context_As_Of_08_Nov_2012T00_00_00_TO_08_Nov_2012T00_00_00" unitRef="USD" decimals="0">1562500</stra:TermLoanFacilityAmortizationPaymentsYearFour>
<stra:PaymentPercentageOfAggregateOriginalPrincipalAmountOfTermLoanFacilityInYearOneAndTwo contextRef="Context_As_Of_08_Nov_2012T00_00_00_TO_08_Nov_2012T00_00_00" unitRef="pure" decimals="5">0.00625</stra:PaymentPercentageOfAggregateOriginalPrincipalAmountOfTermLoanFacilityInYearOneAndTwo>
<stra:PaymentPercentageOfAggregateOriginalPrincipalAmountOfTermLoanFacilityInYearThreeAndFour contextRef="Context_As_Of_08_Nov_2012T00_00_00_TO_08_Nov_2012T00_00_00" unitRef="pure" decimals="4">0.0125</stra:PaymentPercentageOfAggregateOriginalPrincipalAmountOfTermLoanFacilityInYearThreeAndFour>
<us-gaap:InterestPaid contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-5">4400000</us-gaap:InterestPaid>
<us-gaap:DebtInstrumentInterestRateDuringPeriod contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="pure" decimals="3">0.043</us-gaap:DebtInstrumentInterestRateDuringPeriod>
<us-gaap:LineOfCreditFacilityCovenantTerms contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">&lt;table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 10pt; word-spacing: 0px; border-collapse: collapse; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;&lt;tr style="vertical-align: top;"&gt;&lt;td style="width: 63px; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"&gt;1)&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1504px; font-size: 10pt; text-align: justify;"&gt;A leverage ratio of not greater than 2 to 1. Leverage ratio is defined as the ratio of total debt to trailing four-quarter EBITDA (earnings before interest, taxes, depreciation, amortization and non-cash charges such as stock-based compensation).&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"&gt;&amp;#160;&lt;/p&gt;&lt;table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 10pt; word-spacing: 0px; border-collapse: collapse; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;&lt;tr style="vertical-align: top;"&gt;&lt;td style="width: 63px; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"&gt;2)&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1504px; font-size: 10pt; text-align: justify;"&gt;A coverage ratio of not less than 1.75 to 1. Coverage ratio is defined as the ratio of trailing four-quarter EBITDA and rent expense to trailing four-quarter interest and rent expense.&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"&gt;&amp;#160;&lt;/p&gt;&lt;table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 10pt; word-spacing: 0px; border-collapse: collapse; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;&lt;tr style="vertical-align: top;"&gt;&lt;td style="width: 63px; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"&gt;3)&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1504px; font-size: 10pt; text-align: justify;"&gt;A Department of Education Financial Responsibility Composite Score of not less than 1.5.&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:LineOfCreditFacilityCovenantTerms>
<stra:MaximumLeverageRatioToBeMaintainedUnderCreditFacility contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="pure" decimals="2">2.00</stra:MaximumLeverageRatioToBeMaintainedUnderCreditFacility>
<stra:MinimumCoverageRatioToBeMaintainedUnderCreditFacility contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="pure" decimals="2">1.75</stra:MinimumCoverageRatioToBeMaintainedUnderCreditFacility>
<stra:MinimumDepartmentOfEducationFinancialCompositeScoreToBeMaintainedUnderCreditFacility contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="pure" decimals="1">1.5</stra:MinimumDepartmentOfEducationFinancialCompositeScoreToBeMaintainedUnderCreditFacility>
<us-gaap:DebtInstrumentInterestRateEffectivePercentageRateRangeMinimum contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_DebtInstrumentAxis_TermLoanFacilityMember_DerivativeInstrumentRiskAxis_InterestRateSwapMember" unitRef="pure" decimals="4">0.0285</us-gaap:DebtInstrumentInterestRateEffectivePercentageRateRangeMinimum>
<us-gaap:DebtInstrumentInterestRateEffectivePercentageRateRangeMaximum contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_DebtInstrumentAxis_TermLoanFacilityMember_DerivativeInstrumentRiskAxis_InterestRateSwapMember" unitRef="pure" decimals="4">0.0335</us-gaap:DebtInstrumentInterestRateEffectivePercentageRateRangeMaximum>
<us-gaap:DebtInstrumentDescriptionOfVariableRateBasis contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_DebtInstrumentAxis_RevolvingCreditFacilityMember_VariableRateAxis_LondonInterbankOfferedRateLIBORMember">LIBOR</us-gaap:DebtInstrumentDescriptionOfVariableRateBasis>
<us-gaap:DebtInstrumentDescriptionOfVariableRateBasis contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_DebtInstrumentAxis_RevolvingCreditFacilityMember_VariableRateAxis_BaseRateMember">&lt;div&gt;Base rate&lt;/div&gt;</us-gaap:DebtInstrumentDescriptionOfVariableRateBasis>
<us-gaap:LineOfCredit contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_DebtInstrumentAxis_RevolvingCreditFacilityMember" unitRef="USD" decimals="0">0</us-gaap:LineOfCredit>
<us-gaap:AssetsFairValueDisclosureRecurring contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">8427000</us-gaap:AssetsFairValueDisclosureRecurring>
<us-gaap:AssetsFairValueDisclosureRecurring contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member_FinancialInstrumentAxis_MoneyMarketFundsMember" unitRef="USD" decimals="-3">8382000</us-gaap:AssetsFairValueDisclosureRecurring>
<us-gaap:AssetsFairValueDisclosureRecurring contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member_FinancialInstrumentAxis_MoneyMarketFundsMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:AssetsFairValueDisclosureRecurring contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel3Member_FinancialInstrumentAxis_MoneyMarketFundsMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:AssetsFairValueDisclosureRecurring contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member_FinancialInstrumentAxis_InterestRateSwapMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:AssetsFairValueDisclosureRecurring contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member_FinancialInstrumentAxis_InterestRateSwapMember" unitRef="USD" decimals="-3">45000</us-gaap:AssetsFairValueDisclosureRecurring>
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<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="Context_FYE_01_Jan_2012T00_00_00_TO_31_Dec_2012T00_00_00_AwardTypeAxis_EmployeeStockOptionMember" unitRef="shares" xsi:nil="true"/>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="Context_FYE_01_Jan_2013T00_00_00_TO_31_Dec_2013T00_00_00_AwardTypeAxis_EmployeeStockOptionMember" unitRef="shares" decimals="INF">100000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_AwardTypeAxis_EmployeeStockOptionMember" unitRef="shares" xsi:nil="true"/>
<us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised contextRef="Context_FYE_01_Jan_2012T00_00_00_TO_31_Dec_2012T00_00_00_AwardTypeAxis_EmployeeStockOptionMember" unitRef="shares" xsi:nil="true"/>
<us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised contextRef="Context_FYE_01_Jan_2013T00_00_00_TO_31_Dec_2013T00_00_00_AwardTypeAxis_EmployeeStockOptionMember" unitRef="shares" xsi:nil="true"/>
<us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_AwardTypeAxis_EmployeeStockOptionMember" unitRef="shares" xsi:nil="true"/>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod contextRef="Context_FYE_01_Jan_2012T00_00_00_TO_31_Dec_2012T00_00_00_AwardTypeAxis_EmployeeStockOptionMember" unitRef="shares" xsi:nil="true"/>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod contextRef="Context_FYE_01_Jan_2013T00_00_00_TO_31_Dec_2013T00_00_00_AwardTypeAxis_EmployeeStockOptionMember" unitRef="shares" decimals="INF">100000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_AwardTypeAxis_EmployeeStockOptionMember" unitRef="shares" xsi:nil="true"/>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber contextRef="Context_As_Of_31_Dec_2012T00_00_00_TO_31_Dec_2012T00_00_00_AwardTypeAxis_EmployeeStockOptionMember" unitRef="shares" xsi:nil="true"/>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber contextRef="Context_As_Of_31_Dec_2012T00_00_00_TO_31_Dec_2012T00_00_00_AwardTypeAxis_EmployeeStockMember" unitRef="shares" decimals="INF">100000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00_AwardTypeAxis_EmployeeStockOptionMember" unitRef="shares" xsi:nil="true"/>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00_AwardTypeAxis_EmployeeStockMember" unitRef="shares" xsi:nil="true"/>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_AwardTypeAxis_EmployeeStockOptionMember" unitRef="shares" xsi:nil="true"/>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_AwardTypeAxis_EmployeeStockMember" unitRef="shares" xsi:nil="true"/>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="Context_As_Of_31_Dec_2011T00_00_00_TO_31_Dec_2011T00_00_00_AwardTypeAxis_EmployeeStockOptionMember" unitRef="USD_per_Share" decimals="2">107.28</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="Context_As_Of_31_Dec_2012T00_00_00_TO_31_Dec_2012T00_00_00_AwardTypeAxis_EmployeeStockOptionMember" unitRef="USD_per_Share" decimals="2">107.28</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00_AwardTypeAxis_EmployeeStockOptionMember" unitRef="USD_per_Share" decimals="2">51.95</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_AwardTypeAxis_EmployeeStockOptionMember" unitRef="USD_per_Share" decimals="2">51.95</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice contextRef="Context_FYE_01_Jan_2012T00_00_00_TO_31_Dec_2012T00_00_00_AwardTypeAxis_EmployeeStockOptionMember" unitRef="USD_per_Share" xsi:nil="true"/>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice contextRef="Context_FYE_01_Jan_2013T00_00_00_TO_31_Dec_2013T00_00_00_AwardTypeAxis_EmployeeStockOptionMember" unitRef="USD_per_Share" decimals="2">51.95</us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_AwardTypeAxis_EmployeeStockOptionMember" unitRef="USD_per_Share" xsi:nil="true"/>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice contextRef="Context_FYE_01_Jan_2012T00_00_00_TO_31_Dec_2012T00_00_00_AwardTypeAxis_EmployeeStockOptionMember" unitRef="USD_per_Share" xsi:nil="true"/>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice contextRef="Context_FYE_01_Jan_2013T00_00_00_TO_31_Dec_2013T00_00_00_AwardTypeAxis_EmployeeStockOptionMember" unitRef="USD_per_Share" xsi:nil="true"/>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_AwardTypeAxis_EmployeeStockOptionMember" unitRef="USD_per_Share" xsi:nil="true"/>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice contextRef="Context_FYE_01_Jan_2012T00_00_00_TO_31_Dec_2012T00_00_00_AwardTypeAxis_EmployeeStockOptionMember" unitRef="USD_per_Share" xsi:nil="true"/>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice contextRef="Context_FYE_01_Jan_2013T00_00_00_TO_31_Dec_2013T00_00_00_AwardTypeAxis_EmployeeStockOptionMember" unitRef="USD_per_Share" decimals="2">107.28</us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_AwardTypeAxis_EmployeeStockOptionMember" unitRef="USD_per_Share" xsi:nil="true"/>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice contextRef="Context_As_Of_31_Dec_2012T00_00_00_TO_31_Dec_2012T00_00_00_AwardTypeAxis_EmployeeStockOptionMember" unitRef="USD_per_Share" xsi:nil="true"/>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice contextRef="Context_As_Of_31_Dec_2012T00_00_00_TO_31_Dec_2012T00_00_00_AwardTypeAxis_EmployeeStockMember" unitRef="USD_per_Share" decimals="2">107.28</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00_AwardTypeAxis_EmployeeStockOptionMember" unitRef="USD_per_Share" xsi:nil="true"/>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00_AwardTypeAxis_EmployeeStockMember" unitRef="USD_per_Share" decimals="2">51.95</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_AwardTypeAxis_EmployeeStockOptionMember" unitRef="USD_per_Share" xsi:nil="true"/>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_AwardTypeAxis_EmployeeStockMember" unitRef="USD_per_Share" decimals="2">51.95</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 contextRef="Context_FYE_01_Jan_2011T00_00_00_TO_31_Dec_2011T00_00_00_AwardTypeAxis_EmployeeStockOptionMember">P1Y1M6D</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 contextRef="Context_FYE_01_Jan_2012T00_00_00_TO_31_Dec_2012T00_00_00_AwardTypeAxis_EmployeeStockOptionMember">P1M6D</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 contextRef="Context_FYE_01_Jan_2013T00_00_00_TO_31_Dec_2013T00_00_00_AwardTypeAxis_EmployeeStockOptionMember">P7Y</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_AwardTypeAxis_EmployeeStockOptionMember">P6Y</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue contextRef="Context_As_Of_31_Dec_2011T00_00_00_TO_31_Dec_2011T00_00_00_AwardTypeAxis_EmployeeStockOptionMember" unitRef="USD" xsi:nil="true" id="Item_12"/>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue contextRef="Context_As_Of_31_Dec_2012T00_00_00_TO_31_Dec_2012T00_00_00_AwardTypeAxis_EmployeeStockOptionMember" unitRef="USD" xsi:nil="true" id="Item_14"/>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00_AwardTypeAxis_EmployeeStockOptionMember" unitRef="USD" xsi:nil="true" id="Item_15"/>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_AwardTypeAxis_EmployeeStockOptionMember" unitRef="USD" decimals="-3" id="Item_16">2233000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1 contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_AwardTypeAxis_EmployeeStockOptionMember" unitRef="USD" xsi:nil="true" id="Item_17"/>
<us-gaap:EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense contextRef="Context_FYE_01_Jan_2012T00_00_00_TO_31_Dec_2012T00_00_00" unitRef="USD" decimals="-3">2158000</us-gaap:EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense>
<us-gaap:EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense contextRef="Context_FYE_01_Jan_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">3698000</us-gaap:EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense>
<us-gaap:EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">3734000</us-gaap:EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense>
<us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax contextRef="Context_FYE_01_Jan_2012T00_00_00_TO_31_Dec_2012T00_00_00" unitRef="USD" decimals="-3">3306000</us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax>
<us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax contextRef="Context_FYE_01_Jan_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">5593000</us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax>
<us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">5719000</us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax>
<us-gaap:ProceedsFromStockOptionsExercised contextRef="Context_FYE_01_Jan_2012T00_00_00_TO_31_Dec_2012T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:ProceedsFromStockOptionsExercised contextRef="Context_FYE_01_Jan_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:ProceedsFromStockOptionsExercised contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" xsi:nil="true"/>
<stra:ExcessTaxBenefitsShortfallRelatedToShareBasedPaymentArrangements contextRef="Context_FYE_01_Jan_2012T00_00_00_TO_31_Dec_2012T00_00_00" unitRef="USD" decimals="-3">-245000</stra:ExcessTaxBenefitsShortfallRelatedToShareBasedPaymentArrangements>
<stra:ExcessTaxBenefitsShortfallRelatedToShareBasedPaymentArrangements contextRef="Context_FYE_01_Jan_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">-3567000</stra:ExcessTaxBenefitsShortfallRelatedToShareBasedPaymentArrangements>
<stra:ExcessTaxBenefitsShortfallRelatedToShareBasedPaymentArrangements contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">-2039000</stra:ExcessTaxBenefitsShortfallRelatedToShareBasedPaymentArrangements>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue contextRef="Context_FYE_01_Jan_2012T00_00_00_TO_31_Dec_2012T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue contextRef="Context_FYE_01_Jan_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized contextRef="Context_As_Of_28_Feb_2014T00_00_00_TO_28_Feb_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_BoardOfDirectorsChairmanMember" unitRef="shares" decimals="INF">46064</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized contextRef="Context_As_Of_31_May_2014T00_00_00_TO_31_May_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_BoardOfDirectorsChairmanMember_VestingAxis_VestingPeriodOneMember" unitRef="shares" decimals="INF">46674</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized contextRef="Context_As_Of_31_May_2014T00_00_00_TO_31_May_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_BoardOfDirectorsChairmanMember_VestingAxis_VestingPeriodTwoMember" unitRef="shares" decimals="INF">15868</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 contextRef="Context_Custom_01_May_2014T00_00_00_TO_31_May_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_BoardOfDirectorsChairmanMember_VestingAxis_VestingPeriodOneMember">P4Y</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 contextRef="Context_Custom_01_May_2014T00_00_00_TO_31_May_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_BoardOfDirectorsChairmanMember_VestingAxis_VestingPeriodTwoMember">P3Y</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage contextRef="Context_Custom_01_Feb_2014T00_00_00_TO_28_Feb_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_BoardOfDirectorsChairmanMember" unitRef="pure" decimals="2">1.00</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage>
<stra:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingDate contextRef="Context_Custom_01_Feb_2014T00_00_00_TO_28_Feb_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_BoardOfDirectorsChairmanMember">2018-02-28</stra:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingDate>
<stra:ClosingPriceOfStockOnDateOfStockGrant contextRef="Context_As_Of_28_Feb_2014T00_00_00_TO_28_Feb_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_BoardOfDirectorsChairmanMember" unitRef="USD_per_Share" decimals="2">33.65</stra:ClosingPriceOfStockOnDateOfStockGrant>
<stra:ClosingPriceOfStockOnDateOfStockGrant contextRef="Context_As_Of_31_May_2014T00_00_00_TO_31_May_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_BoardOfDirectorsChairmanMember_VestingAxis_VestingPeriodTwoMember" unitRef="USD_per_Share" decimals="2">42.85</stra:ClosingPriceOfStockOnDateOfStockGrant>
<stra:MaximumTermOfAwardsGrantedUnderPlan contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">P10Y</stra:MaximumTermOfAwardsGrantedUnderPlan>
<us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-5">28800000</us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized>
<us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1 contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">P42M</us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1>
<stra:RestrictedStockAwardSubjectToPerformanceCondition contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="shares" decimals="INF">398000</stra:RestrictedStockAwardSubjectToPerformanceCondition>
<stra:NumberOfSharesNotMeetingPerformanceCriteria contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="shares" decimals="INF">45920</stra:NumberOfSharesNotMeetingPerformanceCriteria>
<stra:ReductionInStockBasedCompensation contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-5">7000000</stra:ReductionInStockBasedCompensation>
<stra:LossOnFacilitiesNotInUse contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">34339000</stra:LossOnFacilitiesNotInUse>
<stra:LossOnFacilitiesNotInUse contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">21280000</stra:LossOnFacilitiesNotInUse>
<us-gaap:DeferredRevenueNoncurrent contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">1897000</us-gaap:DeferredRevenueNoncurrent>
<us-gaap:DeferredRevenueNoncurrent contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">9654000</us-gaap:DeferredRevenueNoncurrent>
<stra:DeferredRentAndOtherFacilityCostsNonCurrent contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">8258000</stra:DeferredRentAndOtherFacilityCostsNonCurrent>
<stra:DeferredRentAndOtherFacilityCostsNonCurrent contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">8646000</stra:DeferredRentAndOtherFacilityCostsNonCurrent>
<stra:DeferredAcquisitionPaymentsNonCurrent contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">4915000</stra:DeferredAcquisitionPaymentsNonCurrent>
<stra:DeferredAcquisitionPaymentsNonCurrent contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">5198000</stra:DeferredAcquisitionPaymentsNonCurrent>
<stra:LeaseIncentivePayableNonCurrent contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">1353000</stra:LeaseIncentivePayableNonCurrent>
<stra:LeaseIncentivePayableNonCurrent contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">1056000</stra:LeaseIncentivePayableNonCurrent>
<us-gaap:DeferredGainOnSaleOfProperty contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">694000</us-gaap:DeferredGainOnSaleOfProperty>
<us-gaap:DeferredGainOnSaleOfProperty contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">414000</us-gaap:DeferredGainOnSaleOfProperty>
<stra:LeaseholdImprovementsLongTermLiabilityAmortizationPeriod contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_RangeAxis_MinimumMember">P5Y</stra:LeaseholdImprovementsLongTermLiabilityAmortizationPeriod>
<stra:LeaseholdImprovementsLongTermLiabilityAmortizationPeriod contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_RangeAxis_MaximumMember">P10Y</stra:LeaseholdImprovementsLongTermLiabilityAmortizationPeriod>
<us-gaap:SaleLeasebackTransactionGrossProceedsInvestingActivities contextRef="Context_Custom_01_Jun_2007T00_00_00_TO_30_Jun_2007T00_00_00" unitRef="USD" decimals="-5">5800000</us-gaap:SaleLeasebackTransactionGrossProceedsInvestingActivities>
<us-gaap:SaleLeasebackTransactionLeaseTerms contextRef="Context_Custom_01_Jun_2007T00_00_00_TO_30_Jun_2007T00_00_00">10 years</us-gaap:SaleLeasebackTransactionLeaseTerms>
<us-gaap:SaleLeasebackTransactionDeferredGainGross contextRef="Context_As_Of_30_Jun_2007T00_00_00_TO_30_Jun_2007T00_00_00" unitRef="USD" decimals="-5">2800000</us-gaap:SaleLeasebackTransactionDeferredGainGross>
<stra:FundsReceivedFromInvestor contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-5">2800000</stra:FundsReceivedFromInvestor>
<stra:SaleLeaseBackTransactionLeaseTermOne contextRef="Context_Custom_01_Jun_2007T00_00_00_TO_30_Jun_2007T00_00_00">P10Y</stra:SaleLeaseBackTransactionLeaseTermOne>
<stra:SaleLeaseBackTransactionNumberOfAssetsSold contextRef="Context_Custom_01_Jun_2007T00_00_00_TO_30_Jun_2007T00_00_00" unitRef="Asset" decimals="INF">1</stra:SaleLeaseBackTransactionNumberOfAssetsSold>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward contextRef="Context_FYE_01_Jan_2012T00_00_00_TO_31_Dec_2012T00_00_00_AwardTypeAxis_EmployeeStockMember" unitRef="shares" decimals="INF">6549</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward contextRef="Context_FYE_01_Jan_2013T00_00_00_TO_31_Dec_2013T00_00_00_AwardTypeAxis_EmployeeStockMember" unitRef="shares" decimals="INF">8911</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_AwardTypeAxis_EmployeeStockMember" unitRef="shares" decimals="INF">5872</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased contextRef="Context_As_Of_31_Dec_2012T00_00_00_TO_31_Dec_2012T00_00_00_AwardTypeAxis_EmployeeStockMember" unitRef="USD_per_Share" decimals="2">71.14</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00_AwardTypeAxis_EmployeeStockMember" unitRef="USD_per_Share" decimals="2">42.27</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_AwardTypeAxis_EmployeeStockMember" unitRef="USD_per_Share" decimals="2">44.55</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased>
<us-gaap:DefinedContributionPlanMaximumAnnualContributionsPerEmployeeAmount contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="0">18000</us-gaap:DefinedContributionPlanMaximumAnnualContributionsPerEmployeeAmount>
<us-gaap:DefinedContributionPlanEmployerMatchingContributionPercentOfMatch contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="pure" decimals="2">0.50</us-gaap:DefinedContributionPlanEmployerMatchingContributionPercentOfMatch>
<us-gaap:DefinedContributionPlanEmployerMatchingContributionPercent contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="pure" decimals="2">0.03</us-gaap:DefinedContributionPlanEmployerMatchingContributionPercent>
<us-gaap:DefinedContributionPlanEmployerDiscretionaryContributionAmount contextRef="Context_FYE_01_Jan_2012T00_00_00_TO_31_Dec_2012T00_00_00" unitRef="USD" decimals="-5">2900000</us-gaap:DefinedContributionPlanEmployerDiscretionaryContributionAmount>
<us-gaap:DefinedContributionPlanEmployerDiscretionaryContributionAmount contextRef="Context_FYE_01_Jan_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-5">1100000</us-gaap:DefinedContributionPlanEmployerDiscretionaryContributionAmount>
<us-gaap:DefinedContributionPlanEmployerDiscretionaryContributionAmount contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-5">900000</us-gaap:DefinedContributionPlanEmployerDiscretionaryContributionAmount>
<stra:EmployeeStockPurchasePlanPercentageOfPurchasePriceFromMarketValue contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="pure" decimals="2">0.90</stra:EmployeeStockPurchasePlanPercentageOfPurchasePriceFromMarketValue>
<stra:EmployeeStockPurchasePlanMaximumPercentageOfPurchaseEmployeeCanMakeOnEligibleCompensation contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="pure" decimals="2">0.10</stra:EmployeeStockPurchasePlanMaximumPercentageOfPurchaseEmployeeCanMakeOnEligibleCompensation>
<stra:MaximumNumberOfSharesMadeAvailableForPurchaseByParticipatingEmployeesUnderEmployeeStockPurchasePlan contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="shares" decimals="INF">2500000</stra:MaximumNumberOfSharesMadeAvailableForPurchaseByParticipatingEmployeesUnderEmployeeStockPurchasePlan>
<us-gaap:TreasuryStockAcquiredAverageCostPerShare contextRef="Context_FYE_01_Jan_2012T00_00_00_TO_31_Dec_2012T00_00_00" unitRef="USD_per_Share" decimals="2">51.56</us-gaap:TreasuryStockAcquiredAverageCostPerShare>
<us-gaap:TreasuryStockAcquiredAverageCostPerShare contextRef="Context_FYE_01_Jan_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD_per_Share" decimals="2">50.49</us-gaap:TreasuryStockAcquiredAverageCostPerShare>
<us-gaap:TreasuryStockAcquiredAverageCostPerShare contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD_per_Share" xsi:nil="true"/>
<us-gaap:StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1 contextRef="Context_As_Of_31_Dec_2012T00_00_00_TO_31_Dec_2012T00_00_00" unitRef="USD" decimals="-5">95000000</us-gaap:StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1>
<us-gaap:StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1 contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-6">70000000</us-gaap:StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1>
<us-gaap:StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1 contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-6">70000000</us-gaap:StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1>
<us-gaap:StockRepurchaseProgramAuthorizedAmount1 contextRef="Context_As_Of_03_Nov_2003T00_00_00_TO_03_Nov_2003T00_00_00" unitRef="USD" decimals="-6">15000000</us-gaap:StockRepurchaseProgramAuthorizedAmount1>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueCurrent contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">38966000</us-gaap:OperatingLeasesFutureMinimumPaymentsDueCurrent>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueInTwoYears contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">36202000</us-gaap:OperatingLeasesFutureMinimumPaymentsDueInTwoYears>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueInThreeYears contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">31281000</us-gaap:OperatingLeasesFutureMinimumPaymentsDueInThreeYears>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFourYears contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">26624000</us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFourYears>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFiveYears contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">21200000</us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFiveYears>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueThereafter contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">38312000</us-gaap:OperatingLeasesFutureMinimumPaymentsDueThereafter>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDue contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">192585000</us-gaap:OperatingLeasesFutureMinimumPaymentsDue>
<stra:NumberOfLongTermNonCancelableOperatingLeases contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="Lease" decimals="INF">93</stra:NumberOfLongTermNonCancelableOperatingLeases>
<us-gaap:OperatingLeasesRentExpenseNet contextRef="Context_FYE_01_Jan_2012T00_00_00_TO_31_Dec_2012T00_00_00" unitRef="USD" decimals="-5">46500000</us-gaap:OperatingLeasesRentExpenseNet>
<us-gaap:OperatingLeasesRentExpenseNet contextRef="Context_FYE_01_Jan_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-5">82200000</us-gaap:OperatingLeasesRentExpenseNet>
<us-gaap:OperatingLeasesRentExpenseNet contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-5">35700000</us-gaap:OperatingLeasesRentExpenseNet>
<us-gaap:OtherRestructuringCosts contextRef="Context_FYE_01_Jan_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-5">36000000</us-gaap:OtherRestructuringCosts>
<stra:ReductionOfLiabilityForLossesOnFacilitiesNoLongerInUse contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-5">4100000</stra:ReductionOfLiabilityForLossesOnFacilitiesNoLongerInUse>
<us-gaap:CurrentFederalTaxExpenseBenefit contextRef="Context_FYE_01_Jan_2012T00_00_00_TO_31_Dec_2012T00_00_00" unitRef="USD" decimals="-3">36028000</us-gaap:CurrentFederalTaxExpenseBenefit>
<us-gaap:CurrentFederalTaxExpenseBenefit contextRef="Context_FYE_01_Jan_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">26390000</us-gaap:CurrentFederalTaxExpenseBenefit>
<us-gaap:CurrentFederalTaxExpenseBenefit contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">25285000</us-gaap:CurrentFederalTaxExpenseBenefit>
<us-gaap:CurrentStateAndLocalTaxExpenseBenefit contextRef="Context_FYE_01_Jan_2012T00_00_00_TO_31_Dec_2012T00_00_00" unitRef="USD" decimals="-3">8333000</us-gaap:CurrentStateAndLocalTaxExpenseBenefit>
<us-gaap:CurrentStateAndLocalTaxExpenseBenefit contextRef="Context_FYE_01_Jan_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">4582000</us-gaap:CurrentStateAndLocalTaxExpenseBenefit>
<us-gaap:CurrentStateAndLocalTaxExpenseBenefit contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">4490000</us-gaap:CurrentStateAndLocalTaxExpenseBenefit>
<us-gaap:CurrentIncomeTaxExpenseBenefit contextRef="Context_FYE_01_Jan_2012T00_00_00_TO_31_Dec_2012T00_00_00" unitRef="USD" decimals="-3">44361000</us-gaap:CurrentIncomeTaxExpenseBenefit>
<us-gaap:CurrentIncomeTaxExpenseBenefit contextRef="Context_FYE_01_Jan_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">30972000</us-gaap:CurrentIncomeTaxExpenseBenefit>
<us-gaap:CurrentIncomeTaxExpenseBenefit contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">29775000</us-gaap:CurrentIncomeTaxExpenseBenefit>
<us-gaap:DeferredFederalIncomeTaxExpenseBenefit contextRef="Context_FYE_01_Jan_2012T00_00_00_TO_31_Dec_2012T00_00_00" unitRef="USD" decimals="-3">-608000</us-gaap:DeferredFederalIncomeTaxExpenseBenefit>
<us-gaap:DeferredFederalIncomeTaxExpenseBenefit contextRef="Context_FYE_01_Jan_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">-18387000</us-gaap:DeferredFederalIncomeTaxExpenseBenefit>
<us-gaap:DeferredFederalIncomeTaxExpenseBenefit contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">141000</us-gaap:DeferredFederalIncomeTaxExpenseBenefit>
<us-gaap:DeferredStateAndLocalIncomeTaxExpenseBenefit contextRef="Context_FYE_01_Jan_2012T00_00_00_TO_31_Dec_2012T00_00_00" unitRef="USD" decimals="-3">-708000</us-gaap:DeferredStateAndLocalIncomeTaxExpenseBenefit>
<us-gaap:DeferredStateAndLocalIncomeTaxExpenseBenefit contextRef="Context_FYE_01_Jan_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">-1726000</us-gaap:DeferredStateAndLocalIncomeTaxExpenseBenefit>
<us-gaap:DeferredStateAndLocalIncomeTaxExpenseBenefit contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">344000</us-gaap:DeferredStateAndLocalIncomeTaxExpenseBenefit>
<us-gaap:DeferredIncomeTaxExpenseBenefit contextRef="Context_FYE_01_Jan_2012T00_00_00_TO_31_Dec_2012T00_00_00" unitRef="USD" decimals="-3">-1316000</us-gaap:DeferredIncomeTaxExpenseBenefit>
<us-gaap:DeferredIncomeTaxExpenseBenefit contextRef="Context_FYE_01_Jan_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">-20113000</us-gaap:DeferredIncomeTaxExpenseBenefit>
<us-gaap:DeferredIncomeTaxExpenseBenefit contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">485000</us-gaap:DeferredIncomeTaxExpenseBenefit>
<stra:DeferredTaxAssetsTuitionReceivable contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">4021000</stra:DeferredTaxAssetsTuitionReceivable>
<stra:DeferredTaxAssetsTuitionReceivable contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">3439000</stra:DeferredTaxAssetsTuitionReceivable>
<stra:DeferredTaxAssetsOtherFacilityRelatedCosts contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">3684000</stra:DeferredTaxAssetsOtherFacilityRelatedCosts>
<stra:DeferredTaxAssetsOtherFacilityRelatedCosts contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">2824000</stra:DeferredTaxAssetsOtherFacilityRelatedCosts>
<us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">144000</us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities>
<us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">-96000</us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities>
<us-gaap:DeferredTaxAssetsNetCurrent contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">7849000</us-gaap:DeferredTaxAssetsNetCurrent>
<us-gaap:DeferredTaxAssetsNetCurrent contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">6167000</us-gaap:DeferredTaxAssetsNetCurrent>
<us-gaap:DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">13871000</us-gaap:DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost>
<us-gaap:DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">12994000</us-gaap:DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost>
<us-gaap:DeferredTaxLiabilitiesPropertyPlantAndEquipment contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">13091000</us-gaap:DeferredTaxLiabilitiesPropertyPlantAndEquipment>
<us-gaap:DeferredTaxLiabilitiesPropertyPlantAndEquipment contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">11622000</us-gaap:DeferredTaxLiabilitiesPropertyPlantAndEquipment>
<stra:DeferredTaxAssetsDeferredGainOnSaleOfPropertyNonCurrent contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">13696000</stra:DeferredTaxAssetsDeferredGainOnSaleOfPropertyNonCurrent>
<stra:DeferredTaxAssetsDeferredGainOnSaleOfPropertyNonCurrent contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">8903000</stra:DeferredTaxAssetsDeferredGainOnSaleOfPropertyNonCurrent>
<us-gaap:DeferredTaxAssetsDeferredIncome contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:DeferredTaxAssetsDeferredIncome contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">3758000</us-gaap:DeferredTaxAssetsDeferredIncome>
<stra:DeferredTaxAssetsDeferredLeasingCostsNonCurrent contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">3082000</stra:DeferredTaxAssetsDeferredLeasingCostsNonCurrent>
<stra:DeferredTaxAssetsDeferredLeasingCostsNonCurrent contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">2797000</stra:DeferredTaxAssetsDeferredLeasingCostsNonCurrent>
<us-gaap:DeferredTaxAssetsDerivativeInstruments contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">-18000</us-gaap:DeferredTaxAssetsDerivativeInstruments>
<us-gaap:DeferredTaxAssetsDerivativeInstruments contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">-56000</us-gaap:DeferredTaxAssetsDerivativeInstruments>
<us-gaap:DeferredTaxAssetsOther contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">-411000</us-gaap:DeferredTaxAssetsOther>
<us-gaap:DeferredTaxAssetsOther contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">-533000</us-gaap:DeferredTaxAssetsOther>
<us-gaap:DeferredTaxAssetsLiabilitiesNet contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">24978000</us-gaap:DeferredTaxAssetsLiabilitiesNet>
<us-gaap:DeferredTaxAssetsLiabilitiesNet contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">22408000</us-gaap:DeferredTaxAssetsLiabilitiesNet>
<us-gaap:UnrecognizedTaxBenefits contextRef="Context_As_Of_31_Dec_2012T00_00_00_TO_31_Dec_2012T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:UnrecognizedTaxBenefits contextRef="Context_As_Of_31_Dec_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">1745000</us-gaap:UnrecognizedTaxBenefits>
<us-gaap:UnrecognizedTaxBenefits contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">2936000</us-gaap:UnrecognizedTaxBenefits>
<us-gaap:UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions contextRef="Context_FYE_01_Jan_2013T00_00_00_TO_31_Dec_2013T00_00_00" unitRef="USD" decimals="-3">1745000</us-gaap:UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions>
<us-gaap:UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">2085000</us-gaap:UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions>
<us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="Context_FYE_01_Jan_2012T00_00_00_TO_31_Dec_2012T00_00_00" unitRef="pure" decimals="3">0.350</us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_dei_EntityRegistrantName" xml:lang="en-US">Entity Registrant Name</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="loc_HF82J1J2G963_dei_EntityCentralIndexKey" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_dei_EntityCentralIndexKey" xml:lang="en-US">Entity Central Index Key</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_dei_EntityCentralIndexKey" xml:lang="en-US">Entity Central Index Key</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_dei_EntityCentralIndexKey" xlink:to="lab_JH04L3L4I185_dei_EntityCentralIndexKey"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentType" xlink:label="loc_H456J84H45669KJ14908_dei_DocumentType" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_dei_DocumentType" xml:lang="en-US">Document Type</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_dei_DocumentType" xml:lang="en-US">Document Type</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_dei_DocumentType" xlink:to="lab_J678L06J67881ML36120_dei_DocumentType"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_HF82J1J2G963_dei_DocumentPeriodEndDate" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_dei_DocumentPeriodEndDate" xml:lang="en-US">Document Period End Date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_dei_DocumentPeriodEndDate" xml:lang="en-US">Document Period End Date</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_dei_DocumentPeriodEndDate" xlink:to="lab_JH04L3L4I185_dei_DocumentPeriodEndDate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_AmendmentFlag" xlink:label="loc_H456J84H45669KJ14908_dei_AmendmentFlag" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_dei_AmendmentFlag" xml:lang="en-US">Amendment Flag</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_dei_AmendmentFlag" xml:lang="en-US">Amendment Flag</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_dei_AmendmentFlag" xlink:to="lab_J678L06J67881ML36120_dei_AmendmentFlag"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="loc_HF82J1J2G963_dei_DocumentFiscalYearFocus" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_dei_DocumentFiscalYearFocus" xml:lang="en-US">Document Fiscal Year Focus</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_dei_DocumentFiscalYearFocus" xml:lang="en-US">Document Fiscal Year Focus</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_dei_DocumentFiscalYearFocus" xlink:to="lab_JH04L3L4I185_dei_DocumentFiscalYearFocus"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="loc_H456J84H45669KJ14908_dei_DocumentFiscalPeriodFocus" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_dei_DocumentFiscalPeriodFocus" xml:lang="en-US">Document Fiscal Period Focus</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_dei_DocumentFiscalPeriodFocus" xml:lang="en-US">Document Fiscal Period Focus</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_dei_DocumentFiscalPeriodFocus" xlink:to="lab_J678L06J67881ML36120_dei_DocumentFiscalPeriodFocus"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="loc_HF82J1J2G963_dei_CurrentFiscalYearEndDate" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_dei_CurrentFiscalYearEndDate" xml:lang="en-US">Current Fiscal Year End Date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_dei_CurrentFiscalYearEndDate" xml:lang="en-US">Current Fiscal Year End Date</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_dei_CurrentFiscalYearEndDate" xlink:to="lab_JH04L3L4I185_dei_CurrentFiscalYearEndDate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityFilerCategory" xlink:label="loc_H456J84H45669KJ14908_dei_EntityFilerCategory" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_dei_EntityFilerCategory" xml:lang="en-US">Entity Filer Category</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_dei_EntityFilerCategory" xml:lang="en-US">Entity Filer Category</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_dei_EntityFilerCategory" xlink:to="lab_J678L06J67881ML36120_dei_EntityFilerCategory"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="loc_HF82J1J2G963_dei_EntityVoluntaryFilers" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_dei_EntityVoluntaryFilers" xml:lang="en-US">Entity Voluntary Filers</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_dei_EntityVoluntaryFilers" xlink:to="lab_JH04L3L4I185_dei_EntityVoluntaryFilers"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="loc_H456J84H45669KJ14908_dei_EntityCurrentReportingStatus" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_dei_EntityCurrentReportingStatus" xml:lang="en-US">Entity Current Reporting Status</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_dei_EntityCurrentReportingStatus" xlink:to="lab_J678L06J67881ML36120_dei_EntityCurrentReportingStatus"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="loc_HF82J1J2G963_dei_EntityWellKnownSeasonedIssuer" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_dei_EntityWellKnownSeasonedIssuer" xml:lang="en-US">Entity Well-known Seasoned Issuer</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_dei_EntityWellKnownSeasonedIssuer" xlink:to="lab_JH04L3L4I185_dei_EntityWellKnownSeasonedIssuer"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityPublicFloat" xlink:label="loc_H456J84H45669KJ14908_dei_EntityPublicFloat" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_dei_EntityPublicFloat" xml:lang="en-US">Entity Public Float</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_dei_EntityPublicFloat" xlink:to="lab_J678L06J67881ML36120_dei_EntityPublicFloat"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="loc_HF82J1J2G963_dei_EntityCommonStockSharesOutstanding" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_dei_EntityCommonStockSharesOutstanding" xml:lang="en-US">Entity Common Stock, Shares Outstanding</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_dei_EntityCommonStockSharesOutstanding" xml:lang="en-US">Entity Common Stock, Shares Outstanding</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_dei_EntityCommonStockSharesOutstanding" xlink:to="lab_JH04L3L4I185_dei_EntityCommonStockSharesOutstanding"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="loc_H456J84H45669KJ14908_us-gaap_StatementOfFinancialPositionAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_StatementOfFinancialPositionAbstract" xml:lang="en-US">Balance Sheets [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_StatementOfFinancialPositionAbstract" xlink:to="lab_J678L06J67881ML36120_us-gaap_StatementOfFinancialPositionAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="loc_HF82J1J2G963_us-gaap_AssetsAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_AssetsAbstract" xml:lang="en-US">Assets [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_AssetsAbstract" xml:lang="en-US">ASSETS</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_AssetsAbstract" xlink:to="lab_JH04L3L4I185_us-gaap_AssetsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="loc_H456J84H45669KJ14908_us-gaap_AssetsCurrentAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_AssetsCurrentAbstract" xml:lang="en-US">Assets, Current [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_AssetsCurrentAbstract" xml:lang="en-US">Current assets:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_AssetsCurrentAbstract" xlink:to="lab_J678L06J67881ML36120_us-gaap_AssetsCurrentAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_HF82J1J2G963_us-gaap_CashAndCashEquivalentsAtCarryingValue" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and Cash Equivalents, at Carrying Value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and cash equivalents</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_JH04L3L4I185_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and Cash Equivalents, at Carrying Value, Total</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_JH04L3L4I185_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and cash equivalents - beginning of year</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_JH04L3L4I185_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and cash equivalents - end of year</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="lab_JH04L3L4I185_us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="loc_H456J84H45669KJ14908_us-gaap_AccountsReceivableNetCurrent" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_AccountsReceivableNetCurrent" xml:lang="en-US">Accounts Receivable, Net, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_AccountsReceivableNetCurrent" xml:lang="en-US">Tuition receivable, net</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_AccountsReceivableNetCurrent" xml:lang="en-US">Tuition receivable, net</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_AccountsReceivableNetCurrent" xlink:to="lab_J678L06J67881ML36120_us-gaap_AccountsReceivableNetCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OtherAssetsCurrent" xlink:label="loc_HF82J1J2G963_us-gaap_OtherAssetsCurrent" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_OtherAssetsCurrent" xml:lang="en-US">Other Assets, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_OtherAssetsCurrent" xml:lang="en-US">Other current assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_JH04L3L4I185_us-gaap_OtherAssetsCurrent" xml:lang="en-US">Other current assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_OtherAssetsCurrent" xlink:to="lab_JH04L3L4I185_us-gaap_OtherAssetsCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="loc_H456J84H45669KJ14908_us-gaap_AssetsCurrent" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_AssetsCurrent" xml:lang="en-US">Assets, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_AssetsCurrent" xml:lang="en-US">Total current assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_AssetsCurrent" xml:lang="en-US">Total current assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_AssetsCurrent" xlink:to="lab_J678L06J67881ML36120_us-gaap_AssetsCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="loc_HF82J1J2G963_us-gaap_PropertyPlantAndEquipmentNet" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_PropertyPlantAndEquipmentNet" xml:lang="en-US">Property, Plant and Equipment, Net</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_PropertyPlantAndEquipmentNet" xml:lang="en-US">Property and equipment, net</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_JH04L3L4I185_us-gaap_PropertyPlantAndEquipmentNet" xml:lang="en-US">Property and equipment, net</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_JH04L3L4I185_us-gaap_PropertyPlantAndEquipmentNet" xml:lang="en-US">Property, Plant and Equipment, Net, Beginning Balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_JH04L3L4I185_us-gaap_PropertyPlantAndEquipmentNet" xml:lang="en-US">Property, Plant and Equipment, Net, Ending Balance</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_PropertyPlantAndEquipmentNet" xlink:to="lab_JH04L3L4I185_us-gaap_PropertyPlantAndEquipmentNet"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredTaxAssetsNetNoncurrent" xlink:label="loc_H456J84H45669KJ14908_us-gaap_DeferredTaxAssetsNetNoncurrent" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_DeferredTaxAssetsNetNoncurrent" xml:lang="en-US">Deferred Tax Assets, Net of Valuation Allowance, Noncurrent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_DeferredTaxAssetsNetNoncurrent" xml:lang="en-US">Deferred income taxes</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_DeferredTaxAssetsNetNoncurrent" xml:lang="en-US">Long-term net deferred tax asset</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_DeferredTaxAssetsNetNoncurrent" xlink:to="lab_J678L06J67881ML36120_us-gaap_DeferredTaxAssetsNetNoncurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_Goodwill" xlink:label="loc_HF82J1J2G963_us-gaap_Goodwill" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_Goodwill" xml:lang="en-US">Goodwill</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_Goodwill" xml:lang="en-US">Goodwill</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_JH04L3L4I185_us-gaap_Goodwill" xml:lang="en-US">Net carrying amount as of December 31, 2011</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_JH04L3L4I185_us-gaap_Goodwill" xml:lang="en-US">Goodwill as of December 31, 2010</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_JH04L3L4I185_us-gaap_Goodwill" xml:lang="en-US">Goodwill as of December 31, 2011</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_Goodwill" xlink:to="lab_JH04L3L4I185_us-gaap_Goodwill"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="loc_H456J84H45669KJ14908_us-gaap_OtherAssetsNoncurrent" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_OtherAssetsNoncurrent" xml:lang="en-US">Other Assets, Noncurrent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_OtherAssetsNoncurrent" xml:lang="en-US">Other assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_OtherAssetsNoncurrent" xml:lang="en-US">Other Assets, Noncurrent, Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_OtherAssetsNoncurrent" xlink:to="lab_J678L06J67881ML36120_us-gaap_OtherAssetsNoncurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_Assets" xlink:label="loc_HF82J1J2G963_us-gaap_Assets" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_Assets" xml:lang="en-US">Assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_Assets" xml:lang="en-US">Total assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_JH04L3L4I185_us-gaap_Assets" xml:lang="en-US">Total assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_Assets" xlink:to="lab_JH04L3L4I185_us-gaap_Assets"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="loc_H456J84H45669KJ14908_us-gaap_LiabilitiesAndStockholdersEquityAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xml:lang="en-US">Liabilities and Stockholders' Equity [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xml:lang="en-US">LIABILITIES &amp; STOCKHOLDERS' EQUITY</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="lab_J678L06J67881ML36120_us-gaap_LiabilitiesAndStockholdersEquityAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="loc_HF82J1J2G963_us-gaap_LiabilitiesCurrentAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_LiabilitiesCurrentAbstract" xml:lang="en-US">Liabilities, Current [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_LiabilitiesCurrentAbstract" xml:lang="en-US">Current liabilities:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_LiabilitiesCurrentAbstract" xlink:to="lab_JH04L3L4I185_us-gaap_LiabilitiesCurrentAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent" xlink:label="loc_H456J84H45669KJ14908_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent" xml:lang="en-US">Accounts Payable and Accrued Liabilities, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent" xml:lang="en-US">Accounts payable and accrued expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent" xml:lang="en-US">Accounts Payable and Accrued Liabilities, Current, Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent" xlink:to="lab_J678L06J67881ML36120_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_TaxesPayableCurrent" xlink:label="loc_HF82J1J2G963_us-gaap_TaxesPayableCurrent" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_TaxesPayableCurrent" xml:lang="en-US">Taxes Payable, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_TaxesPayableCurrent" xml:lang="en-US">Income taxes payable</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_TaxesPayableCurrent" xlink:to="lab_JH04L3L4I185_us-gaap_TaxesPayableCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredRevenueCurrent" xlink:label="loc_H456J84H45669KJ14908_us-gaap_DeferredRevenueCurrent" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_DeferredRevenueCurrent" xml:lang="en-US">Deferred Revenue, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_DeferredRevenueCurrent" xml:lang="en-US">Deferred revenue</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_DeferredRevenueCurrent" xml:lang="en-US">Unearned tuition</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_DeferredRevenueCurrent" xml:lang="en-US">Deferred Revenue, Current, Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_DeferredRevenueCurrent" xlink:to="lab_J678L06J67881ML36120_us-gaap_DeferredRevenueCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OtherLiabilitiesCurrent" xlink:label="loc_HF82J1J2G963_us-gaap_OtherLiabilitiesCurrent" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_OtherLiabilitiesCurrent" xml:lang="en-US">Other Liabilities, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_OtherLiabilitiesCurrent" xml:lang="en-US">Other current liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_JH04L3L4I185_us-gaap_OtherLiabilitiesCurrent" xml:lang="en-US">Other current liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_OtherLiabilitiesCurrent" xlink:to="lab_JH04L3L4I185_us-gaap_OtherLiabilitiesCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LongTermDebtCurrent" xlink:label="loc_H456J84H45669KJ14908_us-gaap_LongTermDebtCurrent" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_LongTermDebtCurrent" xml:lang="en-US">Long-term Debt, Current Maturities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_LongTermDebtCurrent" xml:lang="en-US">Less: Current portion of long-term debt</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_LongTermDebtCurrent" xml:lang="en-US">Current portion of term loan</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_LongTermDebtCurrent" xml:lang="en-US">Long-term Debt, Current Maturities, Total</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_LongTermDebtCurrent" xml:lang="en-US">Less: Current portion of long-term debt</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_LongTermDebtCurrent" xlink:to="lab_J678L06J67881ML36120_us-gaap_LongTermDebtCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="loc_HF82J1J2G963_us-gaap_LiabilitiesCurrent" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_LiabilitiesCurrent" xml:lang="en-US">Liabilities, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_LiabilitiesCurrent" xml:lang="en-US">Total current liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_JH04L3L4I185_us-gaap_LiabilitiesCurrent" xml:lang="en-US">Total current liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_LiabilitiesCurrent" xlink:to="lab_JH04L3L4I185_us-gaap_LiabilitiesCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LongTermDebtNoncurrent" xlink:label="loc_H456J84H45669KJ14908_us-gaap_LongTermDebtNoncurrent" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_LongTermDebtNoncurrent" xml:lang="en-US">Long-term debt</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_LongTermDebtNoncurrent" xml:lang="en-US">Long-term debt</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_LongTermDebtNoncurrent" xml:lang="en-US">Term loan, less current portion</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_LongTermDebtNoncurrent" xlink:to="lab_J678L06J67881ML36120_us-gaap_LongTermDebtNoncurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent" xlink:label="loc_HF82J1J2G963_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent" xml:lang="en-US">Liabilities, Other than Long-term Debt, Noncurrent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent" xml:lang="en-US">Other long-term liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_JH04L3L4I185_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent" xml:lang="en-US">Total other long-term liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent" xlink:to="lab_JH04L3L4I185_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_Liabilities" xlink:label="loc_H456J84H45669KJ14908_us-gaap_Liabilities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_Liabilities" xml:lang="en-US">Liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_Liabilities" xml:lang="en-US">Total liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_Liabilities" xml:lang="en-US">Total liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_Liabilities" xlink:to="lab_J678L06J67881ML36120_us-gaap_Liabilities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="loc_HF82J1J2G963_us-gaap_CommitmentsAndContingencies" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_CommitmentsAndContingencies" xml:lang="en-US">Commitments and Contingencies</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_CommitmentsAndContingencies" xml:lang="en-US">Commitments and contingencies</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_CommitmentsAndContingencies" xlink:to="lab_JH04L3L4I185_us-gaap_CommitmentsAndContingencies"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="loc_H456J84H45669KJ14908_us-gaap_StockholdersEquityAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_StockholdersEquityAbstract" xml:lang="en-US">Stockholders' Equity Attributable To Parent [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_StockholdersEquityAbstract" xml:lang="en-US">Stockholders' equity:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_StockholdersEquityAbstract" xlink:to="lab_J678L06J67881ML36120_us-gaap_StockholdersEquityAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommonStockValue" xlink:label="loc_HF82J1J2G963_us-gaap_CommonStockValue" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_CommonStockValue" xml:lang="en-US">Common Stock, Value, Issued</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_CommonStockValue" xml:lang="en-US">Common stock, par value $0.01; 20,000,000 shares authorized; 10,797,464 and 10,903,341 shares issued and outstanding at December 31, 2013 and 2014, respectively</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_JH04L3L4I185_us-gaap_CommonStockValue" xml:lang="en-US">Common Stock, Value, Issued, Total</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_JH04L3L4I185_us-gaap_CommonStockValue" xml:lang="en-US">Common Stock, Value, Issued, Beginning Balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_JH04L3L4I185_us-gaap_CommonStockValue" xml:lang="en-US">Common Stock, Value, Issued, Ending Balance</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_CommonStockValue" xlink:to="lab_JH04L3L4I185_us-gaap_CommonStockValue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AdditionalPaidInCapitalCommonStock" xlink:label="loc_H456J84H45669KJ14908_us-gaap_AdditionalPaidInCapitalCommonStock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_AdditionalPaidInCapitalCommonStock" xml:lang="en-US">Additional Paid In Capital, Common Stock</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_AdditionalPaidInCapitalCommonStock" xml:lang="en-US">Additional paid-in capital</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_AdditionalPaidInCapitalCommonStock" xml:lang="en-US">Additional Paid in Capital, Common Stock, Beginning Balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_AdditionalPaidInCapitalCommonStock" xml:lang="en-US">Additional Paid in Capital, Common Stock, Ending Balance</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_AdditionalPaidInCapitalCommonStock" xlink:to="lab_J678L06J67881ML36120_us-gaap_AdditionalPaidInCapitalCommonStock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="loc_HF82J1J2G963_us-gaap_RetainedEarningsAccumulatedDeficit" />
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<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="lab_JH04L3L4I185_us-gaap_RetainedEarningsAccumulatedDeficit"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="loc_H456J84H45669KJ14908_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss), Net Of Tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xml:lang="en-US">Accumulated other comprehensive income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss), Net of Tax, Total</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:to="lab_J678L06J67881ML36120_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="loc_HF82J1J2G963_us-gaap_StockholdersEquity" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_StockholdersEquity" xml:lang="en-US">Stockholders' Equity Attributable To Parent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_StockholdersEquity" xml:lang="en-US">Total stockholders' equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_JH04L3L4I185_us-gaap_StockholdersEquity" xml:lang="en-US">Total stockholders' equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_JH04L3L4I185_us-gaap_StockholdersEquity" xml:lang="en-US">Beginning balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_JH04L3L4I185_us-gaap_StockholdersEquity" xml:lang="en-US">Ending balance</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_StockholdersEquity" xlink:to="lab_JH04L3L4I185_us-gaap_StockholdersEquity"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="loc_H456J84H45669KJ14908_us-gaap_LiabilitiesAndStockholdersEquity" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_LiabilitiesAndStockholdersEquity" xml:lang="en-US">Liabilities and Stockholders' Equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_LiabilitiesAndStockholdersEquity" xml:lang="en-US">Total liabilities and stockholders' equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_LiabilitiesAndStockholdersEquity" xml:lang="en-US">Total liabilities and stockholders' equity</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="lab_J678L06J67881ML36120_us-gaap_LiabilitiesAndStockholdersEquity"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="loc_HF82J1J2G963_us-gaap_CommonStockParOrStatedValuePerShare" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_CommonStockParOrStatedValuePerShare" xml:lang="en-US">Common Stock, Par or Stated Value Per Share</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_CommonStockParOrStatedValuePerShare" xml:lang="en-US">Common stock, par value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_CommonStockParOrStatedValuePerShare" xml:lang="en-US">Common stock, par value</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="lab_JH04L3L4I185_us-gaap_CommonStockParOrStatedValuePerShare"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="loc_H456J84H45669KJ14908_us-gaap_CommonStockSharesAuthorized" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_CommonStockSharesAuthorized" xml:lang="en-US">Common Stock, Shares Authorized</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_CommonStockSharesAuthorized" xml:lang="en-US">Common stock, shares authorized</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_CommonStockSharesAuthorized" xlink:to="lab_J678L06J67881ML36120_us-gaap_CommonStockSharesAuthorized"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="loc_HF82J1J2G963_us-gaap_CommonStockSharesIssued" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_CommonStockSharesIssued" xml:lang="en-US">Common Stock, Shares, Issued</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_CommonStockSharesIssued" xml:lang="en-US">Common stock, shares issued</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_JH04L3L4I185_us-gaap_CommonStockSharesIssued" xml:lang="en-US">Common Stock, Shares, Issued, Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_CommonStockSharesIssued" xlink:to="lab_JH04L3L4I185_us-gaap_CommonStockSharesIssued"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="loc_H456J84H45669KJ14908_us-gaap_CommonStockSharesOutstanding" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_CommonStockSharesOutstanding" xml:lang="en-US">Common Stock, Shares, Outstanding</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_CommonStockSharesOutstanding" xml:lang="en-US">Common stock, shares outstanding</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_CommonStockSharesOutstanding" xml:lang="en-US">Beginning Balance, Shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_CommonStockSharesOutstanding" xml:lang="en-US">Ending Balance, Shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_CommonStockSharesOutstanding" xlink:to="lab_J678L06J67881ML36120_us-gaap_CommonStockSharesOutstanding"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="loc_HF82J1J2G963_us-gaap_IncomeStatementAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_IncomeStatementAbstract" xml:lang="en-US">Statements of Income [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_IncomeStatementAbstract" xlink:to="lab_JH04L3L4I185_us-gaap_IncomeStatementAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SalesRevenueServicesNet" xlink:label="loc_H456J84H45669KJ14908_us-gaap_SalesRevenueServicesNet" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_SalesRevenueServicesNet" xml:lang="en-US">Sales Revenue, Services, Net</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_SalesRevenueServicesNet" xml:lang="en-US">Revenues</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_SalesRevenueServicesNet" xml:lang="en-US">Revenues</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_SalesRevenueServicesNet" xml:lang="en-US">Sales Revenue, Services, Net, Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_SalesRevenueServicesNet" xlink:to="lab_J678L06J67881ML36120_us-gaap_SalesRevenueServicesNet"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CostsAndExpensesAbstract" xlink:label="loc_HF82J1J2G963_us-gaap_CostsAndExpensesAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_CostsAndExpensesAbstract" xml:lang="en-US">Costs and Expenses [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_CostsAndExpensesAbstract" xml:lang="en-US">Costs and expenses:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_CostsAndExpensesAbstract" xlink:to="lab_JH04L3L4I185_us-gaap_CostsAndExpensesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CostOfServices" xlink:label="loc_H456J84H45669KJ14908_us-gaap_CostOfServices" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_CostOfServices" xml:lang="en-US">Instruction and educational support</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_CostOfServices" xml:lang="en-US">Instruction and educational support</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_CostOfServices" xml:lang="en-US">Instruction and educational support</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_CostOfServices" xml:lang="en-US">Instruction and educational support</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_CostOfServices" xml:lang="en-US">Instruction and educational support</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_CostOfServices" xlink:to="lab_J678L06J67881ML36120_us-gaap_CostOfServices"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SellingAndMarketingExpense" xlink:label="loc_HF82J1J2G963_us-gaap_SellingAndMarketingExpense" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_SellingAndMarketingExpense" xml:lang="en-US">Marketing</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_SellingAndMarketingExpense" xml:lang="en-US">Marketing</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_SellingAndMarketingExpense" xml:lang="en-US">Marketing Admissions advisory</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_JH04L3L4I185_us-gaap_SellingAndMarketingExpense" xml:lang="en-US">Selling and Marketing Expense, Total</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_JH04L3L4I185_us-gaap_SellingAndMarketingExpense" xml:lang="en-US">Marketing</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_SellingAndMarketingExpense" xlink:to="lab_JH04L3L4I185_us-gaap_SellingAndMarketingExpense"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_AdmissionsAdvisory" xlink:label="loc_H456J84H45669KJ14908_stra_AdmissionsAdvisory" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_AdmissionsAdvisory" xml:lang="en-US">Admissions Advisory</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_stra_AdmissionsAdvisory" xml:lang="en-US">Admissions advisory</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_AdmissionsAdvisory" xml:lang="en-US">Includes salaries, benefits, and related costs of personnel engaged in admissions.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_AdmissionsAdvisory" xlink:to="lab_J678L06J67881ML36120_stra_AdmissionsAdvisory"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="loc_HF82J1J2G963_us-gaap_GeneralAndAdministrativeExpense" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_GeneralAndAdministrativeExpense" xml:lang="en-US">General and administration</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_GeneralAndAdministrativeExpense" xml:lang="en-US">General and administration</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_GeneralAndAdministrativeExpense" xml:lang="en-US">General and administration</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_JH04L3L4I185_us-gaap_GeneralAndAdministrativeExpense" xml:lang="en-US">General and Administrative Expense, Total</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_JH04L3L4I185_us-gaap_GeneralAndAdministrativeExpense" xml:lang="en-US">General and administration</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_GeneralAndAdministrativeExpense" xlink:to="lab_JH04L3L4I185_us-gaap_GeneralAndAdministrativeExpense"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CostsAndExpenses" xlink:label="loc_H456J84H45669KJ14908_us-gaap_CostsAndExpenses" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_CostsAndExpenses" xml:lang="en-US">Costs and Expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_CostsAndExpenses" xml:lang="en-US">Total costs and expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_CostsAndExpenses" xml:lang="en-US">Total costs and expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_CostsAndExpenses" xlink:to="lab_J678L06J67881ML36120_us-gaap_CostsAndExpenses"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="loc_HF82J1J2G963_us-gaap_OperatingIncomeLoss" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_OperatingIncomeLoss" xml:lang="en-US">Operating Income (Loss)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_OperatingIncomeLoss" xml:lang="en-US">Income (loss) from operations</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_OperatingIncomeLoss" xml:lang="en-US">Income from operations</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_JH04L3L4I185_us-gaap_OperatingIncomeLoss" xml:lang="en-US">Income from operations</label>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_InterestExpense" xml:lang="en-US">Interest Expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_InterestExpense" xml:lang="en-US">Interest expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_JH04L3L4I185_us-gaap_InterestExpense" xml:lang="en-US">Interest Expense, Total</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:label="loc_H456J84H45669KJ14908_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xml:lang="en-US">Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xml:lang="en-US">Income before income taxes</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="lab_J678L06J67881ML36120_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="loc_HF82J1J2G963_us-gaap_IncomeTaxExpenseBenefit" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_IncomeTaxExpenseBenefit" xml:lang="en-US">Income Tax Expense (Benefit)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_IncomeTaxExpenseBenefit" xml:lang="en-US">Provision for income taxes</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_JH04L3L4I185_us-gaap_IncomeTaxExpenseBenefit" xml:lang="en-US">Total provision for income taxes</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_IncomeTaxExpenseBenefit" xlink:to="lab_JH04L3L4I185_us-gaap_IncomeTaxExpenseBenefit"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_H456J84H45669KJ14908_us-gaap_NetIncomeLoss" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_NetIncomeLoss" xml:lang="en-US">Net Income (Loss) Attributable to Parent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_NetIncomeLoss" xml:lang="en-US">Net income (loss)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_NetIncomeLoss" xml:lang="en-US">Net income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_NetIncomeLoss" xml:lang="en-US">Net income</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_NetIncomeLoss" xlink:to="lab_J678L06J67881ML36120_us-gaap_NetIncomeLoss"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="loc_HF82J1J2G963_us-gaap_EarningsPerShareAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_EarningsPerShareAbstract" xml:lang="en-US">Earnings Per Share [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_EarningsPerShareAbstract" xml:lang="en-US">Net income per share:</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_EarningsPerShareAbstract" xml:lang="en-US">Earnings per share:</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/definitionGuidance" xlink:label="lab_JH04L3L4I185_us-gaap_EarningsPerShareAbstract" xml:lang="en-US">Net income (loss) per share:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_EarningsPerShareAbstract" xlink:to="lab_JH04L3L4I185_us-gaap_EarningsPerShareAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="loc_H456J84H45669KJ14908_us-gaap_EarningsPerShareBasic" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_EarningsPerShareBasic" xml:lang="en-US">Earnings Per Share, Basic</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_EarningsPerShareBasic" xml:lang="en-US">Basic</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_EarningsPerShareBasic" xml:lang="en-US">Basic</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_EarningsPerShareBasic" xml:lang="en-US">Earnings Per Share, Basic, Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_EarningsPerShareBasic" xlink:to="lab_J678L06J67881ML36120_us-gaap_EarningsPerShareBasic"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="loc_HF82J1J2G963_us-gaap_EarningsPerShareDiluted" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_EarningsPerShareDiluted" xml:lang="en-US">Earnings Per Share, Diluted</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_EarningsPerShareDiluted" xml:lang="en-US">Diluted</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_EarningsPerShareDiluted" xml:lang="en-US">Diluted</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_JH04L3L4I185_us-gaap_EarningsPerShareDiluted" xml:lang="en-US">Earnings Per Share, Diluted, Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_EarningsPerShareDiluted" xlink:to="lab_JH04L3L4I185_us-gaap_EarningsPerShareDiluted"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:label="loc_H456J84H45669KJ14908_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xml:lang="en-US">Weighted Average Number Of Shares Outstanding, Diluted [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xml:lang="en-US">Weighted average shares outstanding:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:to="lab_J678L06J67881ML36120_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="loc_HF82J1J2G963_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xml:lang="en-US">Weighted Average Number Of Shares Outstanding, Basic</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xml:lang="en-US">Weighted average shares outstanding used to compute basic earnings per share</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xml:lang="en-US">Basic</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_JH04L3L4I185_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xml:lang="en-US">Weighted Average Number of Shares Outstanding, Basic, Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="lab_JH04L3L4I185_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="loc_H456J84H45669KJ14908_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xml:lang="en-US">Diluted</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xml:lang="en-US">Shares used to compute diluted earnings per share</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xml:lang="en-US">Diluted</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xml:lang="en-US">Shares used to compute diluted earnings per share</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="lab_J678L06J67881ML36120_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:label="loc_HF82J1J2G963_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xml:lang="en-US">Statements of Comprehensive Income [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xml:lang="en-US">Consolidated Statements of Comprehensive Income [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:to="lab_JH04L3L4I185_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" xlink:label="loc_H456J84H45669KJ14908_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" xml:lang="en-US">Other Comprehensive Income (Loss), Net Of Tax, Portion Attributable To Parent [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" xml:lang="en-US">Other comprehensive income:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract" xlink:to="lab_J678L06J67881ML36120_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax" xlink:label="loc_HF82J1J2G963_us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax" xml:lang="en-US">Change in fair value of derivative instrument, net of income tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax" xml:lang="en-US">Change in fair value of derivative instrument, net of income tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax" xml:lang="en-US">Change in fair value of derivative instrument, net of income tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_JH04L3L4I185_us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax" xml:lang="en-US">Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax" xlink:to="lab_JH04L3L4I185_us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTax" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ComprehensiveIncomeNetOfTax" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ComprehensiveIncomeNetOfTax" xml:lang="en-US">Comprehensive Income, Net Of Tax, Attributable To Parent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ComprehensiveIncomeNetOfTax" xml:lang="en-US">Comprehensive income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ComprehensiveIncomeNetOfTax" xml:lang="en-US">Comprehensive income</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="loc_HF82J1J2G963_us-gaap_StatementOfStockholdersEquityAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_StatementOfStockholdersEquityAbstract" xml:lang="en-US">Statements of Stockholders' Equity [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_StatementOfStockholdersEquityAbstract" xlink:to="lab_JH04L3L4I185_us-gaap_StatementOfStockholdersEquityAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_H456J84H45669KJ14908_us-gaap_StatementTable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_StatementTable" xml:lang="en-US">Statement [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_StatementTable" xml:lang="en-US">Statement [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_StatementTable" xlink:to="lab_J678L06J67881ML36120_us-gaap_StatementTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_HF82J1J2G963_us-gaap_StatementEquityComponentsAxis" />
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_H456J84H45669KJ14908_us-gaap_EquityComponentDomain" />
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_EquityComponentDomain" xml:lang="en-US">Equity Component [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_EquityComponentDomain" xml:lang="en-US">Equity Component [Domain]</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_HF82J1J2G963_us-gaap_CommonStockMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_CommonStockMember" xml:lang="en-US">Common Stock [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_CommonStockMember" xml:lang="en-US">Common Stock</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="loc_H456J84H45669KJ14908_us-gaap_AdditionalPaidInCapitalMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_AdditionalPaidInCapitalMember" xml:lang="en-US">Additional Paid In Capital [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_AdditionalPaidInCapitalMember" xml:lang="en-US">Additional Paid-in Capital</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="loc_HF82J1J2G963_us-gaap_RetainedEarningsMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_RetainedEarningsMember" xml:lang="en-US">Retained Earnings [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_RetainedEarningsMember" xml:lang="en-US">Retained Earnings</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:label="loc_H456J84H45669KJ14908_us-gaap_AccumulatedOtherComprehensiveIncomeMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xml:lang="en-US">Accumulated Other Comprehensive Income [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:to="lab_J678L06J67881ML36120_us-gaap_AccumulatedOtherComprehensiveIncomeMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_HF82J1J2G963_us-gaap_StatementLineItems" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_StatementLineItems" xml:lang="en-US">Statement [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_StatementLineItems" xml:lang="en-US">Statement [Line Items]</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SharesIssued" xlink:label="loc_H456J84H45669KJ14908_us-gaap_SharesIssued" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_SharesIssued" xml:lang="en-US">Shares, Issued</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_SharesIssued" xml:lang="en-US">Balance, shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_SharesIssued" xml:lang="en-US">Beginning balance, shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_SharesIssued" xml:lang="en-US">Ending balance, shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_SharesIssued" xlink:to="lab_J678L06J67881ML36120_us-gaap_SharesIssued"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation" xlink:label="loc_HF82J1J2G963_us-gaap_AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation" xml:lang="en-US">Adjustments To Additional Paid In Capital, Income Tax Deficiency From Share-Based Compensation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation" xml:lang="en-US">Tax shortfall from vesting of restricted shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation" xml:lang="en-US">Tax shortfall associated with stock-based compensation arrangements</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation" xlink:to="lab_JH04L3L4I185_us-gaap_AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StockRepurchasedDuringPeriodValue" xlink:label="loc_H456J84H45669KJ14908_us-gaap_StockRepurchasedDuringPeriodValue" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_StockRepurchasedDuringPeriodValue" xml:lang="en-US">Stock Repurchased During Period, Value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_StockRepurchasedDuringPeriodValue" xml:lang="en-US">Repurchase of common stock</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_StockRepurchasedDuringPeriodValue" xml:lang="en-US">Repurchase of common stock</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_StockRepurchasedDuringPeriodValue" xlink:to="lab_J678L06J67881ML36120_us-gaap_StockRepurchasedDuringPeriodValue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StockRepurchasedDuringPeriodShares" xlink:label="loc_HF82J1J2G963_us-gaap_StockRepurchasedDuringPeriodShares" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_StockRepurchasedDuringPeriodShares" xml:lang="en-US">Stock Repurchased During Period, Shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_StockRepurchasedDuringPeriodShares" xml:lang="en-US">Number of shares repurchased</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_StockRepurchasedDuringPeriodShares" xml:lang="en-US">Repurchase of common stock, shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_JH04L3L4I185_us-gaap_StockRepurchasedDuringPeriodShares" xml:lang="en-US">Repurchase of common stock, shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_StockRepurchasedDuringPeriodShares" xlink:to="lab_JH04L3L4I185_us-gaap_StockRepurchasedDuringPeriodShares"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures" xlink:label="loc_H456J84H45669KJ14908_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures" xml:lang="en-US">Stock Issued During Period, Value, Restricted Stock Award, Net Of Forfeitures</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures" xml:lang="en-US">Restricted stock grants, net of forfeitures</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures" xml:lang="en-US">Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures, Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures" xlink:to="lab_J678L06J67881ML36120_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures" xlink:label="loc_HF82J1J2G963_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures" xml:lang="en-US">Stock Issued During Period, Shares, Restricted Stock Award, Net Of Forfeitures</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures" xml:lang="en-US">Restricted stock grants, net of forfeitures, shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_JH04L3L4I185_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures" xml:lang="en-US">Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures" xlink:to="lab_JH04L3L4I185_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:label="loc_H456J84H45669KJ14908_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xml:lang="en-US">Adjustments To Additional Paid In Capital, Share-Based Compensation, Requisite Service Period Recognition, Value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xml:lang="en-US">Stock-based compensation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xml:lang="en-US">Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition, Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:to="lab_J678L06J67881ML36120_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DividendsCommonStockCash" xlink:label="loc_HF82J1J2G963_us-gaap_DividendsCommonStockCash" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_DividendsCommonStockCash" xml:lang="en-US">Dividends, Common Stock, Cash</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_DividendsCommonStockCash" xml:lang="en-US">Common stock dividends</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_DividendsCommonStockCash" xlink:to="lab_JH04L3L4I185_us-gaap_DividendsCommonStockCash"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="loc_H456J84H45669KJ14908_us-gaap_StatementOfCashFlowsAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_StatementOfCashFlowsAbstract" xml:lang="en-US">Statements of Cash Flows [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_StatementOfCashFlowsAbstract" xml:lang="en-US">Consolidated Statements of Cash Flows [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_StatementOfCashFlowsAbstract" xlink:to="lab_J678L06J67881ML36120_us-gaap_StatementOfCashFlowsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_HF82J1J2G963_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">Net Cash Provided By (Used In) Operating Activities [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">Cash flows from operating activities:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="lab_JH04L3L4I185_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_H456J84H45669KJ14908_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">Adjustments To Reconcile Net Income (Loss) To Cash Provided By (Used In) Operating Activities [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">Adjustments to reconcile net income to net cash provided by operating activities:</label>
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<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_AmortizationOfGainOnSaleOfAssets" xlink:label="loc_HF82J1J2G963_stra_AmortizationOfGainOnSaleOfAssets" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_AmortizationOfGainOnSaleOfAssets" xml:lang="en-US">Amortization Of Gain On Sale Of Assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_stra_AmortizationOfGainOnSaleOfAssets" xml:lang="en-US">Amortization of gain on sale of assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_AmortizationOfGainOnSaleOfAssets" xml:lang="en-US">Amortization of gain on sale of assets.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_JH04L3L4I185_stra_AmortizationOfGainOnSaleOfAssets" xml:lang="en-US">Amortization of gain on sale of assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_stra_AmortizationOfGainOnSaleOfAssets" xlink:to="lab_JH04L3L4I185_stra_AmortizationOfGainOnSaleOfAssets"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_AmortizationOfDeferredRent" xlink:label="loc_H456J84H45669KJ14908_stra_AmortizationOfDeferredRent" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_AmortizationOfDeferredRent" xml:lang="en-US">Amortization Of Deferred Rent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_stra_AmortizationOfDeferredRent" xml:lang="en-US">Amortization of deferred rent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_AmortizationOfDeferredRent" xml:lang="en-US">Represents the amortization of the deferred rent.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_AmortizationOfDeferredRent" xlink:to="lab_J678L06J67881ML36120_stra_AmortizationOfDeferredRent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AmortizationOfFinancingCosts" xlink:label="loc_HF82J1J2G963_us-gaap_AmortizationOfFinancingCosts" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_AmortizationOfFinancingCosts" xml:lang="en-US">Amortization Of Financing Costs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_AmortizationOfFinancingCosts" xml:lang="en-US">Amortization of deferred financing costs</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_AmortizationOfFinancingCosts" xlink:to="lab_JH04L3L4I185_us-gaap_AmortizationOfFinancingCosts"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DepreciationAndAmortization" xlink:label="loc_H456J84H45669KJ14908_us-gaap_DepreciationAndAmortization" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_DepreciationAndAmortization" xml:lang="en-US">Depreciation, Depletion and Amortization, Nonproduction</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_DepreciationAndAmortization" xml:lang="en-US">Depreciation and amortization</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_DepreciationAndAmortization" xlink:to="lab_J678L06J67881ML36120_us-gaap_DepreciationAndAmortization"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_DeferredIncomeTaxExpenseBenefitCashFlowAdjustmentsToNetIncome" xlink:label="loc_HF82J1J2G963_stra_DeferredIncomeTaxExpenseBenefitCashFlowAdjustmentsToNetIncome" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_DeferredIncomeTaxExpenseBenefitCashFlowAdjustmentsToNetIncome" xml:lang="en-US">Deferred Income Tax Expense Benefit Cash Flow Adjustments To Net Income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_stra_DeferredIncomeTaxExpenseBenefitCashFlowAdjustmentsToNetIncome" xml:lang="en-US">Deferred income taxes</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_DeferredIncomeTaxExpenseBenefitCashFlowAdjustmentsToNetIncome" xml:lang="en-US">Deferred income tax expense benefit cash flow adjustments to net income.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_stra_DeferredIncomeTaxExpenseBenefitCashFlowAdjustmentsToNetIncome" xlink:to="lab_JH04L3L4I185_stra_DeferredIncomeTaxExpenseBenefitCashFlowAdjustmentsToNetIncome"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensation" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensation" xml:lang="en-US">Share-Based Compensation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensation" xml:lang="en-US">Stock-based compensation expense included in operating expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensation" xml:lang="en-US">Stock-based compensation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensation" xml:lang="en-US">Share-based Compensation, Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensation" xlink:to="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensation"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="loc_HF82J1J2G963_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xml:lang="en-US">Increase (Decrease) In Operating Capital [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xml:lang="en-US">Changes in assets and liabilities:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="lab_JH04L3L4I185_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="loc_H456J84H45669KJ14908_us-gaap_IncreaseDecreaseInAccountsReceivable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_IncreaseDecreaseInAccountsReceivable" xml:lang="en-US">Increase (Decrease) In Accounts Receivable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_IncreaseDecreaseInAccountsReceivable" xml:lang="en-US">Tuition receivable, net</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_IncreaseDecreaseInAccountsReceivable" xml:lang="en-US">Tuition receivable, net</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:to="lab_J678L06J67881ML36120_us-gaap_IncreaseDecreaseInAccountsReceivable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="loc_HF82J1J2G963_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xml:lang="en-US">Increase (Decrease) In Prepaid, Deferred Expense and Other Assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xml:lang="en-US">Other current assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_JH04L3L4I185_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xml:lang="en-US">Increase (Decrease) in Prepaid, Deferred Expense and Other Assets, Total</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_JH04L3L4I185_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xml:lang="en-US">Other current assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:to="lab_JH04L3L4I185_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:label="loc_H456J84H45669KJ14908_us-gaap_IncreaseDecreaseInOtherOperatingAssets" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_IncreaseDecreaseInOtherOperatingAssets" xml:lang="en-US">Increase (Decrease) In Other Operating Assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_IncreaseDecreaseInOtherOperatingAssets" xml:lang="en-US">Other assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_IncreaseDecreaseInOtherOperatingAssets" xml:lang="en-US">Increase (Decrease) in Other Operating Assets, Total</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_IncreaseDecreaseInOtherOperatingAssets" xml:lang="en-US">Other assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:to="lab_J678L06J67881ML36120_us-gaap_IncreaseDecreaseInOtherOperatingAssets"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:label="loc_HF82J1J2G963_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xml:lang="en-US">Increase (Decrease) In Accounts Payable and Accrued Liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xml:lang="en-US">Accounts payable and accrued expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_JH04L3L4I185_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xml:lang="en-US">Increase (Decrease) in Accounts Payable and Accrued Liabilities, Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:to="lab_JH04L3L4I185_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xlink:label="loc_H456J84H45669KJ14908_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xml:lang="en-US">Increase (Decrease) In Income Taxes Payable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xml:lang="en-US">Income taxes payable and income taxes receivable</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xlink:to="lab_J678L06J67881ML36120_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:label="loc_HF82J1J2G963_us-gaap_IncreaseDecreaseInDeferredRevenue" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_IncreaseDecreaseInDeferredRevenue" xml:lang="en-US">Increase (Decrease) in Deferred Revenue</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_IncreaseDecreaseInDeferredRevenue" xml:lang="en-US">Deferred revenue</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_IncreaseDecreaseInDeferredRevenue" xml:lang="en-US">Unearned tuition</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:to="lab_JH04L3L4I185_us-gaap_IncreaseDecreaseInDeferredRevenue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities" xlink:label="loc_H456J84H45669KJ14908_us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities" xml:lang="en-US">Increase (Decrease) In Other Noncurrent Liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities" xml:lang="en-US">Other long-term liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities" xlink:to="lab_J678L06J67881ML36120_us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="loc_HF82J1J2G963_us-gaap_NetCashProvidedByUsedInOperatingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_NetCashProvidedByUsedInOperatingActivities" xml:lang="en-US">Net Cash Provided By (Used In) Operating Activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_NetCashProvidedByUsedInOperatingActivities" xml:lang="en-US">Net cash provided by operating activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_JH04L3L4I185_us-gaap_NetCashProvidedByUsedInOperatingActivities" xml:lang="en-US">Net cash provided by operating activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="lab_JH04L3L4I185_us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="loc_H456J84H45669KJ14908_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xml:lang="en-US">Net Cash Provided By (Used In) Investing Activities [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xml:lang="en-US">Cash flows from investing activities:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="lab_J678L06J67881ML36120_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:label="loc_HF82J1J2G963_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xml:lang="en-US">Payments To Acquire Property, Plant, and Equipment</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xml:lang="en-US">Purchases of property and equipment</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_JH04L3L4I185_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xml:lang="en-US">Payments to Acquire Property, Plant, and Equipment, Total</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_JH04L3L4I185_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xml:lang="en-US">Purchases of property and equipment</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:to="lab_JH04L3L4I185_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="loc_H456J84H45669KJ14908_us-gaap_NetCashProvidedByUsedInInvestingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_NetCashProvidedByUsedInInvestingActivities" xml:lang="en-US">Net Cash Provided By (Used In) Investing Activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_NetCashProvidedByUsedInInvestingActivities" xml:lang="en-US">Net cash used in investing activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_NetCashProvidedByUsedInInvestingActivities" xml:lang="en-US">Net cash used in investing activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="lab_J678L06J67881ML36120_us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="loc_HF82J1J2G963_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xml:lang="en-US">Net Cash Provided By (Used In) Financing Activities [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xml:lang="en-US">Cash flows from financing activities:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="lab_JH04L3L4I185_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RepaymentsOfLongTermDebt" xlink:label="loc_H456J84H45669KJ14908_us-gaap_RepaymentsOfLongTermDebt" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_RepaymentsOfLongTermDebt" xml:lang="en-US">Repayments Of Long-Term Debt</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_RepaymentsOfLongTermDebt" xml:lang="en-US">Payments on term loan</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_RepaymentsOfLongTermDebt" xml:lang="en-US">Repayments of Long-term Debt, Total</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_RepaymentsOfLongTermDebt" xml:lang="en-US">Payments on term loan</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_RepaymentsOfLongTermDebt" xlink:to="lab_J678L06J67881ML36120_us-gaap_RepaymentsOfLongTermDebt"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:label="loc_HF82J1J2G963_us-gaap_PaymentsForRepurchaseOfCommonStock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_PaymentsForRepurchaseOfCommonStock" xml:lang="en-US">Payments For Repurchase Of Common Stock</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_PaymentsForRepurchaseOfCommonStock" xml:lang="en-US">Repurchase of common stock</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_JH04L3L4I185_us-gaap_PaymentsForRepurchaseOfCommonStock" xml:lang="en-US">Repurchase of common stock</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_JH04L3L4I185_us-gaap_PaymentsForRepurchaseOfCommonStock" xml:lang="en-US">Repurchase of common stock</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="lab_JH04L3L4I185_us-gaap_PaymentsForRepurchaseOfCommonStock" xml:lang="en-US">Repurchase of common stock</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:to="lab_JH04L3L4I185_us-gaap_PaymentsForRepurchaseOfCommonStock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ProceedsFromIssuanceOfLongTermDebt" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ProceedsFromIssuanceOfLongTermDebt" xml:lang="en-US">Proceeds from Issuance of Long-term Debt</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ProceedsFromIssuanceOfLongTermDebt" xml:lang="en-US">Proceeds from term loan</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:to="lab_J678L06J67881ML36120_us-gaap_ProceedsFromIssuanceOfLongTermDebt"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RepaymentsOfLongTermLinesOfCredit" xlink:label="loc_HF82J1J2G963_us-gaap_RepaymentsOfLongTermLinesOfCredit" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_RepaymentsOfLongTermLinesOfCredit" xml:lang="en-US">Repayments of Long-term Lines of Credit</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_JH04L3L4I185_us-gaap_RepaymentsOfLongTermLinesOfCredit" xml:lang="en-US">Payments on revolving credit facility</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_RepaymentsOfLongTermLinesOfCredit" xlink:to="lab_JH04L3L4I185_us-gaap_RepaymentsOfLongTermLinesOfCredit"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ProceedsFromLongTermLinesOfCredit" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ProceedsFromLongTermLinesOfCredit" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ProceedsFromLongTermLinesOfCredit" xml:lang="en-US">Proceeds from Long-term Lines of Credit</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ProceedsFromLongTermLinesOfCredit" xml:lang="en-US">Proceeds from revolving credit facility</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ProceedsFromLongTermLinesOfCredit" xlink:to="lab_J678L06J67881ML36120_us-gaap_ProceedsFromLongTermLinesOfCredit"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PaymentsOfDividendsCommonStock" xlink:label="loc_HF82J1J2G963_us-gaap_PaymentsOfDividendsCommonStock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_PaymentsOfDividendsCommonStock" xml:lang="en-US">Payments of Ordinary Dividends, Common Stock</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_JH04L3L4I185_us-gaap_PaymentsOfDividendsCommonStock" xml:lang="en-US">Common dividends paid</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_PaymentsOfDividendsCommonStock" xlink:to="lab_JH04L3L4I185_us-gaap_PaymentsOfDividendsCommonStock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PaymentsOfFinancingCosts" xlink:label="loc_H456J84H45669KJ14908_us-gaap_PaymentsOfFinancingCosts" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_PaymentsOfFinancingCosts" xml:lang="en-US">Payments of Financing Costs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_PaymentsOfFinancingCosts" xml:lang="en-US">Payment of deferred financing costs</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_PaymentsOfFinancingCosts" xlink:to="lab_J678L06J67881ML36120_us-gaap_PaymentsOfFinancingCosts"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="loc_HF82J1J2G963_us-gaap_NetCashProvidedByUsedInFinancingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_NetCashProvidedByUsedInFinancingActivities" xml:lang="en-US">Net Cash Provided By (Used In) Financing Activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_NetCashProvidedByUsedInFinancingActivities" xml:lang="en-US">Net cash used in financing activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_JH04L3L4I185_us-gaap_NetCashProvidedByUsedInFinancingActivities" xml:lang="en-US">Net cash used in financing activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="lab_JH04L3L4I185_us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="loc_H456J84H45669KJ14908_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xml:lang="en-US">Cash and Cash Equivalents, Period Increase (Decrease)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xml:lang="en-US">Net decrease in cash and cash equivalents</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xml:lang="en-US">Net (decrease) increase in cash and cash equivalents</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xml:lang="en-US">Net (decrease) increase in cash and cash equivalents</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="lab_J678L06J67881ML36120_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:label="loc_HF82J1J2G963_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xml:lang="en-US">Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xml:lang="en-US">Non-cash transactions:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:to="lab_JH04L3L4I185_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueOfAssetsAcquired" xlink:label="loc_H456J84H45669KJ14908_us-gaap_FairValueOfAssetsAcquired" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_FairValueOfAssetsAcquired" xml:lang="en-US">Fair Value Of Assets Acquired</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_FairValueOfAssetsAcquired" xml:lang="en-US">Purchases of property and equipment included in accounts payable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_FairValueOfAssetsAcquired" xml:lang="en-US">Purchases of property and equipment included in accounts payable</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_FairValueOfAssetsAcquired" xlink:to="lab_J678L06J67881ML36120_us-gaap_FairValueOfAssetsAcquired"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="loc_HF82J1J2G963_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xml:lang="en-US">Nature of Operations [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:to="lab_JH04L3L4I185_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NatureOfOperations" xlink:label="loc_H456J84H45669KJ14908_us-gaap_NatureOfOperations" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_NatureOfOperations" xml:lang="en-US">Nature Of Operations [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_NatureOfOperations" xml:lang="en-US">Nature of Operations</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_NatureOfOperations" xlink:to="lab_J678L06J67881ML36120_us-gaap_NatureOfOperations"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="loc_HF82J1J2G963_us-gaap_AccountingPoliciesAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_AccountingPoliciesAbstract" xml:lang="en-US">Significant Accounting Policies [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_AccountingPoliciesAbstract" xml:lang="en-US">Significant Accounting Policies [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_AccountingPoliciesAbstract" xlink:to="lab_JH04L3L4I185_us-gaap_AccountingPoliciesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="loc_H456J84H45669KJ14908_us-gaap_SignificantAccountingPoliciesTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_SignificantAccountingPoliciesTextBlock" xml:lang="en-US">Significant Accounting Policies [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_SignificantAccountingPoliciesTextBlock" xml:lang="en-US">Significant Accounting Policies</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="lab_J678L06J67881ML36120_us-gaap_SignificantAccountingPoliciesTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RestructuringAndRelatedActivitiesAbstract" xlink:label="loc_HF82J1J2G963_us-gaap_RestructuringAndRelatedActivitiesAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_RestructuringAndRelatedActivitiesAbstract" xml:lang="en-US">Restructuring and Related Charges [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_RestructuringAndRelatedActivitiesAbstract" xml:lang="en-US">Restructuring and other charges (1)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_RestructuringAndRelatedActivitiesAbstract" xlink:to="lab_JH04L3L4I185_us-gaap_RestructuringAndRelatedActivitiesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock" xlink:label="loc_H456J84H45669KJ14908_us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock" xml:lang="en-US">Restructuring and Related Activities Disclosure [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock" xml:lang="en-US">Restructuring and Related Charges</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock" xlink:to="lab_J678L06J67881ML36120_us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PropertyPlantAndEquipmentAbstract" xlink:label="loc_HF82J1J2G963_us-gaap_PropertyPlantAndEquipmentAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_PropertyPlantAndEquipmentAbstract" xml:lang="en-US">Property and Equipment [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_PropertyPlantAndEquipmentAbstract" xlink:to="lab_JH04L3L4I185_us-gaap_PropertyPlantAndEquipmentAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:label="loc_H456J84H45669KJ14908_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xml:lang="en-US">Property, Plant and Equipment Disclosure [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xml:lang="en-US">Property and Equipment</label>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_DebtDisclosureAbstract" xml:lang="en-US">Term Loan and Revolving Credit Facility [Abstract]</label>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_DebtDisclosureTextBlock" xml:lang="en-US">Debt Disclosure [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_DebtDisclosureTextBlock" xml:lang="en-US">Term Loan And Revolving Credit Facility</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_DebtDisclosureTextBlock" xml:lang="en-US">Term Loan and Revolving Credit Facility</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueDisclosuresAbstract" xlink:label="loc_HF82J1J2G963_us-gaap_FairValueDisclosuresAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_FairValueDisclosuresAbstract" xml:lang="en-US">Fair Value Measurement [Abstract]</label>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_FairValueDisclosuresTextBlock" xml:lang="en-US">Fair Value Disclosures [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_FairValueDisclosuresTextBlock" xml:lang="en-US">Fair Value Measurement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_FairValueDisclosuresTextBlock" xml:lang="en-US">Fair Value Measurement</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:label="loc_HF82J1J2G963_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xml:lang="en-US">Stock Options, Restricted Stock and Restricted Stock Units [Abstract]</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:label="loc_H456J84H45669KJ14908_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xml:lang="en-US">Disclosure of Compensation Related Costs, Share-based Payments [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xml:lang="en-US">Stock Options, Restricted Stock and Restricted Stock Units</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:to="lab_J678L06J67881ML36120_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrentAbstract" xlink:label="loc_HF82J1J2G963_us-gaap_OtherLiabilitiesNoncurrentAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_OtherLiabilitiesNoncurrentAbstract" xml:lang="en-US">Other Long-Term Liabilities [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_OtherLiabilitiesNoncurrentAbstract" xlink:to="lab_JH04L3L4I185_us-gaap_OtherLiabilitiesNoncurrentAbstract"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_OtherLiabilitiesNonCurrentDisclosureTextBlock" xlink:label="loc_H456J84H45669KJ14908_stra_OtherLiabilitiesNonCurrentDisclosureTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_OtherLiabilitiesNonCurrentDisclosureTextBlock" xml:lang="en-US">Other Liabilities Non Current Disclosure [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_stra_OtherLiabilitiesNonCurrentDisclosureTextBlock" xml:lang="en-US">Other Long-Term Liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_OtherLiabilitiesNonCurrentDisclosureTextBlock" xml:lang="en-US">The entire disclosure for other non-current liabilities.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_OtherLiabilitiesNonCurrentDisclosureTextBlock" xlink:to="lab_J678L06J67881ML36120_stra_OtherLiabilitiesNonCurrentDisclosureTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:label="loc_HF82J1J2G963_us-gaap_CompensationAndRetirementDisclosureAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_CompensationAndRetirementDisclosureAbstract" xml:lang="en-US">Compensation and Retirement Disclosure [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:to="lab_JH04L3L4I185_us-gaap_CompensationAndRetirementDisclosureAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:label="loc_H456J84H45669KJ14908_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xml:lang="en-US">Pension and Other Postretirement Benefits Disclosure [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xml:lang="en-US">Other Employee Benefit Plans</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:to="lab_J678L06J67881ML36120_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StockholdersEquityNoteAbstract" xlink:label="loc_HF82J1J2G963_us-gaap_StockholdersEquityNoteAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_StockholdersEquityNoteAbstract" xml:lang="en-US">Stock Repurchase Plan [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_StockholdersEquityNoteAbstract" xlink:to="lab_JH04L3L4I185_us-gaap_StockholdersEquityNoteAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_TreasuryStockTextBlock" xlink:label="loc_H456J84H45669KJ14908_us-gaap_TreasuryStockTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_TreasuryStockTextBlock" xml:lang="en-US">Treasury Stock [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_TreasuryStockTextBlock" xml:lang="en-US">Stock Repurchase Plan</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_TreasuryStockTextBlock" xlink:to="lab_J678L06J67881ML36120_us-gaap_TreasuryStockTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="loc_HF82J1J2G963_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xml:lang="en-US">Commitments and Contingencies [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xml:lang="en-US">Litigation [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:to="lab_JH04L3L4I185_us-gaap_CommitmentsAndContingenciesDisclosureAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="loc_H456J84H45669KJ14908_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xml:lang="en-US">Commitments and Contingencies Disclosure [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xml:lang="en-US">Commitments and Contingencies</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncomeTaxDisclosureAbstract" xlink:label="loc_HF82J1J2G963_us-gaap_IncomeTaxDisclosureAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_IncomeTaxDisclosureAbstract" xml:lang="en-US">Income Taxes [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_IncomeTaxDisclosureAbstract" xml:lang="en-US">Income Taxes [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_IncomeTaxDisclosureAbstract" xlink:to="lab_JH04L3L4I185_us-gaap_IncomeTaxDisclosureAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncomeTaxDisclosureTextBlock" xlink:label="loc_H456J84H45669KJ14908_us-gaap_IncomeTaxDisclosureTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_IncomeTaxDisclosureTextBlock" xml:lang="en-US">Income Tax Disclosure [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_IncomeTaxDisclosureTextBlock" xml:lang="en-US">Income Taxes</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_QuarterlyFinancialInformationDisclosureAbstract" xlink:label="loc_HF82J1J2G963_us-gaap_QuarterlyFinancialInformationDisclosureAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_QuarterlyFinancialInformationDisclosureAbstract" xml:lang="en-US">Summarized Quarterly Financial Data [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_QuarterlyFinancialInformationDisclosureAbstract" xml:lang="en-US">Summarized Quarterly Financial Data [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_QuarterlyFinancialInformationDisclosureAbstract" xlink:to="lab_JH04L3L4I185_us-gaap_QuarterlyFinancialInformationDisclosureAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_QuarterlyFinancialInformationTextBlock" xlink:label="loc_H456J84H45669KJ14908_us-gaap_QuarterlyFinancialInformationTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_QuarterlyFinancialInformationTextBlock" xml:lang="en-US">Quarterly Financial Information [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_QuarterlyFinancialInformationTextBlock" xml:lang="en-US">Summarized Quarterly Financial Data</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LegalMattersAndContingenciesTextBlock" xlink:label="loc_HF82J1J2G963_us-gaap_LegalMattersAndContingenciesTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_LegalMattersAndContingenciesTextBlock" xml:lang="en-US">Legal Matters and Contingencies [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_LegalMattersAndContingenciesTextBlock" xml:lang="en-US">Litigation</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_LegalMattersAndContingenciesTextBlock" xlink:to="lab_JH04L3L4I185_us-gaap_LegalMattersAndContingenciesTextBlock"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_RegulationAbstract" xlink:label="loc_H456J84H45669KJ14908_stra_RegulationAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_RegulationAbstract" xml:lang="en-US">Regulation [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_stra_RegulationAbstract" xml:lang="en-US">Regulation Abstract</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_RegulationAbstract" xml:lang="en-US">Regulation Abstract</label>
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<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_RegulationDisclosureTextBlock" xlink:label="loc_HF82J1J2G963_stra_RegulationDisclosureTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_RegulationDisclosureTextBlock" xml:lang="en-US">Regulation Disclosure [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_stra_RegulationDisclosureTextBlock" xml:lang="en-US">Regulation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_stra_RegulationDisclosureTextBlock" xml:lang="en-US">Regulation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_RegulationDisclosureTextBlock" xml:lang="en-US">Regulation Disclosure.</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ConsolidationPolicyTextBlock" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ConsolidationPolicyTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ConsolidationPolicyTextBlock" xml:lang="en-US">Consolidation, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ConsolidationPolicyTextBlock" xml:lang="en-US">Financial Statement Presentation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ConsolidationPolicyTextBlock" xml:lang="en-US">Financial Statement Presentation</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ConsolidationPolicyTextBlock" xlink:to="lab_J678L06J67881ML36120_us-gaap_ConsolidationPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RevenueRecognitionSalesOfServices" xlink:label="loc_HF82J1J2G963_us-gaap_RevenueRecognitionSalesOfServices" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_RevenueRecognitionSalesOfServices" xml:lang="en-US">Revenue Recognition, Sales Of Services [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_RevenueRecognitionSalesOfServices" xml:lang="en-US">Revenue Recognition</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_RevenueRecognitionSalesOfServices" xml:lang="en-US">Revenues</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_RevenueRecognitionSalesOfServices" xlink:to="lab_JH04L3L4I185_us-gaap_RevenueRecognitionSalesOfServices"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_GraduationFundPolicyTextBlock" xlink:label="loc_H456J84H45669KJ14908_stra_GraduationFundPolicyTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_GraduationFundPolicyTextBlock" xml:lang="en-US">Graduation Fund [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_stra_GraduationFundPolicyTextBlock" xml:lang="en-US">Graduation Fund</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_GraduationFundPolicyTextBlock" xml:lang="en-US">Disclosure of accounting policy regarding graduation fund.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_GraduationFundPolicyTextBlock" xlink:to="lab_J678L06J67881ML36120_stra_GraduationFundPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:label="loc_HF82J1J2G963_us-gaap_CashAndCashEquivalentsPolicyTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xml:lang="en-US">Cash and Cash Equivalents, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xml:lang="en-US">Cash and Cash Equivalents</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:to="lab_JH04L3L4I185_us-gaap_CashAndCashEquivalentsPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ConcentrationRiskCreditRisk" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ConcentrationRiskCreditRisk" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ConcentrationRiskCreditRisk" xml:lang="en-US">Concentration Risk, Credit Risk, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ConcentrationRiskCreditRisk" xml:lang="en-US">Concentration of Credit Risk</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ConcentrationRiskCreditRisk" xlink:to="lab_J678L06J67881ML36120_us-gaap_ConcentrationRiskCreditRisk"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy" xlink:label="loc_HF82J1J2G963_us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy" xml:lang="en-US">Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy" xml:lang="en-US">Restricted Cash</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy" xlink:to="lab_JH04L3L4I185_us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy" xml:lang="en-US">Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy" xml:lang="en-US">Tuition Receivable and Allowance for Doubtful Accounts</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy" xlink:to="lab_J678L06J67881ML36120_us-gaap_ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:label="loc_HF82J1J2G963_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xml:lang="en-US">Property, Plant and Equipment, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xml:lang="en-US">Property and Equipment</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:to="lab_JH04L3L4I185_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:label="loc_H456J84H45669KJ14908_us-gaap_FairValueOfFinancialInstrumentsPolicy" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_FairValueOfFinancialInstrumentsPolicy" xml:lang="en-US">Fair Value Of Financial Instruments, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_FairValueOfFinancialInstrumentsPolicy" xml:lang="en-US">Fair Value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_FairValueOfFinancialInstrumentsPolicy" xml:lang="en-US">Fair Value</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:to="lab_J678L06J67881ML36120_us-gaap_FairValueOfFinancialInstrumentsPolicy"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:label="loc_HF82J1J2G963_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" xml:lang="en-US">Goodwill and Intangible Assets, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" xml:lang="en-US">Goodwill and Indefinite-Lived Intangible Assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" xml:lang="en-US">Goodwill And Indefinite-Lived Intangible Assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:to="lab_JH04L3L4I185_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_LongTermLiabilitiesPolicyTextBlock" xlink:label="loc_H456J84H45669KJ14908_stra_LongTermLiabilitiesPolicyTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_LongTermLiabilitiesPolicyTextBlock" xml:lang="en-US">Long Term Liabilities [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_stra_LongTermLiabilitiesPolicyTextBlock" xml:lang="en-US">Long-Term Liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_LongTermLiabilitiesPolicyTextBlock" xml:lang="en-US">Disclosure of accounting policy for long-term liabilities which includes the major components of the long-term liabilities caption in the financial statements.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_LongTermLiabilitiesPolicyTextBlock" xlink:to="lab_J678L06J67881ML36120_stra_LongTermLiabilitiesPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativesMethodsOfAccountingHedgingDerivatives" xlink:label="loc_HF82J1J2G963_us-gaap_DerivativesMethodsOfAccountingHedgingDerivatives" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_DerivativesMethodsOfAccountingHedgingDerivatives" xml:lang="en-US">Derivatives, Methods Of Accounting, Hedging Derivatives [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_DerivativesMethodsOfAccountingHedgingDerivatives" xml:lang="en-US">Accounting for Derivative Instruments and Hedging Activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_DerivativesMethodsOfAccountingHedgingDerivatives" xlink:to="lab_JH04L3L4I185_us-gaap_DerivativesMethodsOfAccountingHedgingDerivatives"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_AuthorizedStockPolicyTextBlock" xlink:label="loc_H456J84H45669KJ14908_stra_AuthorizedStockPolicyTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_AuthorizedStockPolicyTextBlock" xml:lang="en-US">Authorized Stock [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_stra_AuthorizedStockPolicyTextBlock" xml:lang="en-US">Authorized Stock</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_AuthorizedStockPolicyTextBlock" xml:lang="en-US">Disclosure of accounting policy for authorized stock. Discloses the type and amount of stock that is issued and outstanding.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_AuthorizedStockPolicyTextBlock" xlink:to="lab_J678L06J67881ML36120_stra_AuthorizedStockPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AdvertisingCostsPolicyTextBlock" xlink:label="loc_HF82J1J2G963_us-gaap_AdvertisingCostsPolicyTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_AdvertisingCostsPolicyTextBlock" xml:lang="en-US">Advertising Costs, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_AdvertisingCostsPolicyTextBlock" xml:lang="en-US">Advertising Costs</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_AdvertisingCostsPolicyTextBlock" xlink:to="lab_JH04L3L4I185_us-gaap_AdvertisingCostsPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xml:lang="en-US">Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xml:lang="en-US">Stock-Based Compensation</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:to="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EarningsPerSharePolicyTextBlock" xlink:label="loc_HF82J1J2G963_us-gaap_EarningsPerSharePolicyTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_EarningsPerSharePolicyTextBlock" xml:lang="en-US">Earnings Per Share, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_EarningsPerSharePolicyTextBlock" xml:lang="en-US">Net Income Per Share</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_EarningsPerSharePolicyTextBlock" xlink:to="lab_JH04L3L4I185_us-gaap_EarningsPerSharePolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncomeTaxPolicyTextBlock" xlink:label="loc_H456J84H45669KJ14908_us-gaap_IncomeTaxPolicyTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_IncomeTaxPolicyTextBlock" xml:lang="en-US">Income Tax, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_IncomeTaxPolicyTextBlock" xml:lang="en-US">Income Taxes</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_IncomeTaxPolicyTextBlock" xlink:to="lab_J678L06J67881ML36120_us-gaap_IncomeTaxPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_UseOfEstimates" xlink:label="loc_HF82J1J2G963_us-gaap_UseOfEstimates" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_UseOfEstimates" xml:lang="en-US">Use of Estimates, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_UseOfEstimates" xml:lang="en-US">Use of Estimates</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_UseOfEstimates" xlink:to="lab_JH04L3L4I185_us-gaap_UseOfEstimates"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ComprehensiveIncomePolicyPolicyTextBlock" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ComprehensiveIncomePolicyPolicyTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ComprehensiveIncomePolicyPolicyTextBlock" xml:lang="en-US">Comprehensive Income, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ComprehensiveIncomePolicyPolicyTextBlock" xml:lang="en-US">Comprehensive Income</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ComprehensiveIncomePolicyPolicyTextBlock" xlink:to="lab_J678L06J67881ML36120_us-gaap_ComprehensiveIncomePolicyPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:label="loc_HF82J1J2G963_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xml:lang="en-US">New Accounting Pronouncements, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xml:lang="en-US">Recent Accounting Pronouncements</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:to="lab_JH04L3L4I185_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_ScheduleOfGraduationFundLiabilityTableTextBlock" xlink:label="loc_H456J84H45669KJ14908_stra_ScheduleOfGraduationFundLiabilityTableTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_ScheduleOfGraduationFundLiabilityTableTextBlock" xml:lang="en-US">Schedule Of Graduation Fund Liability [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_stra_ScheduleOfGraduationFundLiabilityTableTextBlock" xml:lang="en-US">Schedule of graduation fund liability</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_ScheduleOfGraduationFundLiabilityTableTextBlock" xml:lang="en-US">Tabular disclosure of graduation fund liability.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_ScheduleOfGraduationFundLiabilityTableTextBlock" xlink:to="lab_J678L06J67881ML36120_stra_ScheduleOfGraduationFundLiabilityTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock" xlink:label="loc_HF82J1J2G963_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock" xml:lang="en-US">Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock" xml:lang="en-US">Schedule of tuition receivable and allowance for doubtful accounts</label>
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<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_ScheduleOfAllowanceForDoubtfulAccountsTableTextBlock" xlink:label="loc_H456J84H45669KJ14908_stra_ScheduleOfAllowanceForDoubtfulAccountsTableTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_ScheduleOfAllowanceForDoubtfulAccountsTableTextBlock" xml:lang="en-US">Schedule Of Allowance For Doubtful Accounts [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_stra_ScheduleOfAllowanceForDoubtfulAccountsTableTextBlock" xml:lang="en-US">Schedule of allowance for doubtful accounts</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_ScheduleOfAllowanceForDoubtfulAccountsTableTextBlock" xml:lang="en-US">Tabular disclosure of allowance for doubtful accounts.</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:label="loc_HF82J1J2G963_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xml:lang="en-US">Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xml:lang="en-US">Reconciliation Of Shares Used To Calculate Basic And Diluted Earnings Per Share</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xml:lang="en-US">Schedule of reconciliation of shares used to calculate basic and diluted earnings per share</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfRestructuringReserveByTypeOfCostTextBlock" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ScheduleOfRestructuringReserveByTypeOfCostTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ScheduleOfRestructuringReserveByTypeOfCostTextBlock" xml:lang="en-US">Schedule of Restructuring Reserve by Type of Cost [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ScheduleOfRestructuringReserveByTypeOfCostTextBlock" xml:lang="en-US">Schedule of restructuring liability by type of cost</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:label="loc_HF82J1J2G963_us-gaap_PropertyPlantAndEquipmentTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_PropertyPlantAndEquipmentTextBlock" xml:lang="en-US">Property, Plant and Equipment [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_PropertyPlantAndEquipmentTextBlock" xml:lang="en-US">Composition of property and equipment</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:to="lab_JH04L3L4I185_us-gaap_PropertyPlantAndEquipmentTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfDebtTableTextBlock" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ScheduleOfDebtTableTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ScheduleOfDebtTableTextBlock" xml:lang="en-US">Schedule Of Debt [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ScheduleOfDebtTableTextBlock" xml:lang="en-US">Schedule of debt and short-term borrowings</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ScheduleOfDebtTableTextBlock" xml:lang="en-US">Schedule Of Debt And Short-Term Borrowings</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:label="loc_HF82J1J2G963_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xml:lang="en-US">Schedule Of Maturities Of Long-Term Debt [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xml:lang="en-US">Schedule of aggregate debt maturities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xml:lang="en-US">Schedule Of Aggregate Debt Maturities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:to="lab_JH04L3L4I185_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xml:lang="en-US">Schedule Of Fair Value, Assets and Liabilities Measured On Recurring Basis [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xml:lang="en-US">Schedule of assets and liabilities measured at fair value on a recurring basis</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xml:lang="en-US">Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:to="lab_J678L06J67881ML36120_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:label="loc_HF82J1J2G963_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xml:lang="en-US">Fair Value, Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xml:lang="en-US">Schedule of changes in fair value of level 3 liability</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xml:lang="en-US">Schedule Of Changes In Fair Value Of Level 3 Liability</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:to="lab_JH04L3L4I185_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock" xml:lang="en-US">Schedule Of Nonvested Restricted Stock Units Activity [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock" xml:lang="en-US">Schedule of restricted stock and restricted stock units activity</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock" xlink:to="lab_J678L06J67881ML36120_us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock" xlink:label="loc_HF82J1J2G963_us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock" xml:lang="en-US">Schedule Of Share-Based Compensation, Stock Options, Activity [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock" xml:lang="en-US">Schedule of stock option activity and other stock option information</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock" xlink:to="lab_JH04L3L4I185_us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableTableTextBlock" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableTableTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableTableTextBlock" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableTableTextBlock" xml:lang="en-US">Summary of number of shares exercisable</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableTableTextBlock" xlink:to="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock" xlink:label="loc_HF82J1J2G963_us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock" xml:lang="en-US">Schedule Of Employee Service Share-Based Compensation, Allocation Of Recognized Period Costs [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock" xml:lang="en-US">Schedule of stock-based compensation expense</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock" xlink:to="lab_JH04L3L4I185_us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfCashProceedsReceivedFromShareBasedPaymentAwardsTableTextBlock" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ScheduleOfCashProceedsReceivedFromShareBasedPaymentAwardsTableTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ScheduleOfCashProceedsReceivedFromShareBasedPaymentAwardsTableTextBlock" xml:lang="en-US">Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ScheduleOfCashProceedsReceivedFromShareBasedPaymentAwardsTableTextBlock" xml:lang="en-US">Schedule of information regarding share-based payment arrangements</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ScheduleOfCashProceedsReceivedFromShareBasedPaymentAwardsTableTextBlock" xlink:to="lab_J678L06J67881ML36120_us-gaap_ScheduleOfCashProceedsReceivedFromShareBasedPaymentAwardsTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OtherNoncurrentLiabilitiesTableTextBlock" xlink:label="loc_HF82J1J2G963_us-gaap_OtherNoncurrentLiabilitiesTableTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_OtherNoncurrentLiabilitiesTableTextBlock" xml:lang="en-US">Other Noncurrent Liabilities [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_OtherNoncurrentLiabilitiesTableTextBlock" xml:lang="en-US">Schedule of other long-term liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_OtherNoncurrentLiabilitiesTableTextBlock" xlink:to="lab_JH04L3L4I185_us-gaap_OtherNoncurrentLiabilitiesTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationEmployeeStockPurchasePlanActivityTableTextBlock" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ScheduleOfShareBasedCompensationEmployeeStockPurchasePlanActivityTableTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ScheduleOfShareBasedCompensationEmployeeStockPurchasePlanActivityTableTextBlock" xml:lang="en-US">Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ScheduleOfShareBasedCompensationEmployeeStockPurchasePlanActivityTableTextBlock" xml:lang="en-US">Schedule of shares purchased in the open market for employees</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ScheduleOfShareBasedCompensationEmployeeStockPurchasePlanActivityTableTextBlock" xlink:to="lab_J678L06J67881ML36120_us-gaap_ScheduleOfShareBasedCompensationEmployeeStockPurchasePlanActivityTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfTreasuryStockByClassTextBlock" xlink:label="loc_HF82J1J2G963_us-gaap_ScheduleOfTreasuryStockByClassTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_ScheduleOfTreasuryStockByClassTextBlock" xml:lang="en-US">Class of Treasury Stock [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ScheduleOfTreasuryStockByClassTextBlock" xml:lang="en-US">Schedule of stock repurchase activity</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_ScheduleOfTreasuryStockByClassTextBlock" xlink:to="lab_JH04L3L4I185_us-gaap_ScheduleOfTreasuryStockByClassTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock" xml:lang="en-US">Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock" xml:lang="en-US">Schedule of minimum rental commitments</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:label="loc_HF82J1J2G963_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xml:lang="en-US">Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xml:lang="en-US">Schedule of income tax provision</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:to="lab_JH04L3L4I185_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xml:lang="en-US">Schedule of Deferred Tax Assets and Liabilities [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xml:lang="en-US">Schedule of tax effects of principal temporary differences that give rise to deferred tax assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:to="lab_J678L06J67881ML36120_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SummaryOfIncomeTaxContingenciesTextBlock" xlink:label="loc_HF82J1J2G963_us-gaap_SummaryOfIncomeTaxContingenciesTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_SummaryOfIncomeTaxContingenciesTextBlock" xml:lang="en-US">Summary of Income Tax Contingencies [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_SummaryOfIncomeTaxContingenciesTextBlock" xml:lang="en-US">Summary of changes in unrecognized tax benefits</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_SummaryOfIncomeTaxContingenciesTextBlock" xlink:to="lab_JH04L3L4I185_us-gaap_SummaryOfIncomeTaxContingenciesTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xml:lang="en-US">Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xml:lang="en-US">Schedule of reconciliation between statutory tax rate and effective tax rate</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:to="lab_J678L06J67881ML36120_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock" xlink:label="loc_HF82J1J2G963_us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock" xml:lang="en-US">Schedule of Quarterly Financial Information [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock" xml:lang="en-US">Schedule of quarterly financial information</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock" xlink:to="lab_JH04L3L4I185_us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_NumberOfReportableSegments" xlink:label="loc_H456J84H45669KJ14908_us-gaap_NumberOfReportableSegments" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_NumberOfReportableSegments" xml:lang="en-US">Number Of Reportable Segments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_NumberOfReportableSegments" xml:lang="en-US">Number of reporting segments</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_NumberOfReportableSegments" xlink:to="lab_J678L06J67881ML36120_us-gaap_NumberOfReportableSegments"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_GraduationFundLiabilityAbstract" xlink:label="loc_HF82J1J2G963_stra_GraduationFundLiabilityAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_GraduationFundLiabilityAbstract" xml:lang="en-US">Graduation Fund Liability [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_stra_GraduationFundLiabilityAbstract" xml:lang="en-US">Graduation fund liability</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_GraduationFundLiabilityAbstract" xml:lang="en-US">Graduation Fund Liability [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_stra_GraduationFundLiabilityAbstract" xlink:to="lab_JH04L3L4I185_stra_GraduationFundLiabilityAbstract"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_GraduationFundLiability" xlink:label="loc_H456J84H45669KJ14908_stra_GraduationFundLiability" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_GraduationFundLiability" xml:lang="en-US">Graduation Fund Liability</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_J678L06J67881ML36120_stra_GraduationFundLiability" xml:lang="en-US">Balance at December 31, 2013</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_J678L06J67881ML36120_stra_GraduationFundLiability" xml:lang="en-US">Balance at December 31, 2014</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_GraduationFundLiability" xml:lang="en-US">Carrying amount (including both current and noncurrent portions of the accrual) as of the balance sheet date pertaining to graduation fund liability.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_GraduationFundLiability" xlink:to="lab_J678L06J67881ML36120_stra_GraduationFundLiability"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_RevenueDeferred" xlink:label="loc_HF82J1J2G963_stra_RevenueDeferred" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_RevenueDeferred" xml:lang="en-US">Revenue Deferred</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_stra_RevenueDeferred" xml:lang="en-US">Revenue deferred</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_RevenueDeferred" xml:lang="en-US">Additional graduation fund liability generated in the current year for services to be performed in the future.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_stra_RevenueDeferred" xlink:to="lab_JH04L3L4I185_stra_RevenueDeferred"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_BenefitRedeemed" xlink:label="loc_H456J84H45669KJ14908_stra_BenefitRedeemed" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_BenefitRedeemed" xml:lang="en-US">Benefit Redeemed</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_stra_BenefitRedeemed" xml:lang="en-US">Benefit redeemed</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_BenefitRedeemed" xml:lang="en-US">Current year redemptions of graduation fund credits by students.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_BenefitRedeemed" xlink:to="lab_J678L06J67881ML36120_stra_BenefitRedeemed"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AccountsReceivableNetCurrentAbstract" xlink:label="loc_HF82J1J2G963_us-gaap_AccountsReceivableNetCurrentAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_AccountsReceivableNetCurrentAbstract" xml:lang="en-US">Accounts Receivable, Net, Current [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_AccountsReceivableNetCurrentAbstract" xml:lang="en-US">Schedule of tuition receivable and allowance for doubtful accounts</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_AccountsReceivableNetCurrentAbstract" xlink:to="lab_JH04L3L4I185_us-gaap_AccountsReceivableNetCurrentAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AccountsReceivableGrossCurrent" xlink:label="loc_H456J84H45669KJ14908_us-gaap_AccountsReceivableGrossCurrent" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_AccountsReceivableGrossCurrent" xml:lang="en-US">Accounts Receivable, Gross, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_AccountsReceivableGrossCurrent" xml:lang="en-US">Tuition receivable</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_AccountsReceivableGrossCurrent" xlink:to="lab_J678L06J67881ML36120_us-gaap_AccountsReceivableGrossCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:label="loc_HF82J1J2G963_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xml:lang="en-US">Allowance for Doubtful Accounts Receivable, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xml:lang="en-US">Allowances for doubtful accounts</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_JH04L3L4I185_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xml:lang="en-US">Beginning allowance for doubtful accounts</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_JH04L3L4I185_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xml:lang="en-US">Ending allowance for doubtful accounts</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_JH04L3L4I185_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xml:lang="en-US">Allowances for doubtful accounts</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:to="lab_JH04L3L4I185_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivableRollforward" xlink:label="loc_H456J84H45669KJ14908_us-gaap_AllowanceForDoubtfulAccountsReceivableRollforward" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_AllowanceForDoubtfulAccountsReceivableRollforward" xml:lang="en-US">Allowance for Doubtful Accounts Receivable [Roll Forward]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_AllowanceForDoubtfulAccountsReceivableRollforward" xml:lang="en-US">Schedule of allowance for doubtful accounts</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_AllowanceForDoubtfulAccountsReceivableRollforward" xlink:to="lab_J678L06J67881ML36120_us-gaap_AllowanceForDoubtfulAccountsReceivableRollforward"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ProvisionForDoubtfulAccounts" xlink:label="loc_HF82J1J2G963_us-gaap_ProvisionForDoubtfulAccounts" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_ProvisionForDoubtfulAccounts" xml:lang="en-US">Provision for Doubtful Accounts</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ProvisionForDoubtfulAccounts" xml:lang="en-US">Additions charged to expense</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_ProvisionForDoubtfulAccounts" xlink:to="lab_JH04L3L4I185_us-gaap_ProvisionForDoubtfulAccounts"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs" xlink:label="loc_H456J84H45669KJ14908_us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs" xml:lang="en-US">Allowance for Doubtful Accounts Receivable, Write-offs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs" xml:lang="en-US">Write-offs, net of recoveries</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs" xml:lang="en-US">Write-offs, net of recoveries</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs" xlink:to="lab_J678L06J67881ML36120_us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract" xlink:label="loc_HF82J1J2G963_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract" xml:lang="en-US">Weighted Average Number Of Shares Outstanding Reconciliation [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract" xml:lang="en-US">Schedule of reconciliation of shares used to calculate basic and diluted earnings per share</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract" xlink:to="lab_JH04L3L4I185_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xlink:label="loc_H456J84H45669KJ14908_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xml:lang="en-US">Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xml:lang="en-US">Incremental shares issuable upon the assumed exercise of stock options</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xml:lang="en-US">Issued and outstanding of stock options</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xlink:to="lab_J678L06J67881ML36120_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends" xlink:label="loc_HF82J1J2G963_us-gaap_IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends" xml:lang="en-US">Incremental Common Shares Attributable to Dilutive Effect of Nonvested Shares with Forfeitable Dividends</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends" xml:lang="en-US">Unvested restricted stock and restricted stock units</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends" xlink:to="lab_JH04L3L4I185_us-gaap_IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xml:lang="en-US">Property, Plant and Equipment [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:to="lab_J678L06J67881ML36120_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_HF82J1J2G963_us-gaap_RangeAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_RangeAxis" xml:lang="en-US">Range [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_RangeAxis" xml:lang="en-US">Range [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_RangeAxis" xlink:to="lab_JH04L3L4I185_us-gaap_RangeAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_H456J84H45669KJ14908_us-gaap_RangeMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_RangeMember" xml:lang="en-US">Range [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_RangeMember" xml:lang="en-US">Range [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_RangeMember" xml:lang="en-US">Range [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_RangeMember" xlink:to="lab_J678L06J67881ML36120_us-gaap_RangeMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_MaximumMember" xlink:label="loc_HF82J1J2G963_us-gaap_MaximumMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_MaximumMember" xml:lang="en-US">Maximum [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_MaximumMember" xml:lang="en-US">Maximum [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_MaximumMember" xlink:to="lab_JH04L3L4I185_us-gaap_MaximumMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_MinimumMember" xlink:label="loc_H456J84H45669KJ14908_us-gaap_MinimumMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_MinimumMember" xml:lang="en-US">Minimum [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_MinimumMember" xml:lang="en-US">Minimum [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_MinimumMember" xlink:to="lab_J678L06J67881ML36120_us-gaap_MinimumMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PropertyPlantAndEquipmentLineItems" xlink:label="loc_HF82J1J2G963_us-gaap_PropertyPlantAndEquipmentLineItems" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_PropertyPlantAndEquipmentLineItems" xml:lang="en-US">Property, Plant and Equipment [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_PropertyPlantAndEquipmentLineItems" xlink:to="lab_JH04L3L4I185_us-gaap_PropertyPlantAndEquipmentLineItems"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_SignificantAccountingPoliciesTextualAbstract" xlink:label="loc_H456J84H45669KJ14908_stra_SignificantAccountingPoliciesTextualAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_SignificantAccountingPoliciesTextualAbstract" xml:lang="en-US">Significant Accounting Policies (Textual) [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_stra_SignificantAccountingPoliciesTextualAbstract" xml:lang="en-US">Significant Accounting Policies (Textual)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_SignificantAccountingPoliciesTextualAbstract" xml:lang="en-US">Significant accounting policies.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_SignificantAccountingPoliciesTextualAbstract" xlink:to="lab_J678L06J67881ML36120_stra_SignificantAccountingPoliciesTextualAbstract"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_PercentageOfTuitionRevenueInRevenue" xlink:label="loc_HF82J1J2G963_stra_PercentageOfTuitionRevenueInRevenue" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_PercentageOfTuitionRevenueInRevenue" xml:lang="en-US">Percentage Of Tuition Revenue In Revenue</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_stra_PercentageOfTuitionRevenueInRevenue" xml:lang="en-US">Percentage of tuition revenue in total revenue</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_PercentageOfTuitionRevenueInRevenue" xml:lang="en-US">Percentage of tuition revenue in total revenue.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_stra_PercentageOfTuitionRevenueInRevenue" xlink:to="lab_JH04L3L4I185_stra_PercentageOfTuitionRevenueInRevenue"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_UnusedBooksAndAcademicMeterialRefunadablePeriod" xlink:label="loc_H456J84H45669KJ14908_stra_UnusedBooksAndAcademicMeterialRefunadablePeriod" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_UnusedBooksAndAcademicMeterialRefunadablePeriod" xml:lang="en-US">Unused Books And Academic Meterial Refunadable Period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_stra_UnusedBooksAndAcademicMeterialRefunadablePeriod" xml:lang="en-US">Unused books and academic meterial refunadable period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_UnusedBooksAndAcademicMeterialRefunadablePeriod" xml:lang="en-US">The period to return unused books and related academic materials in order to receive a full refund.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_UnusedBooksAndAcademicMeterialRefunadablePeriod" xlink:to="lab_J678L06J67881ML36120_stra_UnusedBooksAndAcademicMeterialRefunadablePeriod"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" xlink:label="loc_HF82J1J2G963_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Restricted Cash and Cash Equivalents, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Restricted cash</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" xlink:to="lab_JH04L3L4I185_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AccountsReceivableNetNoncurrent" xlink:label="loc_H456J84H45669KJ14908_us-gaap_AccountsReceivableNetNoncurrent" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_AccountsReceivableNetNoncurrent" xml:lang="en-US">Accounts Receivable, Net, Noncurrent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_AccountsReceivableNetNoncurrent" xml:lang="en-US">Tuition receivable included in other assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_AccountsReceivableNetNoncurrent" xlink:to="lab_J678L06J67881ML36120_us-gaap_AccountsReceivableNetNoncurrent"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_ExpectedCollectionPeriodOfTuitionReceivable" xlink:label="loc_HF82J1J2G963_stra_ExpectedCollectionPeriodOfTuitionReceivable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_ExpectedCollectionPeriodOfTuitionReceivable" xml:lang="en-US">Expected Collection Period Of Tuition Receivable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_stra_ExpectedCollectionPeriodOfTuitionReceivable" xml:lang="en-US">Expected collection period of tuition receivable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_ExpectedCollectionPeriodOfTuitionReceivable" xml:lang="en-US">Expected collection period of tuition receivable.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_stra_ExpectedCollectionPeriodOfTuitionReceivable" xlink:to="lab_JH04L3L4I185_stra_ExpectedCollectionPeriodOfTuitionReceivable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsNoncurrent" xlink:label="loc_H456J84H45669KJ14908_us-gaap_RestrictedCashAndCashEquivalentsNoncurrent" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_RestrictedCashAndCashEquivalentsNoncurrent" xml:lang="en-US">Restricted Cash and Cash Equivalents, Noncurrent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_RestrictedCashAndCashEquivalentsNoncurrent" xml:lang="en-US">Minimum protective endowment</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_RestrictedCashAndCashEquivalentsNoncurrent" xlink:to="lab_J678L06J67881ML36120_us-gaap_RestrictedCashAndCashEquivalentsNoncurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="loc_HF82J1J2G963_us-gaap_PreferredStockSharesAuthorized" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_PreferredStockSharesAuthorized" xml:lang="en-US">Preferred Stock, Shares Authorized</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_PreferredStockSharesAuthorized" xml:lang="en-US">Preferred stock, shares authorized</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_PreferredStockSharesAuthorized" xlink:to="lab_JH04L3L4I185_us-gaap_PreferredStockSharesAuthorized"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="loc_H456J84H45669KJ14908_us-gaap_PreferredStockSharesIssued" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_PreferredStockSharesIssued" xml:lang="en-US">Preferred Stock, Shares Issued</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_PreferredStockSharesIssued" xml:lang="en-US">Preferred stock, shares issued</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_PreferredStockSharesIssued" xml:lang="en-US">Preferred Stock, Shares Issued, Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_PreferredStockSharesIssued" xlink:to="lab_J678L06J67881ML36120_us-gaap_PreferredStockSharesIssued"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="loc_HF82J1J2G963_us-gaap_PreferredStockSharesOutstanding" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_PreferredStockSharesOutstanding" xml:lang="en-US">Preferred Stock, Shares Outstanding</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_PreferredStockSharesOutstanding" xml:lang="en-US">Preferred stock, shares outstanding</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_JH04L3L4I185_us-gaap_PreferredStockSharesOutstanding" xml:lang="en-US">Preferred Stock, Shares Outstanding, Beginning Balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_JH04L3L4I185_us-gaap_PreferredStockSharesOutstanding" xml:lang="en-US">Preferred Stock, Shares Outstanding, Ending Balance</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_PreferredStockSharesOutstanding" xlink:to="lab_JH04L3L4I185_us-gaap_PreferredStockSharesOutstanding"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncomeTaxExaminationDescription" xlink:label="loc_H456J84H45669KJ14908_us-gaap_IncomeTaxExaminationDescription" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_IncomeTaxExaminationDescription" xml:lang="en-US">Income Tax Examination, Description</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_IncomeTaxExaminationDescription" xml:lang="en-US">Income tax description</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_IncomeTaxExaminationDescription" xlink:to="lab_J678L06J67881ML36120_us-gaap_IncomeTaxExaminationDescription"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:label="loc_HF82J1J2G963_us-gaap_PropertyPlantAndEquipmentUsefulLife" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_PropertyPlantAndEquipmentUsefulLife" xml:lang="en-US">Property, Plant and Equipment, Useful Life</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_PropertyPlantAndEquipmentUsefulLife" xml:lang="en-US">Estimated useful life of property and equipment</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:to="lab_JH04L3L4I185_us-gaap_PropertyPlantAndEquipmentUsefulLife"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill" xml:lang="en-US">Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill" xml:lang="en-US">Impairment loss</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill" xlink:to="lab_J678L06J67881ML36120_us-gaap_ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfRestructuringAndRelatedCostsTable" xlink:label="loc_HF82J1J2G963_us-gaap_ScheduleOfRestructuringAndRelatedCostsTable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_ScheduleOfRestructuringAndRelatedCostsTable" xml:lang="en-US">Schedule of Restructuring and Related Costs [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_ScheduleOfRestructuringAndRelatedCostsTable" xlink:to="lab_JH04L3L4I185_us-gaap_ScheduleOfRestructuringAndRelatedCostsTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RestructuringCostAndReserveAxis" xlink:label="loc_H456J84H45669KJ14908_us-gaap_RestructuringCostAndReserveAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_RestructuringCostAndReserveAxis" xml:lang="en-US">Restructuring Type [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_RestructuringCostAndReserveAxis" xlink:to="lab_J678L06J67881ML36120_us-gaap_RestructuringCostAndReserveAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_TypeOfRestructuringDomain" xlink:label="loc_HF82J1J2G963_us-gaap_TypeOfRestructuringDomain" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_TypeOfRestructuringDomain" xml:lang="en-US">Type of Restructuring [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_TypeOfRestructuringDomain" xlink:to="lab_JH04L3L4I185_us-gaap_TypeOfRestructuringDomain"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_LeaseAndRelatedCostsMember" xlink:label="loc_H456J84H45669KJ14908_stra_LeaseAndRelatedCostsMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_LeaseAndRelatedCostsMember" xml:lang="en-US">Lease And Related Costs [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_stra_LeaseAndRelatedCostsMember" xml:lang="en-US">Lease and Related Costs, Net [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_LeaseAndRelatedCostsMember" xml:lang="en-US">Lease And Related Costs.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_LeaseAndRelatedCostsMember" xlink:to="lab_J678L06J67881ML36120_stra_LeaseAndRelatedCostsMember"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_SeveranceAndOtherEmployeeSeparationCostsMember" xlink:label="loc_HF82J1J2G963_stra_SeveranceAndOtherEmployeeSeparationCostsMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_SeveranceAndOtherEmployeeSeparationCostsMember" xml:lang="en-US">Severance And Other Employee Separation Costs [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_stra_SeveranceAndOtherEmployeeSeparationCostsMember" xml:lang="en-US">Severance and Other Employee Separation Costs [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_SeveranceAndOtherEmployeeSeparationCostsMember" xml:lang="en-US">Severance and Other Employee Separation Costs.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_stra_SeveranceAndOtherEmployeeSeparationCostsMember" xlink:to="lab_JH04L3L4I185_stra_SeveranceAndOtherEmployeeSeparationCostsMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RestructuringCostAndReserveLineItems" xlink:label="loc_H456J84H45669KJ14908_us-gaap_RestructuringCostAndReserveLineItems" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_RestructuringCostAndReserveLineItems" xml:lang="en-US">Restructuring Cost and Reserve [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_RestructuringCostAndReserveLineItems" xlink:to="lab_J678L06J67881ML36120_us-gaap_RestructuringCostAndReserveLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RestructuringReserveRollForward" xlink:label="loc_HF82J1J2G963_us-gaap_RestructuringReserveRollForward" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_RestructuringReserveRollForward" xml:lang="en-US">Restructuring Reserve [Roll Forward]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_RestructuringReserveRollForward" xml:lang="en-US">Schedule of restructuring liability by type of cost</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_RestructuringReserveRollForward" xlink:to="lab_JH04L3L4I185_us-gaap_RestructuringReserveRollForward"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RestructuringReserve" xlink:label="loc_H456J84H45669KJ14908_us-gaap_RestructuringReserve" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_RestructuringReserve" xml:lang="en-US">Restructuring Reserve</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_RestructuringReserve" xml:lang="en-US">Restructuring charges gross obligations liability</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_RestructuringReserve" xml:lang="en-US">Balance at December 31, 2013</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_RestructuringReserve" xml:lang="en-US">Balance at December 31, 2014</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_RestructuringReserve" xlink:to="lab_J678L06J67881ML36120_us-gaap_RestructuringReserve"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PaymentsForRestructuring" xlink:label="loc_HF82J1J2G963_us-gaap_PaymentsForRestructuring" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_PaymentsForRestructuring" xml:lang="en-US">Payments for Restructuring</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_PaymentsForRestructuring" xml:lang="en-US">Payments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_JH04L3L4I185_us-gaap_PaymentsForRestructuring" xml:lang="en-US">Payments</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_PaymentsForRestructuring" xlink:to="lab_JH04L3L4I185_us-gaap_PaymentsForRestructuring"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_RestructruingReserveAccrualAdjustmentsSettledIncurred" xlink:label="loc_H456J84H45669KJ14908_stra_RestructruingReserveAccrualAdjustmentsSettledIncurred" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_RestructruingReserveAccrualAdjustmentsSettledIncurred" xml:lang="en-US">Restructruing Reserve Accrual Adjustments Settled Incurred</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_stra_RestructruingReserveAccrualAdjustmentsSettledIncurred" xml:lang="en-US">Adjustments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_RestructruingReserveAccrualAdjustmentsSettledIncurred" xml:lang="en-US">Amount and any adjustment to the restructuring reserve (settled) incurred during the period.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_RestructruingReserveAccrualAdjustmentsSettledIncurred" xlink:to="lab_J678L06J67881ML36120_stra_RestructruingReserveAccrualAdjustmentsSettledIncurred"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RestructuringReserveCurrent" xlink:label="loc_HF82J1J2G963_us-gaap_RestructuringReserveCurrent" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_RestructuringReserveCurrent" xml:lang="en-US">Restructuring Reserve, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_RestructuringReserveCurrent" xml:lang="en-US">Restructuring liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_RestructuringReserveCurrent" xlink:to="lab_JH04L3L4I185_us-gaap_RestructuringReserveCurrent"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_RestructuringAndRelatedCostAdjustmentForLeaseAndRelatedCost" xlink:label="loc_H456J84H45669KJ14908_stra_RestructuringAndRelatedCostAdjustmentForLeaseAndRelatedCost" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_RestructuringAndRelatedCostAdjustmentForLeaseAndRelatedCost" xml:lang="en-US">Restructuring And Related Cost Non Cash Adjustment For Lease And Related Cost</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_stra_RestructuringAndRelatedCostAdjustmentForLeaseAndRelatedCost" xml:lang="en-US">Adjustments for lease and related costs primarily</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_RestructuringAndRelatedCostAdjustmentForLeaseAndRelatedCost" xml:lang="en-US">Restructuring and related cost adjustment for lease and related cost.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_RestructuringAndRelatedCostAdjustmentForLeaseAndRelatedCost" xlink:to="lab_J678L06J67881ML36120_stra_RestructuringAndRelatedCostAdjustmentForLeaseAndRelatedCost"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AccretionExpense" xlink:label="loc_HF82J1J2G963_us-gaap_AccretionExpense" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_AccretionExpense" xml:lang="en-US">Accretion Expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_AccretionExpense" xml:lang="en-US">Adjustments of accretion of interest on lease costs</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_AccretionExpense" xlink:to="lab_JH04L3L4I185_us-gaap_AccretionExpense"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_CampusLocationClosed" xlink:label="loc_H456J84H45669KJ14908_stra_CampusLocationClosed" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_CampusLocationClosed" xml:lang="en-US">Campus Location Closed</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_stra_CampusLocationClosed" xml:lang="en-US">Campus location closed</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_CampusLocationClosed" xml:lang="en-US">Campus location closed.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_CampusLocationClosed" xlink:to="lab_J678L06J67881ML36120_stra_CampusLocationClosed"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ContractualObligation" xlink:label="loc_HF82J1J2G963_us-gaap_ContractualObligation" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_ContractualObligation" xml:lang="en-US">Contractual Obligation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ContractualObligation" xml:lang="en-US">Contractual obligation</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_ContractualObligation" xlink:to="lab_JH04L3L4I185_us-gaap_ContractualObligation"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_LeaseTermExpire" xlink:label="loc_H456J84H45669KJ14908_stra_LeaseTermExpire" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_LeaseTermExpire" xml:lang="en-US">Lease Term Expire</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_stra_LeaseTermExpire" xml:lang="en-US">Lease term expire</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_LeaseTermExpire" xml:lang="en-US">The last year for which all current leases will expire.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_LeaseTermExpire" xlink:to="lab_J678L06J67881ML36120_stra_LeaseTermExpire"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_MarginalBorrowingRateOfLease" xlink:label="loc_HF82J1J2G963_stra_MarginalBorrowingRateOfLease" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_MarginalBorrowingRateOfLease" xml:lang="en-US">Marginal Borrowing Rate Of Lease</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_stra_MarginalBorrowingRateOfLease" xml:lang="en-US">Lease marginal borrowing rate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_MarginalBorrowingRateOfLease" xml:lang="en-US">Marginal borrowing rate of lease.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_stra_MarginalBorrowingRateOfLease" xlink:to="lab_JH04L3L4I185_stra_MarginalBorrowingRateOfLease"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_SeveranceAndOtherEmployeeSeparationCosts" xlink:label="loc_H456J84H45669KJ14908_stra_SeveranceAndOtherEmployeeSeparationCosts" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_SeveranceAndOtherEmployeeSeparationCosts" xml:lang="en-US">Severance And Other Employee Separation Costs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_stra_SeveranceAndOtherEmployeeSeparationCosts" xml:lang="en-US">Severance and other employee separation costs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_SeveranceAndOtherEmployeeSeparationCosts" xml:lang="en-US">Amount of expenses for special or contractual termination benefits provided to current employees involuntarily terminated under a benefit arrangement associated exit or disposal activities pursuant to an authorized plan. Excludes expenses related to one-time termination benefits, a discontinued operation or an asset retirement obligation.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_SeveranceAndOtherEmployeeSeparationCosts" xlink:to="lab_J678L06J67881ML36120_stra_SeveranceAndOtherEmployeeSeparationCosts"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="loc_HF82J1J2G963_us-gaap_PropertyPlantAndEquipmentByTypeAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xml:lang="en-US">Property, Plant and Equipment, Type [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:to="lab_JH04L3L4I185_us-gaap_PropertyPlantAndEquipmentByTypeAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_H456J84H45669KJ14908_us-gaap_PropertyPlantAndEquipmentTypeDomain" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_PropertyPlantAndEquipmentTypeDomain" xml:lang="en-US">Property, Plant and Equipment, Type [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:to="lab_J678L06J67881ML36120_us-gaap_PropertyPlantAndEquipmentTypeDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LandMember" xlink:label="loc_HF82J1J2G963_us-gaap_LandMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_LandMember" xml:lang="en-US">Land [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_LandMember" xlink:to="lab_JH04L3L4I185_us-gaap_LandMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_BuildingAndBuildingImprovementsMember" xlink:label="loc_H456J84H45669KJ14908_us-gaap_BuildingAndBuildingImprovementsMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_BuildingAndBuildingImprovementsMember" xml:lang="en-US">Building and Building Improvements [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_BuildingAndBuildingImprovementsMember" xml:lang="en-US">Buildings and improvements [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_BuildingAndBuildingImprovementsMember" xlink:to="lab_J678L06J67881ML36120_us-gaap_BuildingAndBuildingImprovementsMember"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_FurnitureEquipmentAndComputerHardwareAndSoftwareMember" xlink:label="loc_HF82J1J2G963_stra_FurnitureEquipmentAndComputerHardwareAndSoftwareMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_FurnitureEquipmentAndComputerHardwareAndSoftwareMember" xml:lang="en-US">Furniture Equipment And Computer Hardware And Software [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_stra_FurnitureEquipmentAndComputerHardwareAndSoftwareMember" xml:lang="en-US">Furniture, equipment and computer hardware and software [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_FurnitureEquipmentAndComputerHardwareAndSoftwareMember" xml:lang="en-US">Represents information pertaining to furniture, equipment, and computer hardware and software.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_stra_FurnitureEquipmentAndComputerHardwareAndSoftwareMember" xlink:to="lab_JH04L3L4I185_stra_FurnitureEquipmentAndComputerHardwareAndSoftwareMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LeaseholdImprovementsMember" xlink:label="loc_H456J84H45669KJ14908_us-gaap_LeaseholdImprovementsMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_LeaseholdImprovementsMember" xml:lang="en-US">Leasehold Improvements [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_LeaseholdImprovementsMember" xml:lang="en-US">Leasehold improvements [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_LeaseholdImprovementsMember" xlink:to="lab_J678L06J67881ML36120_us-gaap_LeaseholdImprovementsMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ConstructionInProgressMember" xlink:label="loc_HF82J1J2G963_us-gaap_ConstructionInProgressMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_ConstructionInProgressMember" xml:lang="en-US">Construction in Progress [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ConstructionInProgressMember" xml:lang="en-US">Construction in progress [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_ConstructionInProgressMember" xlink:to="lab_JH04L3L4I185_us-gaap_ConstructionInProgressMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PropertyPlantAndEquipmentGross" xlink:label="loc_H456J84H45669KJ14908_us-gaap_PropertyPlantAndEquipmentGross" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_PropertyPlantAndEquipmentGross" xml:lang="en-US">Property, Plant and Equipment, Gross</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_PropertyPlantAndEquipmentGross" xml:lang="en-US">Property and equipment, gross</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_PropertyPlantAndEquipmentGross" xlink:to="lab_J678L06J67881ML36120_us-gaap_PropertyPlantAndEquipmentGross"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:label="loc_HF82J1J2G963_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xml:lang="en-US">Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xml:lang="en-US">Accumulated depreciation and amortization</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_JH04L3L4I185_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xml:lang="en-US">Accumulated depreciation and amortization</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:to="lab_JH04L3L4I185_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_LeaseholdImprovementsReimbursedByLessorsAsLeaseIncentives" xlink:label="loc_H456J84H45669KJ14908_stra_LeaseholdImprovementsReimbursedByLessorsAsLeaseIncentives" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_LeaseholdImprovementsReimbursedByLessorsAsLeaseIncentives" xml:lang="en-US">Leasehold Improvements Reimbursed By Lessors As Lease Incentives</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_stra_LeaseholdImprovementsReimbursedByLessorsAsLeaseIncentives" xml:lang="en-US">Leasehold improvements reimbursed by lessors as lease incentives</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_LeaseholdImprovementsReimbursedByLessorsAsLeaseIncentives" xml:lang="en-US">Increase of leasehold improvements reimbursed by lessors during the period. These reimbursements were capitalized as leasehold improvements and a long-term liability established.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_LeaseholdImprovementsReimbursedByLessorsAsLeaseIncentives" xlink:to="lab_J678L06J67881ML36120_stra_LeaseholdImprovementsReimbursedByLessorsAsLeaseIncentives"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_PropertyPlantAndEquipmentDisposals" xlink:label="loc_HF82J1J2G963_us-gaap_PropertyPlantAndEquipmentDisposals" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_PropertyPlantAndEquipmentDisposals" xml:lang="en-US">Property, Plant and Equipment, Disposals</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_PropertyPlantAndEquipmentDisposals" xml:lang="en-US">Fixed assets written off</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_PropertyPlantAndEquipmentDisposals" xlink:to="lab_JH04L3L4I185_us-gaap_PropertyPlantAndEquipmentDisposals"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DebtInstrumentTable" xlink:label="loc_H456J84H45669KJ14908_us-gaap_DebtInstrumentTable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_DebtInstrumentTable" xml:lang="en-US">Schedule of Long-term Debt Instruments [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_DebtInstrumentTable" xml:lang="en-US">Schedule of Long-term Debt Instruments [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_DebtInstrumentTable" xlink:to="lab_J678L06J67881ML36120_us-gaap_DebtInstrumentTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LongtermDebtTypeAxis" xlink:label="loc_HF82J1J2G963_us-gaap_LongtermDebtTypeAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_LongtermDebtTypeAxis" xml:lang="en-US">Long-term Debt, Type [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_LongtermDebtTypeAxis" xlink:to="lab_JH04L3L4I185_us-gaap_LongtermDebtTypeAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_H456J84H45669KJ14908_us-gaap_LongtermDebtTypeDomain" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_LongtermDebtTypeDomain" xml:lang="en-US">Long-term Debt, Type [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_LongtermDebtTypeDomain" xlink:to="lab_J678L06J67881ML36120_us-gaap_LongtermDebtTypeDomain"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_TermLoanFacilityMember" xlink:label="loc_HF82J1J2G963_stra_TermLoanFacilityMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_TermLoanFacilityMember" xml:lang="en-US">Term Loan Facility [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_stra_TermLoanFacilityMember" xml:lang="en-US">Term Loan Facility [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_stra_TermLoanFacilityMember" xml:lang="en-US">Term loan [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_TermLoanFacilityMember" xml:lang="en-US">Term loan facility.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_stra_TermLoanFacilityMember" xlink:to="lab_JH04L3L4I185_stra_TermLoanFacilityMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RevolvingCreditFacilityMember" xlink:label="loc_H456J84H45669KJ14908_us-gaap_RevolvingCreditFacilityMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_RevolvingCreditFacilityMember" xml:lang="en-US">Revolving Credit Facility [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_RevolvingCreditFacilityMember" xml:lang="en-US">Revolving Credit Facility [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_RevolvingCreditFacilityMember" xml:lang="en-US">Revolving credit facility [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_RevolvingCreditFacilityMember" xlink:to="lab_J678L06J67881ML36120_us-gaap_RevolvingCreditFacilityMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="loc_HF82J1J2G963_us-gaap_DebtInstrumentLineItems" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_DebtInstrumentLineItems" xml:lang="en-US">Debt Instrument [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_DebtInstrumentLineItems" xml:lang="en-US">Debt Instrument [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_DebtInstrumentLineItems" xlink:to="lab_JH04L3L4I185_us-gaap_DebtInstrumentLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LongTermDebtByCurrentAndNoncurrentAbstract" xlink:label="loc_H456J84H45669KJ14908_us-gaap_LongTermDebtByCurrentAndNoncurrentAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_LongTermDebtByCurrentAndNoncurrentAbstract" xml:lang="en-US">Long-term Debt, by Current and Noncurrent [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_LongTermDebtByCurrentAndNoncurrentAbstract" xml:lang="en-US">Schedule of debt and short-term borrowings</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_LongTermDebtByCurrentAndNoncurrentAbstract" xlink:to="lab_J678L06J67881ML36120_us-gaap_LongTermDebtByCurrentAndNoncurrentAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LongTermDebt" xlink:label="loc_HF82J1J2G963_us-gaap_LongTermDebt" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_LongTermDebt" xml:lang="en-US">Long-term Debt</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_LongTermDebt" xml:lang="en-US">Debt</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_LongTermDebt" xml:lang="en-US">Aggregate debt maturities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_JH04L3L4I185_us-gaap_LongTermDebt" xml:lang="en-US">Total debt</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/disclosureGuidance" xlink:label="lab_JH04L3L4I185_us-gaap_LongTermDebt" xml:lang="en-US">Carrying value of the debt</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_LongTermDebt" xlink:to="lab_JH04L3L4I185_us-gaap_LongTermDebt"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LongTermDebtByMaturityAbstract" xlink:label="loc_H456J84H45669KJ14908_us-gaap_LongTermDebtByMaturityAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_LongTermDebtByMaturityAbstract" xml:lang="en-US">Long-Term Debt, Fiscal Year Maturity [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_LongTermDebtByMaturityAbstract" xml:lang="en-US">Schedule of aggregate debt maturities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_LongTermDebtByMaturityAbstract" xlink:to="lab_J678L06J67881ML36120_us-gaap_LongTermDebtByMaturityAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:label="loc_HF82J1J2G963_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xml:lang="en-US">Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xml:lang="en-US">2015</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:to="lab_JH04L3L4I185_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:label="loc_H456J84H45669KJ14908_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xml:lang="en-US">Long-Term Debt, Maturities, Repayments Of Principal In Year Two</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xml:lang="en-US">2016</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xml:lang="en-US">2013</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:to="lab_J678L06J67881ML36120_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="loc_HF82J1J2G963_us-gaap_DebtInstrumentAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_DebtInstrumentAxis" xml:lang="en-US">Debt Instrument [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_DebtInstrumentAxis" xml:lang="en-US">Debt Instrument [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_DebtInstrumentAxis" xlink:to="lab_JH04L3L4I185_us-gaap_DebtInstrumentAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="loc_H456J84H45669KJ14908_us-gaap_DebtInstrumentNameDomain" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_DebtInstrumentNameDomain" xml:lang="en-US">Debt Instrument, Name [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_DebtInstrumentNameDomain" xml:lang="en-US">Debt Instrument, Name [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_DebtInstrumentNameDomain" xml:lang="en-US">Debt Instrument, Name [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_DebtInstrumentNameDomain" xlink:to="lab_J678L06J67881ML36120_us-gaap_DebtInstrumentNameDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LineOfCreditFacilityAxis" xlink:label="loc_HF82J1J2G963_us-gaap_LineOfCreditFacilityAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_LineOfCreditFacilityAxis" xml:lang="en-US">Line Of Credit Facility [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_LineOfCreditFacilityAxis" xml:lang="en-US">Line of Credit Facility [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_LineOfCreditFacilityAxis" xlink:to="lab_JH04L3L4I185_us-gaap_LineOfCreditFacilityAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LineOfCreditFacilityLenderDomain" xlink:label="loc_H456J84H45669KJ14908_us-gaap_LineOfCreditFacilityLenderDomain" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_LineOfCreditFacilityLenderDomain" xml:lang="en-US">Line Of Credit Facility Lender [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_LineOfCreditFacilityLenderDomain" xml:lang="en-US">Line of Credit Facility, Lender [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_LineOfCreditFacilityLenderDomain" xml:lang="en-US">Line of Credit Facility, Lender [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_LineOfCreditFacilityLenderDomain" xlink:to="lab_J678L06J67881ML36120_us-gaap_LineOfCreditFacilityLenderDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LetterOfCreditMember" xlink:label="loc_HF82J1J2G963_us-gaap_LetterOfCreditMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_LetterOfCreditMember" xml:lang="en-US">Letter Of Credit [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_LetterOfCreditMember" xml:lang="en-US">Letter of Credit [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_LetterOfCreditMember" xlink:to="lab_JH04L3L4I185_us-gaap_LetterOfCreditMember"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_LiborMember" xlink:label="loc_H456J84H45669KJ14908_stra_LiborMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_LiborMember" xml:lang="en-US">Libor [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_stra_LiborMember" xml:lang="en-US">LIBOR [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_LiborMember" xml:lang="en-US">LIBOR [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_LiborMember" xlink:to="lab_J678L06J67881ML36120_stra_LiborMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_VariableRateAxis" xlink:label="loc_HF82J1J2G963_us-gaap_VariableRateAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_VariableRateAxis" xml:lang="en-US">Variable Rate [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_VariableRateAxis" xlink:to="lab_JH04L3L4I185_us-gaap_VariableRateAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_VariableRateDomain" xlink:label="loc_H456J84H45669KJ14908_us-gaap_VariableRateDomain" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_VariableRateDomain" xml:lang="en-US">Variable Rate [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_VariableRateDomain" xlink:to="lab_J678L06J67881ML36120_us-gaap_VariableRateDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_BaseRateMember" xlink:label="loc_HF82J1J2G963_us-gaap_BaseRateMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_BaseRateMember" xml:lang="en-US">Base Rate [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_BaseRateMember" xml:lang="en-US">Base Rate [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_BaseRateMember" xlink:to="lab_JH04L3L4I185_us-gaap_BaseRateMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:label="loc_H456J84H45669KJ14908_us-gaap_LondonInterbankOfferedRateLIBORMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_LondonInterbankOfferedRateLIBORMember" xml:lang="en-US">London Interbank Offered Rate (LIBOR) [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_LondonInterbankOfferedRateLIBORMember" xml:lang="en-US">London Interbank Offered Rate (LIBOR) [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:to="lab_J678L06J67881ML36120_us-gaap_LondonInterbankOfferedRateLIBORMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeInstrumentRiskAxis" xlink:label="loc_HF82J1J2G963_us-gaap_DerivativeInstrumentRiskAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_DerivativeInstrumentRiskAxis" xml:lang="en-US">Derivative Instrument [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_DerivativeInstrumentRiskAxis" xlink:to="lab_JH04L3L4I185_us-gaap_DerivativeInstrumentRiskAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DerivativeContractTypeDomain" xlink:label="loc_H456J84H45669KJ14908_us-gaap_DerivativeContractTypeDomain" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_DerivativeContractTypeDomain" xml:lang="en-US">Derivative Contract [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_DerivativeContractTypeDomain" xlink:to="lab_J678L06J67881ML36120_us-gaap_DerivativeContractTypeDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_InterestRateSwapMember" xlink:label="loc_HF82J1J2G963_us-gaap_InterestRateSwapMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_InterestRateSwapMember" xml:lang="en-US">Interest Rate Swap [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_InterestRateSwapMember" xml:lang="en-US">Interest Rate Swaps [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_InterestRateSwapMember" xlink:to="lab_JH04L3L4I185_us-gaap_InterestRateSwapMember"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_TermLoanAndRevolvingCreditFacilityTextualAbstract" xlink:label="loc_H456J84H45669KJ14908_stra_TermLoanAndRevolvingCreditFacilityTextualAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_TermLoanAndRevolvingCreditFacilityTextualAbstract" xml:lang="en-US">Term Loan and Revolving Credit Facility (Textual) [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_stra_TermLoanAndRevolvingCreditFacilityTextualAbstract" xml:lang="en-US">Term Loan and Revolving Credit Facility (Textual)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_TermLoanAndRevolvingCreditFacilityTextualAbstract" xlink:to="lab_J678L06J67881ML36120_stra_TermLoanAndRevolvingCreditFacilityTextualAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:label="loc_HF82J1J2G963_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xml:lang="en-US">Maximum borrowing on credit facility</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xml:lang="en-US">Revolving credit facility, value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xml:lang="en-US">Maximum borrowing on credit facility</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:to="lab_JH04L3L4I185_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LineOfCreditFacilityExpirationDate1" xlink:label="loc_H456J84H45669KJ14908_us-gaap_LineOfCreditFacilityExpirationDate1" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_LineOfCreditFacilityExpirationDate1" xml:lang="en-US">Line Of Credit Facility, Expiration Date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_LineOfCreditFacilityExpirationDate1" xml:lang="en-US">Maturity date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_LineOfCreditFacilityExpirationDate1" xml:lang="en-US">Maturity date</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_LineOfCreditFacilityExpirationDate1" xlink:to="lab_J678L06J67881ML36120_us-gaap_LineOfCreditFacilityExpirationDate1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:label="loc_HF82J1J2G963_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xml:lang="en-US">Debt Instrument, Basis Spread on Variable Rate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xml:lang="en-US">Margin rate for interest if using base rate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xml:lang="en-US">Margin rate for interest if using base rate</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:to="lab_JH04L3L4I185_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage" xlink:label="loc_H456J84H45669KJ14908_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage" xml:lang="en-US">Unused commitment fee</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage" xml:lang="en-US">Unused commitment fee</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage" xml:lang="en-US">Unused commitment fee</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage" xlink:to="lab_J678L06J67881ML36120_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_OptionToIncreaseCommitmentsUnderCreditFacility" xlink:label="loc_HF82J1J2G963_stra_OptionToIncreaseCommitmentsUnderCreditFacility" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_OptionToIncreaseCommitmentsUnderCreditFacility" xml:lang="en-US">Option To Increase Commitments Under Credit Facility</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_stra_OptionToIncreaseCommitmentsUnderCreditFacility" xml:lang="en-US">Option to increase commitments under credit facility</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_OptionToIncreaseCommitmentsUnderCreditFacility" xml:lang="en-US">The additional amount by which the Company can increase its commitments under the Credit Facility, subject to obtaining additional loan commitments and the satisfaction of certain conditions.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_stra_OptionToIncreaseCommitmentsUnderCreditFacility" xlink:to="lab_JH04L3L4I185_stra_OptionToIncreaseCommitmentsUnderCreditFacility"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_TermLoanFacilityAmortizationPaymentsYearOne" xlink:label="loc_H456J84H45669KJ14908_stra_TermLoanFacilityAmortizationPaymentsYearOne" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_TermLoanFacilityAmortizationPaymentsYearOne" xml:lang="en-US">Term Loan Facility, Amortization Payments, Year One</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_stra_TermLoanFacilityAmortizationPaymentsYearOne" xml:lang="en-US">Term loan facility, quarterly amortization payments, during 2013</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_TermLoanFacilityAmortizationPaymentsYearOne" xml:lang="en-US">Term Loan Facility, Quarterly Amortization Payments, year one.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_TermLoanFacilityAmortizationPaymentsYearOne" xlink:to="lab_J678L06J67881ML36120_stra_TermLoanFacilityAmortizationPaymentsYearOne"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_TermLoanFacilityAmortizationPaymentsYearTwo" xlink:label="loc_HF82J1J2G963_stra_TermLoanFacilityAmortizationPaymentsYearTwo" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_TermLoanFacilityAmortizationPaymentsYearTwo" xml:lang="en-US">Term Loan Facility, Amortization Payments, Year Two</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_stra_TermLoanFacilityAmortizationPaymentsYearTwo" xml:lang="en-US">Term loan facility, quarterly amortization payments, during 2014</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_TermLoanFacilityAmortizationPaymentsYearTwo" xml:lang="en-US">Term Loan Facility, Quarterly Amortization Payments, year two.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_stra_TermLoanFacilityAmortizationPaymentsYearTwo" xlink:to="lab_JH04L3L4I185_stra_TermLoanFacilityAmortizationPaymentsYearTwo"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_TermLoanFacilityAmortizationPaymentsYearThree" xlink:label="loc_H456J84H45669KJ14908_stra_TermLoanFacilityAmortizationPaymentsYearThree" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_TermLoanFacilityAmortizationPaymentsYearThree" xml:lang="en-US">Term Loan Facility, Amortization Payments, Year Three</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_stra_TermLoanFacilityAmortizationPaymentsYearThree" xml:lang="en-US">Term loan facility, quarterly amortization payments, during 2015</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_TermLoanFacilityAmortizationPaymentsYearThree" xml:lang="en-US">Term Loan Facility, Quarterly Amortization Payments, year three.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_TermLoanFacilityAmortizationPaymentsYearThree" xlink:to="lab_J678L06J67881ML36120_stra_TermLoanFacilityAmortizationPaymentsYearThree"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_TermLoanFacilityAmortizationPaymentsYearFour" xlink:label="loc_HF82J1J2G963_stra_TermLoanFacilityAmortizationPaymentsYearFour" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_TermLoanFacilityAmortizationPaymentsYearFour" xml:lang="en-US">Term Loan Facility, Amortization Payments, Year Four</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_stra_TermLoanFacilityAmortizationPaymentsYearFour" xml:lang="en-US">Term loan facility, quarterly amortization payments, during 2016</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_TermLoanFacilityAmortizationPaymentsYearFour" xml:lang="en-US">Term Loan Facility, Quarterly Amortization Payments, year four.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_stra_TermLoanFacilityAmortizationPaymentsYearFour" xlink:to="lab_JH04L3L4I185_stra_TermLoanFacilityAmortizationPaymentsYearFour"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_PaymentPercentageOfAggregateOriginalPrincipalAmountOfTermLoanFacilityInYearOneAndTwo" xlink:label="loc_H456J84H45669KJ14908_stra_PaymentPercentageOfAggregateOriginalPrincipalAmountOfTermLoanFacilityInYearOneAndTwo" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_PaymentPercentageOfAggregateOriginalPrincipalAmountOfTermLoanFacilityInYearOneAndTwo" xml:lang="en-US">Payment Percentage Of Aggregate Original Principal Amount Of Term Loan Facility In Year One and Two</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_stra_PaymentPercentageOfAggregateOriginalPrincipalAmountOfTermLoanFacilityInYearOneAndTwo" xml:lang="en-US">Quarterly payment percentage of aggregate original principal amount of term loan facility in year one and two</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_PaymentPercentageOfAggregateOriginalPrincipalAmountOfTermLoanFacilityInYearOneAndTwo" xml:lang="en-US">The percentage of the aggregate original principal amount of the term loan facility that is paid quarterly in year one and two.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_PaymentPercentageOfAggregateOriginalPrincipalAmountOfTermLoanFacilityInYearOneAndTwo" xlink:to="lab_J678L06J67881ML36120_stra_PaymentPercentageOfAggregateOriginalPrincipalAmountOfTermLoanFacilityInYearOneAndTwo"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_PaymentPercentageOfAggregateOriginalPrincipalAmountOfTermLoanFacilityInYearThreeAndFour" xlink:label="loc_HF82J1J2G963_stra_PaymentPercentageOfAggregateOriginalPrincipalAmountOfTermLoanFacilityInYearThreeAndFour" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_PaymentPercentageOfAggregateOriginalPrincipalAmountOfTermLoanFacilityInYearThreeAndFour" xml:lang="en-US">Payment Percentage Of Aggregate Original Principal Amount Of Term Loan Facility In Year Three and Four</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_stra_PaymentPercentageOfAggregateOriginalPrincipalAmountOfTermLoanFacilityInYearThreeAndFour" xml:lang="en-US">Quarterly payment percentage of aggregate original principal amount of term loan facility in year three and four</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_PaymentPercentageOfAggregateOriginalPrincipalAmountOfTermLoanFacilityInYearThreeAndFour" xml:lang="en-US">The percentage of the aggregate original principal amount of the term loan facility that is paid quarterly in year three and four.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_stra_PaymentPercentageOfAggregateOriginalPrincipalAmountOfTermLoanFacilityInYearThreeAndFour" xlink:to="lab_JH04L3L4I185_stra_PaymentPercentageOfAggregateOriginalPrincipalAmountOfTermLoanFacilityInYearThreeAndFour"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_InterestPaid" xlink:label="loc_H456J84H45669KJ14908_us-gaap_InterestPaid" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_InterestPaid" xml:lang="en-US">Interest Paid</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_InterestPaid" xml:lang="en-US">Cash interest paid</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_InterestPaid" xml:lang="en-US">Interest Paid, Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_InterestPaid" xlink:to="lab_J678L06J67881ML36120_us-gaap_InterestPaid"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DebtInstrumentInterestRateDuringPeriod" xlink:label="loc_HF82J1J2G963_us-gaap_DebtInstrumentInterestRateDuringPeriod" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_DebtInstrumentInterestRateDuringPeriod" xml:lang="en-US">Debt Instrument, Interest Rate During Period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_DebtInstrumentInterestRateDuringPeriod" xml:lang="en-US">Average annual interest rate</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_DebtInstrumentInterestRateDuringPeriod" xlink:to="lab_JH04L3L4I185_us-gaap_DebtInstrumentInterestRateDuringPeriod"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_InterestRateSwapTermYears" xlink:label="loc_H456J84H45669KJ14908_stra_InterestRateSwapTermYears" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_InterestRateSwapTermYears" xml:lang="en-US">Interest Rate Swap Term Years</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_stra_InterestRateSwapTermYears" xml:lang="en-US">Interest rate swap term</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_stra_InterestRateSwapTermYears" xml:lang="en-US">Interest rate swap term, years</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_InterestRateSwapTermYears" xml:lang="en-US">Interest rate swap term, years.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_InterestRateSwapTermYears" xlink:to="lab_J678L06J67881ML36120_stra_InterestRateSwapTermYears"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LineOfCreditFacilityCovenantTerms" xlink:label="loc_HF82J1J2G963_us-gaap_LineOfCreditFacilityCovenantTerms" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_LineOfCreditFacilityCovenantTerms" xml:lang="en-US">Line of Credit Facility, Covenant Terms</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_LineOfCreditFacilityCovenantTerms" xml:lang="en-US">Covenant terms required by credit facility</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_LineOfCreditFacilityCovenantTerms" xlink:to="lab_JH04L3L4I185_us-gaap_LineOfCreditFacilityCovenantTerms"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_MaximumLeverageRatioToBeMaintainedUnderCreditFacility" xlink:label="loc_H456J84H45669KJ14908_stra_MaximumLeverageRatioToBeMaintainedUnderCreditFacility" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_MaximumLeverageRatioToBeMaintainedUnderCreditFacility" xml:lang="en-US">Maximum Leverage Ratio To Be Maintained Under Credit Facility</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_stra_MaximumLeverageRatioToBeMaintainedUnderCreditFacility" xml:lang="en-US">Maximum total leverage ratio</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_MaximumLeverageRatioToBeMaintainedUnderCreditFacility" xml:lang="en-US">Maximum leverage ratio to be maintained under credit facility.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_MaximumLeverageRatioToBeMaintainedUnderCreditFacility" xlink:to="lab_J678L06J67881ML36120_stra_MaximumLeverageRatioToBeMaintainedUnderCreditFacility"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_MinimumCoverageRatioToBeMaintainedUnderCreditFacility" xlink:label="loc_HF82J1J2G963_stra_MinimumCoverageRatioToBeMaintainedUnderCreditFacility" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_MinimumCoverageRatioToBeMaintainedUnderCreditFacility" xml:lang="en-US">Minimum Coverage Ratio To Be Maintained Under Credit Facility</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_stra_MinimumCoverageRatioToBeMaintainedUnderCreditFacility" xml:lang="en-US">Minimum coverage ratio</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_MinimumCoverageRatioToBeMaintainedUnderCreditFacility" xml:lang="en-US">Minimum coverage ratio to be maintained under credit facility.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_stra_MinimumCoverageRatioToBeMaintainedUnderCreditFacility" xlink:to="lab_JH04L3L4I185_stra_MinimumCoverageRatioToBeMaintainedUnderCreditFacility"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_MinimumDepartmentOfEducationFinancialCompositeScoreToBeMaintainedUnderCreditFacility" xlink:label="loc_H456J84H45669KJ14908_stra_MinimumDepartmentOfEducationFinancialCompositeScoreToBeMaintainedUnderCreditFacility" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_MinimumDepartmentOfEducationFinancialCompositeScoreToBeMaintainedUnderCreditFacility" xml:lang="en-US">Minimum Department Of Education Financial Composite Score To Be Maintained Under Credit Facility</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_stra_MinimumDepartmentOfEducationFinancialCompositeScoreToBeMaintainedUnderCreditFacility" xml:lang="en-US">Minimum department of education financial composite score</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_stra_MinimumDepartmentOfEducationFinancialCompositeScoreToBeMaintainedUnderCreditFacility" xml:lang="en-US">Minimum Department of Education Financial Composite Score</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_MinimumDepartmentOfEducationFinancialCompositeScoreToBeMaintainedUnderCreditFacility" xml:lang="en-US">Minimum department of education financial composite score to be maintained under credit facility.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_MinimumDepartmentOfEducationFinancialCompositeScoreToBeMaintainedUnderCreditFacility" xlink:to="lab_J678L06J67881ML36120_stra_MinimumDepartmentOfEducationFinancialCompositeScoreToBeMaintainedUnderCreditFacility"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DebtInstrumentInterestRateEffectivePercentageRateRangeMinimum" xlink:label="loc_HF82J1J2G963_us-gaap_DebtInstrumentInterestRateEffectivePercentageRateRangeMinimum" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_DebtInstrumentInterestRateEffectivePercentageRateRangeMinimum" xml:lang="en-US">Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_DebtInstrumentInterestRateEffectivePercentageRateRangeMinimum" xml:lang="en-US">Interest rate swap, fixed rate minimum</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_DebtInstrumentInterestRateEffectivePercentageRateRangeMinimum" xlink:to="lab_JH04L3L4I185_us-gaap_DebtInstrumentInterestRateEffectivePercentageRateRangeMinimum"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DebtInstrumentInterestRateEffectivePercentageRateRangeMaximum" xlink:label="loc_H456J84H45669KJ14908_us-gaap_DebtInstrumentInterestRateEffectivePercentageRateRangeMaximum" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_DebtInstrumentInterestRateEffectivePercentageRateRangeMaximum" xml:lang="en-US">Debt Instrument, Interest Rate, Effective Percentage Rate Range, Maximum</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_DebtInstrumentInterestRateEffectivePercentageRateRangeMaximum" xml:lang="en-US">Interest rate swap, fixed rate maximum</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_DebtInstrumentInterestRateEffectivePercentageRateRangeMaximum" xlink:to="lab_J678L06J67881ML36120_us-gaap_DebtInstrumentInterestRateEffectivePercentageRateRangeMaximum"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xlink:label="loc_HF82J1J2G963_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xml:lang="en-US">Debt Instrument, Description of Variable Rate Basis</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xml:lang="en-US">Debt instrument description of variable rate basis</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xlink:to="lab_JH04L3L4I185_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LineOfCredit" xlink:label="loc_H456J84H45669KJ14908_us-gaap_LineOfCredit" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_LineOfCredit" xml:lang="en-US">Long-term Line of Credit</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_LineOfCredit" xml:lang="en-US">Revolving credit facility, outstanding</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_LineOfCredit" xlink:to="lab_J678L06J67881ML36120_us-gaap_LineOfCredit"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:label="loc_HF82J1J2G963_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xml:lang="en-US">Fair Value Measurements, Recurring and Nonrecurring [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xml:lang="en-US">Fair Value Measurements, Recurring and Nonrecurring [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:to="lab_JH04L3L4I185_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:label="loc_H456J84H45669KJ14908_us-gaap_FairValueByFairValueHierarchyLevelAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_FairValueByFairValueHierarchyLevelAxis" xml:lang="en-US">Fair Value, Hierarchy [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_FairValueByFairValueHierarchyLevelAxis" xml:lang="en-US">Fair Value, Hierarchy [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:to="lab_J678L06J67881ML36120_us-gaap_FairValueByFairValueHierarchyLevelAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:label="loc_HF82J1J2G963_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xml:lang="en-US">Fair Value, Measurements, Fair Value Hierarchy [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xml:lang="en-US">Fair Value, Measurements, Fair Value Hierarchy [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xml:lang="en-US">Fair Value, Measurements, Fair Value Hierarchy [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:to="lab_JH04L3L4I185_us-gaap_FairValueMeasurementsFairValueHierarchyDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueInputsLevel1Member" xlink:label="loc_H456J84H45669KJ14908_us-gaap_FairValueInputsLevel1Member" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_FairValueInputsLevel1Member" xml:lang="en-US">Fair Value, Inputs, Level 1 [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_FairValueInputsLevel1Member" xml:lang="en-US">Quoted Prices In Active Markets For Identical Assets/Liabilities (Level 1) [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_FairValueInputsLevel1Member" xml:lang="en-US">Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_FairValueInputsLevel1Member" xlink:to="lab_J678L06J67881ML36120_us-gaap_FairValueInputsLevel1Member"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueInputsLevel2Member" xlink:label="loc_HF82J1J2G963_us-gaap_FairValueInputsLevel2Member" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_FairValueInputsLevel2Member" xml:lang="en-US">Fair Value, Inputs, Level 2 [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_FairValueInputsLevel2Member" xml:lang="en-US">Significant Other Observable Inputs (Level 2) [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_FairValueInputsLevel2Member" xml:lang="en-US">Significant Other Observable Inputs (Level 2) [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_FairValueInputsLevel2Member" xlink:to="lab_JH04L3L4I185_us-gaap_FairValueInputsLevel2Member"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueInputsLevel3Member" xlink:label="loc_H456J84H45669KJ14908_us-gaap_FairValueInputsLevel3Member" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_FairValueInputsLevel3Member" xml:lang="en-US">Fair Value, Inputs, Level 3 [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_FairValueInputsLevel3Member" xml:lang="en-US">Significant Unobservable Inputs (Level 3) [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_FairValueInputsLevel3Member" xml:lang="en-US">Significant Unobservable Inputs (Level 3) [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_FairValueInputsLevel3Member" xlink:to="lab_J678L06J67881ML36120_us-gaap_FairValueInputsLevel3Member"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FinancialInstrumentAxis" xlink:label="loc_HF82J1J2G963_us-gaap_FinancialInstrumentAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_FinancialInstrumentAxis" xml:lang="en-US">Financial Instrument [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_FinancialInstrumentAxis" xml:lang="en-US">Financial Instrument [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_FinancialInstrumentAxis" xlink:to="lab_JH04L3L4I185_us-gaap_FinancialInstrumentAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:label="loc_H456J84H45669KJ14908_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xml:lang="en-US">Types Of Financial Instruments [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xml:lang="en-US">Types of Financial Instruments [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:to="lab_J678L06J67881ML36120_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_MoneyMarketFundsMember" xlink:label="loc_HF82J1J2G963_us-gaap_MoneyMarketFundsMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_MoneyMarketFundsMember" xml:lang="en-US">Money Market Funds [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_MoneyMarketFundsMember" xml:lang="en-US">Money Market Funds [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_MoneyMarketFundsMember" xlink:to="lab_JH04L3L4I185_us-gaap_MoneyMarketFundsMember"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_DeferredPaymentsMember" xlink:label="loc_H456J84H45669KJ14908_stra_DeferredPaymentsMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_DeferredPaymentsMember" xml:lang="en-US">Deferred Payments [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_stra_DeferredPaymentsMember" xml:lang="en-US">Deferred Payments [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_stra_DeferredPaymentsMember" xml:lang="en-US">Deferred Payments [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_DeferredPaymentsMember" xml:lang="en-US">Deferred payments.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_DeferredPaymentsMember" xlink:to="lab_J678L06J67881ML36120_stra_DeferredPaymentsMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:label="loc_HF82J1J2G963_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xml:lang="en-US">Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xml:lang="en-US">Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:to="lab_JH04L3L4I185_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisAbstract" xlink:label="loc_H456J84H45669KJ14908_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisAbstract" xml:lang="en-US">Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisAbstract" xml:lang="en-US">Schedule of assets and liabilities measured at fair value on a recurring basis</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisAbstract" xlink:to="lab_J678L06J67881ML36120_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AssetsFairValueDisclosureAbstract" xlink:label="loc_HF82J1J2G963_us-gaap_AssetsFairValueDisclosureAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_AssetsFairValueDisclosureAbstract" xml:lang="en-US">Assets, Fair Value Disclosure [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_AssetsFairValueDisclosureAbstract" xml:lang="en-US">Assets:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_AssetsFairValueDisclosureAbstract" xlink:to="lab_JH04L3L4I185_us-gaap_AssetsFairValueDisclosureAbstract"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_CashEquivalentsFairValueAbstract" xlink:label="loc_H456J84H45669KJ14908_stra_CashEquivalentsFairValueAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_CashEquivalentsFairValueAbstract" xml:lang="en-US">Cash Equivalents Fair Value [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_stra_CashEquivalentsFairValueAbstract" xml:lang="en-US">Cash equivalents:</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_CashEquivalentsFairValueAbstract" xml:lang="en-US">Cash equivalents fair value.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_CashEquivalentsFairValueAbstract" xlink:to="lab_J678L06J67881ML36120_stra_CashEquivalentsFairValueAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AssetsFairValueDisclosureRecurring" xlink:label="loc_HF82J1J2G963_us-gaap_AssetsFairValueDisclosureRecurring" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_AssetsFairValueDisclosureRecurring" xml:lang="en-US">Assets, Fair Value Disclosure, Recurring</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_AssetsFairValueDisclosureRecurring" xml:lang="en-US">Total assets at fair value on a recurring basis</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_AssetsFairValueDisclosureRecurring" xml:lang="en-US">Total assets at fair value on a recurring basis</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_JH04L3L4I185_us-gaap_AssetsFairValueDisclosureRecurring" xml:lang="en-US">Assets, Fair Value Disclosure, Recurring, Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_AssetsFairValueDisclosureRecurring" xlink:to="lab_JH04L3L4I185_us-gaap_AssetsFairValueDisclosureRecurring"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:label="loc_H456J84H45669KJ14908_us-gaap_LiabilitiesFairValueDisclosureAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_LiabilitiesFairValueDisclosureAbstract" xml:lang="en-US">Liabilities, Fair Value Disclosure [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_LiabilitiesFairValueDisclosureAbstract" xml:lang="en-US">Liabilities:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:to="lab_J678L06J67881ML36120_us-gaap_LiabilitiesFairValueDisclosureAbstract"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_OtherLiabilitiesFairValueAbstract" xlink:label="loc_HF82J1J2G963_stra_OtherLiabilitiesFairValueAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_OtherLiabilitiesFairValueAbstract" xml:lang="en-US">Other Liabilities Fair Value [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_stra_OtherLiabilitiesFairValueAbstract" xml:lang="en-US">Other long-term liabilities:</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_OtherLiabilitiesFairValueAbstract" xml:lang="en-US">Other liabilities fair value.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_stra_OtherLiabilitiesFairValueAbstract" xlink:to="lab_JH04L3L4I185_stra_OtherLiabilitiesFairValueAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_LiabilitiesFairValueDisclosureRecurring" xlink:label="loc_H456J84H45669KJ14908_us-gaap_LiabilitiesFairValueDisclosureRecurring" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_LiabilitiesFairValueDisclosureRecurring" xml:lang="en-US">Liabilities, Fair Value Disclosure, Recurring</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_LiabilitiesFairValueDisclosureRecurring" xml:lang="en-US">Total liabilities at fair value on a recurring basis</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_LiabilitiesFairValueDisclosureRecurring" xlink:to="lab_J678L06J67881ML36120_us-gaap_LiabilitiesFairValueDisclosureRecurring"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTable" xlink:label="loc_HF82J1J2G963_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTable" xml:lang="en-US">Fair Value, Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTable" xml:lang="en-US">Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTable" xlink:to="lab_JH04L3L4I185_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueByLiabilityClassAxis" xlink:label="loc_H456J84H45669KJ14908_us-gaap_FairValueByLiabilityClassAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_FairValueByLiabilityClassAxis" xml:lang="en-US">Fair Value By Liability Class [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_FairValueByLiabilityClassAxis" xml:lang="en-US">Fair Value by Liability Class [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_FairValueByLiabilityClassAxis" xlink:to="lab_J678L06J67881ML36120_us-gaap_FairValueByLiabilityClassAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain" xlink:label="loc_HF82J1J2G963_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain" xml:lang="en-US">Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation By Liability Class [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain" xml:lang="en-US">Fair Value, Liabilities, Measured on Recurring Basis, Unobservable Input Reconciliation, by Liability Class [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain" xml:lang="en-US">Fair Value, Liabilities, Measured on Recurring Basis, Unobservable Input Reconciliation, by Liability Class [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain" xlink:to="lab_JH04L3L4I185_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems" xlink:label="loc_H456J84H45669KJ14908_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems" xml:lang="en-US">Fair Value, Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems" xlink:to="lab_J678L06J67881ML36120_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:label="loc_HF82J1J2G963_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xml:lang="en-US">Fair Value, Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xml:lang="en-US">Schedule of changes in fair value of level 3 liability</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:to="lab_JH04L3L4I185_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" xlink:label="loc_H456J84H45669KJ14908_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" xml:lang="en-US">Fair Value, Measurement With Unobservable Inputs Reconciliations, Recurring Basis, Liability Value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" xml:lang="en-US">Deferred Payments, Beginning Balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" xml:lang="en-US">Balance at December 31, 2013</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" xml:lang="en-US">Balance at December 31, 2014</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" xlink:to="lab_J678L06J67881ML36120_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements" xlink:label="loc_HF82J1J2G963_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements" xml:lang="en-US">Fair Value, Measurement With Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements" xml:lang="en-US">Amounts earned</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_JH04L3L4I185_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements" xml:lang="en-US">Amounts earned</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements" xlink:to="lab_JH04L3L4I185_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease" xlink:label="loc_H456J84H45669KJ14908_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease" xml:lang="en-US">Fair Value, Measurement With Unobservable Inputs Reconciliation, Recurring Basis, Liability, Period Increase (Decrease)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease" xml:lang="en-US">Adjustments to fair value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease" xml:lang="en-US">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Period Increase (Decrease), Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease" xlink:to="lab_J678L06J67881ML36120_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet" xlink:label="loc_HF82J1J2G963_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet" xml:lang="en-US">Fair Value, Measurement With Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet" xml:lang="en-US">Transfers in or out of Level 3</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet" xlink:to="lab_JH04L3L4I185_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueByMeasurementFrequencyAxis" xlink:label="loc_H456J84H45669KJ14908_us-gaap_FairValueByMeasurementFrequencyAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_FairValueByMeasurementFrequencyAxis" xml:lang="en-US">Measurement Frequency [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_FairValueByMeasurementFrequencyAxis" xlink:to="lab_J678L06J67881ML36120_us-gaap_FairValueByMeasurementFrequencyAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueMeasurementFrequencyDomain" xlink:label="loc_HF82J1J2G963_us-gaap_FairValueMeasurementFrequencyDomain" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_FairValueMeasurementFrequencyDomain" xml:lang="en-US">Fair Value, Measurement Frequency [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_FairValueMeasurementFrequencyDomain" xlink:to="lab_JH04L3L4I185_us-gaap_FairValueMeasurementFrequencyDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_FairValueMeasurementsNonrecurringMember" xlink:label="loc_H456J84H45669KJ14908_us-gaap_FairValueMeasurementsNonrecurringMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_FairValueMeasurementsNonrecurringMember" xml:lang="en-US">Fair Value, Measurements, Nonrecurring [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_FairValueMeasurementsNonrecurringMember" xlink:to="lab_J678L06J67881ML36120_us-gaap_FairValueMeasurementsNonrecurringMember"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_FairValueMeasurementTextualAbstract" xlink:label="loc_HF82J1J2G963_stra_FairValueMeasurementTextualAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_FairValueMeasurementTextualAbstract" xml:lang="en-US">Fair Value Measurement (Textual) [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_stra_FairValueMeasurementTextualAbstract" xml:lang="en-US">Fair Value Measurement (Textual)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_stra_FairValueMeasurementTextualAbstract" xlink:to="lab_JH04L3L4I185_stra_FairValueMeasurementTextualAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd#invest_DerivativeNotionalAmount" xlink:label="loc_H456J84H45669KJ14908_invest_DerivativeNotionalAmount" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_invest_DerivativeNotionalAmount" xml:lang="en-US">Derivative, Notional Amount</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_invest_DerivativeNotionalAmount" xml:lang="en-US">Interest rate swap, notional amount</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_invest_DerivativeNotionalAmount" xlink:to="lab_J678L06J67881ML36120_invest_DerivativeNotionalAmount"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_GoodwillFairValueDisclosure" xlink:label="loc_HF82J1J2G963_us-gaap_GoodwillFairValueDisclosure" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_GoodwillFairValueDisclosure" xml:lang="en-US">Goodwill, Fair Value Disclosure</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_GoodwillFairValueDisclosure" xml:lang="en-US">Goodwill</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_GoodwillFairValueDisclosure" xml:lang="en-US">Assets measured at fair value on a non-recurring basis, goodwill</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_GoodwillFairValueDisclosure" xlink:to="lab_JH04L3L4I185_us-gaap_GoodwillFairValueDisclosure"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IndefiniteLivedIntangibleAssetsExcludingGoodwillFairValueDisclosure" xlink:label="loc_H456J84H45669KJ14908_us-gaap_IndefiniteLivedIntangibleAssetsExcludingGoodwillFairValueDisclosure" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_IndefiniteLivedIntangibleAssetsExcludingGoodwillFairValueDisclosure" xml:lang="en-US">Indefinite-Lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_IndefiniteLivedIntangibleAssetsExcludingGoodwillFairValueDisclosure" xml:lang="en-US">Trademark</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_IndefiniteLivedIntangibleAssetsExcludingGoodwillFairValueDisclosure" xml:lang="en-US">Assets measured at fair value on a non-recurring basis, other indefinite-lived intangible assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_IndefiniteLivedIntangibleAssetsExcludingGoodwillFairValueDisclosure" xlink:to="lab_J678L06J67881ML36120_us-gaap_IndefiniteLivedIntangibleAssetsExcludingGoodwillFairValueDisclosure"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_DeferredPaymentArrangementNumberOfSellers" xlink:label="loc_HF82J1J2G963_stra_DeferredPaymentArrangementNumberOfSellers" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_DeferredPaymentArrangementNumberOfSellers" xml:lang="en-US">Deferred Payment Arrangement Number Of Sellers</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_stra_DeferredPaymentArrangementNumberOfSellers" xml:lang="en-US">Deferred payment arrangement number of sellers</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_DeferredPaymentArrangementNumberOfSellers" xml:lang="en-US">Represents the number of sellers with which the entity has entered into deferred payment arrangements.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_stra_DeferredPaymentArrangementNumberOfSellers" xlink:to="lab_JH04L3L4I185_stra_DeferredPaymentArrangementNumberOfSellers"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_FairValueAssetsAndLiabilitiesHierarchyLevelTransfersAmount" xlink:label="loc_H456J84H45669KJ14908_stra_FairValueAssetsAndLiabilitiesHierarchyLevelTransfersAmount" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_FairValueAssetsAndLiabilitiesHierarchyLevelTransfersAmount" xml:lang="en-US">Fair Value Assets And Liabilities Hierarchy Level Transfers Amount</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_stra_FairValueAssetsAndLiabilitiesHierarchyLevelTransfersAmount" xml:lang="en-US">Fair value assets and liabilities hierarchy level transfers amount</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_FairValueAssetsAndLiabilitiesHierarchyLevelTransfersAmount" xml:lang="en-US">Represents the amount of assets and liabilities transered between levels of the fair value hierarchy during the period.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_FairValueAssetsAndLiabilitiesHierarchyLevelTransfersAmount" xlink:to="lab_J678L06J67881ML36120_stra_FairValueAssetsAndLiabilitiesHierarchyLevelTransfersAmount"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:label="loc_HF82J1J2G963_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xml:lang="en-US">Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xml:lang="en-US">Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:to="lab_JH04L3L4I185_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AwardTypeAxis" xlink:label="loc_H456J84H45669KJ14908_us-gaap_AwardTypeAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_AwardTypeAxis" xml:lang="en-US">Award Type [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_AwardTypeAxis" xml:lang="en-US">Award Type [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_AwardTypeAxis" xlink:to="lab_J678L06J67881ML36120_us-gaap_AwardTypeAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:label="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xml:lang="en-US">Equity Award [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xml:lang="en-US">Share-based Compensation Arrangements by Share-based Payment Award, Award Type and Plan Name [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xml:lang="en-US">Share-based Compensation Arrangements by Share-based Payment Award, Award Type and Plan Name [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:to="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RestrictedStockMember" xlink:label="loc_H456J84H45669KJ14908_us-gaap_RestrictedStockMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_RestrictedStockMember" xml:lang="en-US">Restricted Stock [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_RestrictedStockMember" xml:lang="en-US">Restricted stock and restricted stock units [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_RestrictedStockMember" xlink:to="lab_J678L06J67881ML36120_us-gaap_RestrictedStockMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:label="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Nonvested, Number Of Shares [Roll Forward]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xml:lang="en-US">Schedule of restricted stock and restricted stock units activity</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:to="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:label="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Nonvested, Number</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xml:lang="en-US">Beginning Balance, Number of shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xml:lang="en-US">Beginning Balance, Number of shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xml:lang="en-US">Ending Balance, Number of shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:to="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Grants In Period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xml:lang="en-US">Number of shares granted</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xml:lang="en-US">Grants, Number of shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:to="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:label="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Vested In Period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xml:lang="en-US">Vested, Number of shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xml:lang="en-US">Vested shares, Number of shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:to="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Forfeited In Period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xml:lang="en-US">Forfeitures, Number of shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xml:lang="en-US">Forfeitures, Number of shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:to="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:label="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Nonvested, Weighted Average Grant Date Fair Value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xml:lang="en-US">Beginning Balance, Weighted-average grant price</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xml:lang="en-US">Beginning Balance, Weighted-average grant price</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xml:lang="en-US">Ending Balance, Weighted-average grant price</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:to="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Grants In Period, Weighted Average Grant Date Fair Value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xml:lang="en-US">Stock price of restricted stock grants</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xml:lang="en-US">Grants, Weighted-average grant price</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:to="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:label="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Vested In Period, Weighted Average Grant Date Fair Value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xml:lang="en-US">Vested shares, Weighted-average grant price</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:to="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Forfeitures, Weighted Average Grant Date Fair Value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xml:lang="en-US">Forfeitures, Weighted-average grant price</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xml:lang="en-US">Forfeitures, Weighted-average grant price</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:to="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EmployeeStockOptionMember" xlink:label="loc_HF82J1J2G963_us-gaap_EmployeeStockOptionMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_EmployeeStockOptionMember" xml:lang="en-US">Employee Stock Option [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_EmployeeStockOptionMember" xml:lang="en-US">Stock options [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_EmployeeStockOptionMember" xlink:to="lab_JH04L3L4I185_us-gaap_EmployeeStockOptionMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding [Roll Forward]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward" xml:lang="en-US">Schedule of stock option activity and other stock option information</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward" xlink:to="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:label="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Number</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xml:lang="en-US">Beginning Balance, Number of shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xml:lang="en-US">Beginning Balance, Number of shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xml:lang="en-US">Ending Balance, Number of shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:to="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xml:lang="en-US">Grants, Number of shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xlink:to="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:label="loc_HF82J1J2G963_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xml:lang="en-US">Exercises, Number of shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xml:lang="en-US">Number of stock options, exercised</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:to="lab_JH04L3L4I185_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Forfeitures In Period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" xml:lang="en-US">Forfeitures, Number of shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" xml:lang="en-US">Forfeitures/Expirations, Number of shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" xlink:to="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" xlink:label="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" xml:lang="en-US">Exercisable, Number of shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" xml:lang="en-US">Exercisable, Number of shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" xlink:to="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xml:lang="en-US">Exercisable, Weighted-average exercise price</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xml:lang="en-US">Beginning Balance, Weighted-average exercise price</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xml:lang="en-US">Ending Balance, Weighted-average exercise price</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xlink:to="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" xlink:label="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" xml:lang="en-US">Share-Based Compensation Arrangements By Share-Based Payment Award, Options, Grants In Period, Weighted Average Exercise Price</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" xml:lang="en-US">Grants, Weighted-average exercise price</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" xlink:to="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" xml:lang="en-US">Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" xml:lang="en-US">Exercises, Weighted-average exercise price</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" xlink:to="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice" xlink:label="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice" xml:lang="en-US">Share-Based Compensation Arrangements By Share-Based Payment Award, Options, Forfeitures In Period, Weighted Average Exercise Price</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice" xml:lang="en-US">Forfeitures/Expirations, Weighted-average exercise price</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice" xlink:to="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" xml:lang="en-US">Beginning Balance, Weighted-average exercise price</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" xml:lang="en-US">Beginning Balance, Weighted-average exercise price</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" xml:lang="en-US">Exercisable, Weighted-average exercise price</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/definitionGuidance" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" xml:lang="en-US">Exercisable, Weighted-average exercise price</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" xlink:to="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2" xlink:label="loc_HF82J1J2G963_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2" xml:lang="en-US">Weighted-average remaining contractual life (yrs.)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2" xlink:to="lab_JH04L3L4I185_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1" xlink:label="loc_H456J84H45669KJ14908_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1" xml:lang="en-US">Exercisable, Weighted-average remaining contractual life (yrs.)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1" xml:lang="en-US">Exercisable, Weighted-average remaining contractual life (yrs.)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1" xlink:to="lab_J678L06J67881ML36120_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" xlink:label="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Intrinsic Value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" xml:lang="en-US">Beginning Balance, Aggregate intrinsic value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" xml:lang="en-US">Beginning Balance, Aggregate intrinsic value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" xml:lang="en-US">Ending Balance, Aggregate intrinsic value</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" xlink:to="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1" xlink:label="loc_H456J84H45669KJ14908_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercisable, Intrinsic Value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1" xml:lang="en-US">Exercisable, Aggregate intrinsic value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1" xml:lang="en-US">Exercisable, Aggregate intrinsic value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1" xml:lang="en-US">Exercisable, Aggregate intrinsic value</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1" xlink:to="lab_J678L06J67881ML36120_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EmployeeStockMember" xlink:label="loc_HF82J1J2G963_us-gaap_EmployeeStockMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_EmployeeStockMember" xml:lang="en-US">Employee Stock [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_EmployeeStockMember" xml:lang="en-US">Employee Stock [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_EmployeeStockMember" xlink:to="lab_JH04L3L4I185_us-gaap_EmployeeStockMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTable" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTable" xml:lang="en-US">Schedule Of Employee Service Share-Based Compensation, Allocation Of Recognized Period Costs [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTable" xml:lang="en-US">Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTable" xlink:to="lab_J678L06J67881ML36120_us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncomeStatementLocationAxis" xlink:label="loc_HF82J1J2G963_us-gaap_IncomeStatementLocationAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_IncomeStatementLocationAxis" xml:lang="en-US">Income Statement Location [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_IncomeStatementLocationAxis" xml:lang="en-US">Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs, by Report Line [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_IncomeStatementLocationAxis" xlink:to="lab_JH04L3L4I185_us-gaap_IncomeStatementLocationAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_IncomeStatementLocationDomain" xlink:label="loc_H456J84H45669KJ14908_us-gaap_IncomeStatementLocationDomain" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_IncomeStatementLocationDomain" xml:lang="en-US">Income Statement Location [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_IncomeStatementLocationDomain" xml:lang="en-US">Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Report Line [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_IncomeStatementLocationDomain" xml:lang="en-US">Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Report Line [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_IncomeStatementLocationDomain" xlink:to="lab_J678L06J67881ML36120_us-gaap_IncomeStatementLocationDomain"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_InstructionAndEducationalSupportMember" xlink:label="loc_HF82J1J2G963_stra_InstructionAndEducationalSupportMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_InstructionAndEducationalSupportMember" xml:lang="en-US">Instruction and Educational Support [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_stra_InstructionAndEducationalSupportMember" xml:lang="en-US">Instruction and educational support [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_InstructionAndEducationalSupportMember" xml:lang="en-US">Instruction and educational support.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_stra_InstructionAndEducationalSupportMember" xlink:to="lab_JH04L3L4I185_stra_InstructionAndEducationalSupportMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SellingAndMarketingExpenseMember" xlink:label="loc_H456J84H45669KJ14908_us-gaap_SellingAndMarketingExpenseMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_SellingAndMarketingExpenseMember" xml:lang="en-US">Selling and Marketing Expense [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_SellingAndMarketingExpenseMember" xml:lang="en-US">Marketing [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_SellingAndMarketingExpenseMember" xlink:to="lab_J678L06J67881ML36120_us-gaap_SellingAndMarketingExpenseMember"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_AdmissionsAdvisoryMember" xlink:label="loc_HF82J1J2G963_stra_AdmissionsAdvisoryMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_AdmissionsAdvisoryMember" xml:lang="en-US">Admissions Advisory [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_stra_AdmissionsAdvisoryMember" xml:lang="en-US">Admissions advisory [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_AdmissionsAdvisoryMember" xml:lang="en-US">Admissions advisory.</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_GeneralAndAdministrativeExpenseMember" xlink:label="loc_H456J84H45669KJ14908_us-gaap_GeneralAndAdministrativeExpenseMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_GeneralAndAdministrativeExpenseMember" xml:lang="en-US">General and Administrative Expense [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_GeneralAndAdministrativeExpenseMember" xml:lang="en-US">General and administration [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_GeneralAndAdministrativeExpenseMember" xlink:to="lab_J678L06J67881ML36120_us-gaap_GeneralAndAdministrativeExpenseMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsLineItems" xlink:label="loc_HF82J1J2G963_us-gaap_EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsLineItems" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsLineItems" xml:lang="en-US">Employee Service Share-Based Compensation, Allocation Of Recognized Period Costs [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsLineItems" xml:lang="en-US">Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsLineItems" xlink:to="lab_JH04L3L4I185_us-gaap_EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationAggregateDisclosuresAbstract" xlink:label="loc_H456J84H45669KJ14908_us-gaap_EmployeeServiceShareBasedCompensationAggregateDisclosuresAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_EmployeeServiceShareBasedCompensationAggregateDisclosuresAbstract" xml:lang="en-US">Employee Service Share-Based Compensation, Aggregate Disclosures [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_EmployeeServiceShareBasedCompensationAggregateDisclosuresAbstract" xml:lang="en-US">Schedule of stock-based compensation expense</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_EmployeeServiceShareBasedCompensationAggregateDisclosuresAbstract" xlink:to="lab_J678L06J67881ML36120_us-gaap_EmployeeServiceShareBasedCompensationAggregateDisclosuresAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xlink:label="loc_HF82J1J2G963_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xml:lang="en-US">Employee Service Share-Based Compensation, Tax Benefit From Compensation Expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xml:lang="en-US">Excess tax benefits (shortfall) related to share-based payment arrangements</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xml:lang="en-US">Tax benefit</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xlink:to="lab_JH04L3L4I185_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax" xlink:label="loc_H456J84H45669KJ14908_us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax" xml:lang="en-US">Allocated Share-Based Compensation Expense, Net Of Tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax" xml:lang="en-US">Stock-based compensation expense, net of income tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax" xml:lang="en-US">Stock-based compensation expense, net of income tax</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax" xlink:to="lab_J678L06J67881ML36120_us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract" xlink:label="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract" xml:lang="en-US">Schedule of information regarding share-based payment arrangements</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract" xlink:to="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ProceedsFromStockOptionsExercised" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ProceedsFromStockOptionsExercised" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ProceedsFromStockOptionsExercised" xml:lang="en-US">Proceeds from Stock Options Exercised</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ProceedsFromStockOptionsExercised" xml:lang="en-US">Proceeds from stock options exercised</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ProceedsFromStockOptionsExercised" xlink:to="lab_J678L06J67881ML36120_us-gaap_ProceedsFromStockOptionsExercised"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_ExcessTaxBenefitsShortfallRelatedToShareBasedPaymentArrangements" xlink:label="loc_HF82J1J2G963_stra_ExcessTaxBenefitsShortfallRelatedToShareBasedPaymentArrangements" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_ExcessTaxBenefitsShortfallRelatedToShareBasedPaymentArrangements" xml:lang="en-US">Excess Tax Benefits Shortfall Related To Share Based Payment Arrangements</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_stra_ExcessTaxBenefitsShortfallRelatedToShareBasedPaymentArrangements" xml:lang="en-US">Excess tax benefits (shortfall) related to share-based payment arrangements</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_stra_ExcessTaxBenefitsShortfallRelatedToShareBasedPaymentArrangements" xml:lang="en-US">Tax shortfall related to share-based payment arrangements</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_ExcessTaxBenefitsShortfallRelatedToShareBasedPaymentArrangements" xml:lang="en-US">Excess tax shortfall resulting from increases in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return does not exceed compensation cot from equity based compensation recognized in financial statements. Excess tax benefits resulting from decreases in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from equity-based compensation recognized in financial statements.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_stra_ExcessTaxBenefitsShortfallRelatedToShareBasedPaymentArrangements" xlink:to="lab_JH04L3L4I185_stra_ExcessTaxBenefitsShortfallRelatedToShareBasedPaymentArrangements"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue" xml:lang="en-US">Intrinsic value of stock options exercised</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue" xlink:to="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredCompensationArrangementWithIndividualShareBasedPaymentsByTypeOfDeferredCompensationAxis" xlink:label="loc_HF82J1J2G963_us-gaap_DeferredCompensationArrangementWithIndividualShareBasedPaymentsByTypeOfDeferredCompensationAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_DeferredCompensationArrangementWithIndividualShareBasedPaymentsByTypeOfDeferredCompensationAxis" xml:lang="en-US">Deferred Compensation Arrangement With Individual, Share-Based Payments, By Type Of Deferred Compensation [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_DeferredCompensationArrangementWithIndividualShareBasedPaymentsByTypeOfDeferredCompensationAxis" xml:lang="en-US">Deferred Compensation Arrangement with Individual, Share-based Payments, by Type of Deferred Compensation [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_DeferredCompensationArrangementWithIndividualShareBasedPaymentsByTypeOfDeferredCompensationAxis" xlink:to="lab_JH04L3L4I185_us-gaap_DeferredCompensationArrangementWithIndividualShareBasedPaymentsByTypeOfDeferredCompensationAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EquityBasedArrangementsIndividualContractsTypeOfDeferredCompensationDomain" xlink:label="loc_H456J84H45669KJ14908_us-gaap_EquityBasedArrangementsIndividualContractsTypeOfDeferredCompensationDomain" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_EquityBasedArrangementsIndividualContractsTypeOfDeferredCompensationDomain" xml:lang="en-US">Equity-Based Arrangements, Individual Contracts, Type of Deferred Compensation [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_EquityBasedArrangementsIndividualContractsTypeOfDeferredCompensationDomain" xml:lang="en-US">Type of Deferred Compensation [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_EquityBasedArrangementsIndividualContractsTypeOfDeferredCompensationDomain" xml:lang="en-US">Type of Deferred Compensation [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_EquityBasedArrangementsIndividualContractsTypeOfDeferredCompensationDomain" xlink:to="lab_J678L06J67881ML36120_us-gaap_EquityBasedArrangementsIndividualContractsTypeOfDeferredCompensationDomain"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_OneThousandNineHundredAndNinetySixEquityCompensationPlanMember" xlink:label="loc_HF82J1J2G963_stra_OneThousandNineHundredAndNinetySixEquityCompensationPlanMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_OneThousandNineHundredAndNinetySixEquityCompensationPlanMember" xml:lang="en-US">One Thousand Nine Hundred and Ninety Six Equity Compensation Plan [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_stra_OneThousandNineHundredAndNinetySixEquityCompensationPlanMember" xml:lang="en-US">1996 Equity Compensation Plan [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_OneThousandNineHundredAndNinetySixEquityCompensationPlanMember" xml:lang="en-US">One thousand nine hundred and ninety six equity compensation plan.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_stra_OneThousandNineHundredAndNinetySixEquityCompensationPlanMember" xlink:to="lab_JH04L3L4I185_stra_OneThousandNineHundredAndNinetySixEquityCompensationPlanMember"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_TwoThousandAndElevenEquityCompensationPlanMember" xlink:label="loc_H456J84H45669KJ14908_stra_TwoThousandAndElevenEquityCompensationPlanMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_TwoThousandAndElevenEquityCompensationPlanMember" xml:lang="en-US">Two Thousand and Eleven Equity Compensation Plan [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_stra_TwoThousandAndElevenEquityCompensationPlanMember" xml:lang="en-US">2011 Equity Compensation Plan [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_TwoThousandAndElevenEquityCompensationPlanMember" xml:lang="en-US">Two thousand and eleven equity compensation plan.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_TwoThousandAndElevenEquityCompensationPlanMember" xlink:to="lab_J678L06J67881ML36120_stra_TwoThousandAndElevenEquityCompensationPlanMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_HF82J1J2G963_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xml:lang="en-US">Related Party [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:to="lab_JH04L3L4I185_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_H456J84H45669KJ14908_us-gaap_RelatedPartyDomain" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_RelatedPartyDomain" xml:lang="en-US">Related Party [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_RelatedPartyDomain" xlink:to="lab_J678L06J67881ML36120_us-gaap_RelatedPartyDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ChiefExecutiveOfficerMember" xlink:label="loc_HF82J1J2G963_us-gaap_ChiefExecutiveOfficerMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_ChiefExecutiveOfficerMember" xml:lang="en-US">Chief Executive Officer [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ChiefExecutiveOfficerMember" xml:lang="en-US">Chief Executive Officer [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_ChiefExecutiveOfficerMember" xlink:to="lab_JH04L3L4I185_us-gaap_ChiefExecutiveOfficerMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ChiefOperatingOfficerMember" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ChiefOperatingOfficerMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ChiefOperatingOfficerMember" xml:lang="en-US">Chief Operating Officer [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ChiefOperatingOfficerMember" xml:lang="en-US">Chief Operating Officer [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ChiefOperatingOfficerMember" xlink:to="lab_J678L06J67881ML36120_us-gaap_ChiefOperatingOfficerMember"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_NonEmployeeMember" xlink:label="loc_HF82J1J2G963_stra_NonEmployeeMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_NonEmployeeMember" xml:lang="en-US">Non Employee [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_stra_NonEmployeeMember" xml:lang="en-US">Non-employee [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_NonEmployeeMember" xml:lang="en-US">Non employee.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_stra_NonEmployeeMember" xlink:to="lab_JH04L3L4I185_stra_NonEmployeeMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_BoardOfDirectorsChairmanMember" xlink:label="loc_H456J84H45669KJ14908_us-gaap_BoardOfDirectorsChairmanMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_BoardOfDirectorsChairmanMember" xml:lang="en-US">Board of Directors Chairman [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_BoardOfDirectorsChairmanMember" xml:lang="en-US">Board of Directors [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_BoardOfDirectorsChairmanMember" xlink:to="lab_J678L06J67881ML36120_us-gaap_BoardOfDirectorsChairmanMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_VestingAxis" xlink:label="loc_HF82J1J2G963_us-gaap_VestingAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_VestingAxis" xml:lang="en-US">Vesting [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_VestingAxis" xlink:to="lab_JH04L3L4I185_us-gaap_VestingAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_VestingDomain" xlink:label="loc_H456J84H45669KJ14908_us-gaap_VestingDomain" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_VestingDomain" xml:lang="en-US">Vesting [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_VestingDomain" xlink:to="lab_J678L06J67881ML36120_us-gaap_VestingDomain"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_VestingPeriodOneMember" xlink:label="loc_HF82J1J2G963_stra_VestingPeriodOneMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_VestingPeriodOneMember" xml:lang="en-US">Vesting Period One [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_stra_VestingPeriodOneMember" xml:lang="en-US">Vesting over four years [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_stra_VestingPeriodOneMember" xlink:to="lab_JH04L3L4I185_stra_VestingPeriodOneMember"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_VestingPeriodTwoMember" xlink:label="loc_H456J84H45669KJ14908_stra_VestingPeriodTwoMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_VestingPeriodTwoMember" xml:lang="en-US">Vesting Period Two [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_stra_VestingPeriodTwoMember" xml:lang="en-US">Vesting over three years [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_VestingPeriodTwoMember" xlink:to="lab_J678L06J67881ML36120_stra_VestingPeriodTwoMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:label="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xml:lang="en-US">Shares available for grant</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:to="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xml:lang="en-US">Shares approved for grants</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:to="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:label="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xml:lang="en-US">Vesting period, years</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:to="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" xlink:label="loc_H456J84H45669KJ14908_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" xml:lang="en-US">Vesting percentage</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" xlink:to="lab_J678L06J67881ML36120_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingDate" xlink:label="loc_HF82J1J2G963_stra_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingDate" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingDate" xml:lang="en-US">Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_stra_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingDate" xml:lang="en-US">Vesting date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingDate" xml:lang="en-US">Share based compensation arrangement by share based payment award award vesting date.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_stra_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingDate" xlink:to="lab_JH04L3L4I185_stra_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingDate"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_ClosingPriceOfStockOnDateOfStockGrant" xlink:label="loc_H456J84H45669KJ14908_stra_ClosingPriceOfStockOnDateOfStockGrant" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_ClosingPriceOfStockOnDateOfStockGrant" xml:lang="en-US">Closing Price Of Stock On Date Of Stock Grant</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_stra_ClosingPriceOfStockOnDateOfStockGrant" xml:lang="en-US">Closing price of stock on date of stock grant</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_ClosingPriceOfStockOnDateOfStockGrant" xml:lang="en-US">Closing price of stock on date of stock grant.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_ClosingPriceOfStockOnDateOfStockGrant" xlink:to="lab_J678L06J67881ML36120_stra_ClosingPriceOfStockOnDateOfStockGrant"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ConversionOfStockSharesConverted1" xlink:label="loc_HF82J1J2G963_us-gaap_ConversionOfStockSharesConverted1" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_ConversionOfStockSharesConverted1" xml:lang="en-US">Conversion of Stock, Shares Converted</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ConversionOfStockSharesConverted1" xml:lang="en-US">Restricted shares converted to restricted stock units</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_ConversionOfStockSharesConverted1" xlink:to="lab_JH04L3L4I185_us-gaap_ConversionOfStockSharesConverted1"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_StockOptionGrantsInPeriodExercisePriceOfOption" xlink:label="loc_H456J84H45669KJ14908_stra_StockOptionGrantsInPeriodExercisePriceOfOption" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_StockOptionGrantsInPeriodExercisePriceOfOption" xml:lang="en-US">Stock Option Grants In Period, Exercise Price Of Option</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_stra_StockOptionGrantsInPeriodExercisePriceOfOption" xml:lang="en-US">Options granted to purchase common stock, exercise price</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_StockOptionGrantsInPeriodExercisePriceOfOption" xml:lang="en-US">Stock option grants in period, exercise price of option.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_StockOptionGrantsInPeriodExercisePriceOfOption" xlink:to="lab_J678L06J67881ML36120_stra_StockOptionGrantsInPeriodExercisePriceOfOption"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardExpiringPeriod" xlink:label="loc_HF82J1J2G963_stra_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardExpiringPeriod" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardExpiringPeriod" xml:lang="en-US">Share Based Compensation Arrangement By Share Based Payment Award Award Expiring Period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_stra_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardExpiringPeriod" xml:lang="en-US">Awards expiration period, years</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardExpiringPeriod" xml:lang="en-US">Share based compensation arrangement by share based payment award award expiring period.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_stra_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardExpiringPeriod" xlink:to="lab_JH04L3L4I185_stra_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardExpiringPeriod"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xml:lang="en-US">Weighted average fair value of the options granted per share</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:to="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" xlink:label="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" xml:lang="en-US">Stock options risk-free interest rate</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" xlink:to="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1" xlink:label="loc_H456J84H45669KJ14908_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1" xml:lang="en-US">Stock options expected life</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1" xlink:to="lab_J678L06J67881ML36120_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" xlink:label="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" xml:lang="en-US">Stock options dividend yield</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" xlink:to="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross" xlink:label="loc_H456J84H45669KJ14908_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross" xml:lang="en-US">Stock Issued During Period, Shares, Share-based Compensation, Gross</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross" xml:lang="en-US">Options granted to purchase common stock</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross" xlink:to="lab_J678L06J67881ML36120_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" xlink:label="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" xml:lang="en-US">Stock options volatility rate</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" xlink:to="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_AnnualCashDividends" xlink:label="loc_H456J84H45669KJ14908_stra_AnnualCashDividends" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_AnnualCashDividends" xml:lang="en-US">Annual Cash Dividends</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_stra_AnnualCashDividends" xml:lang="en-US">Annual cash dividends per share</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_stra_AnnualCashDividends" xml:lang="en-US">Annual cash dividends</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_AnnualCashDividends" xml:lang="en-US">Annual cash dividend per share.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_AnnualCashDividends" xlink:to="lab_J678L06J67881ML36120_stra_AnnualCashDividends"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_QuarterlyCashDividends" xlink:label="loc_HF82J1J2G963_stra_QuarterlyCashDividends" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_QuarterlyCashDividends" xml:lang="en-US">Quarterly Cash Dividends</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_stra_QuarterlyCashDividends" xml:lang="en-US">Quarterly cash dividends per share</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_stra_QuarterlyCashDividends" xml:lang="en-US">Quarterly cash dividends</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_QuarterlyCashDividends" xml:lang="en-US">Quarterly cash dividend per share.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_stra_QuarterlyCashDividends" xlink:to="lab_JH04L3L4I185_stra_QuarterlyCashDividends"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_MaximumTermOfAwardsGrantedUnderPlan" xlink:label="loc_H456J84H45669KJ14908_stra_MaximumTermOfAwardsGrantedUnderPlan" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_MaximumTermOfAwardsGrantedUnderPlan" xml:lang="en-US">Maximum Term Of Awards Granted Under Plan</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_stra_MaximumTermOfAwardsGrantedUnderPlan" xml:lang="en-US">Maximum term of the awards granted under the Plan</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_MaximumTermOfAwardsGrantedUnderPlan" xml:lang="en-US">Maximum term of the awards granted under the plan.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_MaximumTermOfAwardsGrantedUnderPlan" xlink:to="lab_J678L06J67881ML36120_stra_MaximumTermOfAwardsGrantedUnderPlan"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:label="loc_HF82J1J2G963_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xml:lang="en-US">Employee Service Share-Based Compensation, Nonvested Awards, Total Compensation Cost Not Yet Recognized</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xml:lang="en-US">Stock-based compensation cost which has not yet been recognized</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:to="lab_JH04L3L4I185_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:label="loc_H456J84H45669KJ14908_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xml:lang="en-US">Employee Service Share-Based Compensation, Nonvested Awards, Total Compensation Cost Not Yet Recognized, Period For Recognition</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xml:lang="en-US">Stock-based compensation cost recognized period, in months</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xml:lang="en-US">Stock-based compensation cost recognized period, in months</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:to="lab_J678L06J67881ML36120_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_RestrictedStockAwardSubjectToPerformanceCondition" xlink:label="loc_HF82J1J2G963_stra_RestrictedStockAwardSubjectToPerformanceCondition" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_RestrictedStockAwardSubjectToPerformanceCondition" xml:lang="en-US">Restricted Stock Award Subject To Performance Condition</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_stra_RestrictedStockAwardSubjectToPerformanceCondition" xml:lang="en-US">Restricted stock awarded subject to performance condition</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_RestrictedStockAwardSubjectToPerformanceCondition" xml:lang="en-US">Restricted stock awarded subject to performance condition.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_stra_RestrictedStockAwardSubjectToPerformanceCondition" xlink:to="lab_JH04L3L4I185_stra_RestrictedStockAwardSubjectToPerformanceCondition"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_NumberOfSharesNotMeetingPerformanceCriteria" xlink:label="loc_H456J84H45669KJ14908_stra_NumberOfSharesNotMeetingPerformanceCriteria" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_NumberOfSharesNotMeetingPerformanceCriteria" xml:lang="en-US">Number Of Shares Not Meeting Performance Criteria</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_stra_NumberOfSharesNotMeetingPerformanceCriteria" xml:lang="en-US">Number of shares not meeting performance criteria</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_NumberOfSharesNotMeetingPerformanceCriteria" xml:lang="en-US">Number of restricted stock shares for which certain performance criteria more than likely would not be achieved.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_NumberOfSharesNotMeetingPerformanceCriteria" xlink:to="lab_J678L06J67881ML36120_stra_NumberOfSharesNotMeetingPerformanceCriteria"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_ReductionInStockBasedCompensation" xlink:label="loc_HF82J1J2G963_stra_ReductionInStockBasedCompensation" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_ReductionInStockBasedCompensation" xml:lang="en-US">Reduction In Stock Based Compensation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_stra_ReductionInStockBasedCompensation" xml:lang="en-US">Reduction in stock based compensation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_ReductionInStockBasedCompensation" xml:lang="en-US">Reduction in stock based compensation.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_stra_ReductionInStockBasedCompensation" xlink:to="lab_JH04L3L4I185_stra_ReductionInStockBasedCompensation"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_LossOnFacilitiesNotInUse" xlink:label="loc_H456J84H45669KJ14908_stra_LossOnFacilitiesNotInUse" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_LossOnFacilitiesNotInUse" xml:lang="en-US">Loss on facilities not in use</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_LossOnFacilitiesNotInUse" xml:lang="en-US">Represents loss on facilities not in use.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_LossOnFacilitiesNotInUse" xlink:to="lab_J678L06J67881ML36120_stra_LossOnFacilitiesNotInUse"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredRevenueNoncurrent" xlink:label="loc_HF82J1J2G963_us-gaap_DeferredRevenueNoncurrent" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_DeferredRevenueNoncurrent" xml:lang="en-US">Deferred Revenue, Noncurrent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_DeferredRevenueNoncurrent" xml:lang="en-US">Deferred revenue, net of current portion</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_DeferredRevenueNoncurrent" xlink:to="lab_JH04L3L4I185_us-gaap_DeferredRevenueNoncurrent"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_DeferredRentAndOtherFacilityCostsNonCurrent" xlink:label="loc_H456J84H45669KJ14908_stra_DeferredRentAndOtherFacilityCostsNonCurrent" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_DeferredRentAndOtherFacilityCostsNonCurrent" xml:lang="en-US">Deferred Rent And Other Facility Costs Non Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_stra_DeferredRentAndOtherFacilityCostsNonCurrent" xml:lang="en-US">Deferred rent and other facility costs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_DeferredRentAndOtherFacilityCostsNonCurrent" xml:lang="en-US">Represents non-current deferred rent and other facility costs.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_DeferredRentAndOtherFacilityCostsNonCurrent" xlink:to="lab_J678L06J67881ML36120_stra_DeferredRentAndOtherFacilityCostsNonCurrent"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_DeferredAcquisitionPaymentsNonCurrent" xlink:label="loc_HF82J1J2G963_stra_DeferredAcquisitionPaymentsNonCurrent" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_DeferredAcquisitionPaymentsNonCurrent" xml:lang="en-US">Deferred Acquisition Payments Non Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_stra_DeferredAcquisitionPaymentsNonCurrent" xml:lang="en-US">Deferred payments related to acquisition</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_DeferredAcquisitionPaymentsNonCurrent" xml:lang="en-US">Represents non-current deferred payments related to acquisitions.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_stra_DeferredAcquisitionPaymentsNonCurrent" xlink:to="lab_JH04L3L4I185_stra_DeferredAcquisitionPaymentsNonCurrent"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_LeaseIncentivePayableNonCurrent" xlink:label="loc_H456J84H45669KJ14908_stra_LeaseIncentivePayableNonCurrent" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_LeaseIncentivePayableNonCurrent" xml:lang="en-US">Lease Incentive Payable Non Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_stra_LeaseIncentivePayableNonCurrent" xml:lang="en-US">Lease incentives</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_LeaseIncentivePayableNonCurrent" xml:lang="en-US">Represents non-current lease incentive payable.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_LeaseIncentivePayableNonCurrent" xlink:to="lab_J678L06J67881ML36120_stra_LeaseIncentivePayableNonCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredGainOnSaleOfProperty" xlink:label="loc_HF82J1J2G963_us-gaap_DeferredGainOnSaleOfProperty" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_DeferredGainOnSaleOfProperty" xml:lang="en-US">Deferred Gain On Sale Of Property</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_DeferredGainOnSaleOfProperty" xml:lang="en-US">Deferred gain on sale of campus building</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_DeferredGainOnSaleOfProperty" xlink:to="lab_JH04L3L4I185_us-gaap_DeferredGainOnSaleOfProperty"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_ScheduleOfOtherLongTermLiabilitiesTable" xlink:label="loc_H456J84H45669KJ14908_stra_ScheduleOfOtherLongTermLiabilitiesTable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_ScheduleOfOtherLongTermLiabilitiesTable" xml:lang="en-US">Schedule Of Other Long Term Liabilities [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_stra_ScheduleOfOtherLongTermLiabilitiesTable" xml:lang="en-US">Schedule Of Other Long Term Liabilities [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_ScheduleOfOtherLongTermLiabilitiesTable" xml:lang="en-US">Schedule of other long term liabilities.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_ScheduleOfOtherLongTermLiabilitiesTable" xlink:to="lab_J678L06J67881ML36120_stra_ScheduleOfOtherLongTermLiabilitiesTable"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_OtherLongTermLiabilitiesLineItems" xlink:label="loc_HF82J1J2G963_stra_OtherLongTermLiabilitiesLineItems" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_OtherLongTermLiabilitiesLineItems" xml:lang="en-US">Other Long Term Liabilities [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_stra_OtherLongTermLiabilitiesLineItems" xml:lang="en-US">Other Long Term Liabilities [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_OtherLongTermLiabilitiesLineItems" xml:lang="en-US">Other long term liabilities.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_stra_OtherLongTermLiabilitiesLineItems" xlink:to="lab_JH04L3L4I185_stra_OtherLongTermLiabilitiesLineItems"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_OtherLongTermLiabilitiesTextualAbstract" xlink:label="loc_H456J84H45669KJ14908_stra_OtherLongTermLiabilitiesTextualAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_OtherLongTermLiabilitiesTextualAbstract" xml:lang="en-US">Other Long Term Liabilities (Textual) [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_stra_OtherLongTermLiabilitiesTextualAbstract" xml:lang="en-US">Other Long -Term Liabilities (Textual)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_OtherLongTermLiabilitiesTextualAbstract" xlink:to="lab_J678L06J67881ML36120_stra_OtherLongTermLiabilitiesTextualAbstract"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_LeaseholdImprovementsLongTermLiabilityAmortizationPeriod" xlink:label="loc_HF82J1J2G963_stra_LeaseholdImprovementsLongTermLiabilityAmortizationPeriod" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_LeaseholdImprovementsLongTermLiabilityAmortizationPeriod" xml:lang="en-US">Leasehold Improvements Long Term Liability Amortization Period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_stra_LeaseholdImprovementsLongTermLiabilityAmortizationPeriod" xml:lang="en-US">Leasehold improvements, long-term liability amortization period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_stra_LeaseholdImprovementsLongTermLiabilityAmortizationPeriod" xml:lang="en-US">Leasehold improvements and long-term liability amortization period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_LeaseholdImprovementsLongTermLiabilityAmortizationPeriod" xml:lang="en-US">Leasehold improvements, long term liability amortization period.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_stra_LeaseholdImprovementsLongTermLiabilityAmortizationPeriod" xlink:to="lab_JH04L3L4I185_stra_LeaseholdImprovementsLongTermLiabilityAmortizationPeriod"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SaleLeasebackTransactionGrossProceedsInvestingActivities" xlink:label="loc_H456J84H45669KJ14908_us-gaap_SaleLeasebackTransactionGrossProceedsInvestingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_SaleLeasebackTransactionGrossProceedsInvestingActivities" xml:lang="en-US">Sale Leaseback Transaction, Gross Proceeds, Investing Activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_SaleLeasebackTransactionGrossProceedsInvestingActivities" xml:lang="en-US">Sale price of one of campus buildings</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_SaleLeasebackTransactionGrossProceedsInvestingActivities" xml:lang="en-US">Sale and lease back of Loudoun, Virginia campus building, sale price</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_SaleLeasebackTransactionGrossProceedsInvestingActivities" xlink:to="lab_J678L06J67881ML36120_us-gaap_SaleLeasebackTransactionGrossProceedsInvestingActivities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SaleLeasebackTransactionLeaseTerms" xlink:label="loc_HF82J1J2G963_us-gaap_SaleLeasebackTransactionLeaseTerms" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_SaleLeasebackTransactionLeaseTerms" xml:lang="en-US">Sale Leaseback Transaction, Lease Terms</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_SaleLeasebackTransactionLeaseTerms" xml:lang="en-US">Sale and lease back term for most of the campus building</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_SaleLeasebackTransactionLeaseTerms" xlink:to="lab_JH04L3L4I185_us-gaap_SaleLeasebackTransactionLeaseTerms"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_SaleLeasebackTransactionDeferredGainGross" xlink:label="loc_H456J84H45669KJ14908_us-gaap_SaleLeasebackTransactionDeferredGainGross" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_SaleLeasebackTransactionDeferredGainGross" xml:lang="en-US">Sale Leaseback Transaction, Deferred Gain, Gross</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_SaleLeasebackTransactionDeferredGainGross" xml:lang="en-US">Gain on sale and lease back of one of campus buildings before tax</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_SaleLeasebackTransactionDeferredGainGross" xlink:to="lab_J678L06J67881ML36120_us-gaap_SaleLeasebackTransactionDeferredGainGross"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_FundsReceivedFromInvestor" xlink:label="loc_HF82J1J2G963_stra_FundsReceivedFromInvestor" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_FundsReceivedFromInvestor" xml:lang="en-US">Funds Received From Investor</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_stra_FundsReceivedFromInvestor" xml:lang="en-US">Funds received from investor</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_FundsReceivedFromInvestor" xml:lang="en-US">Seller's contribution to the Company representing the seller's continuing interest in the assets acquired.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_stra_FundsReceivedFromInvestor" xlink:to="lab_JH04L3L4I185_stra_FundsReceivedFromInvestor"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_SaleLeaseBackTransactionLeaseTermOne" xlink:label="loc_H456J84H45669KJ14908_stra_SaleLeaseBackTransactionLeaseTermOne" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_SaleLeaseBackTransactionLeaseTermOne" xml:lang="en-US">Sale Lease Back Transaction Lease Term One</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_stra_SaleLeaseBackTransactionLeaseTermOne" xml:lang="en-US">Sale and lease back term</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_SaleLeaseBackTransactionLeaseTermOne" xml:lang="en-US">Represents the lease term of the asset leased back in a sale and lease back transaction.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_SaleLeaseBackTransactionLeaseTermOne" xlink:to="lab_J678L06J67881ML36120_stra_SaleLeaseBackTransactionLeaseTermOne"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_SaleLeaseBackTransactionNumberOfAssetsSold" xlink:label="loc_HF82J1J2G963_stra_SaleLeaseBackTransactionNumberOfAssetsSold" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_SaleLeaseBackTransactionNumberOfAssetsSold" xml:lang="en-US">Sale Lease Back Transaction Number Of Assets Sold</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_stra_SaleLeaseBackTransactionNumberOfAssetsSold" xml:lang="en-US">Number of assets sold</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_SaleLeaseBackTransactionNumberOfAssetsSold" xml:lang="en-US">Represents the number of assets sold in a sale lease back transaction.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_stra_SaleLeaseBackTransactionNumberOfAssetsSold" xlink:to="lab_JH04L3L4I185_stra_SaleLeaseBackTransactionNumberOfAssetsSold"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward" xml:lang="en-US">Shares purchased</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward" xlink:to="lab_J678L06J67881ML36120_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased" xlink:label="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased" xml:lang="en-US">Average price per share</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased" xlink:to="lab_JH04L3L4I185_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeeAmount" xlink:label="loc_H456J84H45669KJ14908_us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeeAmount" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeeAmount" xml:lang="en-US">Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeeAmount" xml:lang="en-US">Maximum annual contribution to 401(k) plan by employees, effective January 1, 2015</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeeAmount" xlink:to="lab_J678L06J67881ML36120_us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeeAmount"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DefinedContributionPlanEmployerMatchingContributionPercentOfMatch" xlink:label="loc_HF82J1J2G963_us-gaap_DefinedContributionPlanEmployerMatchingContributionPercentOfMatch" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_DefinedContributionPlanEmployerMatchingContributionPercentOfMatch" xml:lang="en-US">Defined Contribution Plan, Employer Matching Contribution, Percent of Match</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_DefinedContributionPlanEmployerMatchingContributionPercentOfMatch" xml:lang="en-US">Percentage of company matching contribution to 401(K) plan</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_DefinedContributionPlanEmployerMatchingContributionPercentOfMatch" xlink:to="lab_JH04L3L4I185_us-gaap_DefinedContributionPlanEmployerMatchingContributionPercentOfMatch"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DefinedContributionPlanEmployerMatchingContributionPercent" xlink:label="loc_H456J84H45669KJ14908_us-gaap_DefinedContributionPlanEmployerMatchingContributionPercent" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_DefinedContributionPlanEmployerMatchingContributionPercent" xml:lang="en-US">Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_DefinedContributionPlanEmployerMatchingContributionPercent" xml:lang="en-US">Defined contribution plan employer matching contribution percent</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_DefinedContributionPlanEmployerMatchingContributionPercent" xlink:to="lab_J678L06J67881ML36120_us-gaap_DefinedContributionPlanEmployerMatchingContributionPercent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DefinedContributionPlanEmployerDiscretionaryContributionAmount" xlink:label="loc_HF82J1J2G963_us-gaap_DefinedContributionPlanEmployerDiscretionaryContributionAmount" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_DefinedContributionPlanEmployerDiscretionaryContributionAmount" xml:lang="en-US">Defined Contribution Plan, Employer Discretionary Contribution Amount</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_DefinedContributionPlanEmployerDiscretionaryContributionAmount" xml:lang="en-US">Company's contributions to 401(K) plan</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_DefinedContributionPlanEmployerDiscretionaryContributionAmount" xlink:to="lab_JH04L3L4I185_us-gaap_DefinedContributionPlanEmployerDiscretionaryContributionAmount"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_EmployeeStockPurchasePlanPercentageOfPurchasePriceFromMarketValue" xlink:label="loc_H456J84H45669KJ14908_stra_EmployeeStockPurchasePlanPercentageOfPurchasePriceFromMarketValue" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_EmployeeStockPurchasePlanPercentageOfPurchasePriceFromMarketValue" xml:lang="en-US">Employee Stock Purchase Plan Percentage Of Purchase Price From Market Value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_stra_EmployeeStockPurchasePlanPercentageOfPurchasePriceFromMarketValue" xml:lang="en-US">Common stock shares purchase price limit for employees as percentage of market value under Employee Stock Purchase Plan</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_EmployeeStockPurchasePlanPercentageOfPurchasePriceFromMarketValue" xml:lang="en-US">Employee stock purchase plan, percentage of purchase price from market value.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_EmployeeStockPurchasePlanPercentageOfPurchasePriceFromMarketValue" xlink:to="lab_J678L06J67881ML36120_stra_EmployeeStockPurchasePlanPercentageOfPurchasePriceFromMarketValue"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_EmployeeStockPurchasePlanMaximumPercentageOfPurchaseEmployeeCanMakeOnEligibleCompensation" xlink:label="loc_HF82J1J2G963_stra_EmployeeStockPurchasePlanMaximumPercentageOfPurchaseEmployeeCanMakeOnEligibleCompensation" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_EmployeeStockPurchasePlanMaximumPercentageOfPurchaseEmployeeCanMakeOnEligibleCompensation" xml:lang="en-US">Employee Stock Purchase Plan Maximum Percentage Of Purchase Employee Can Make On Eligible Compensation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_stra_EmployeeStockPurchasePlanMaximumPercentageOfPurchaseEmployeeCanMakeOnEligibleCompensation" xml:lang="en-US">Employee stock purchase plan maximum percentage of purchase employee can make on eligible compensation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_EmployeeStockPurchasePlanMaximumPercentageOfPurchaseEmployeeCanMakeOnEligibleCompensation" xml:lang="en-US">Employee stock purchase plan, maximum percentage of purchase an employee can make on eligible compensation.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_stra_EmployeeStockPurchasePlanMaximumPercentageOfPurchaseEmployeeCanMakeOnEligibleCompensation" xlink:to="lab_JH04L3L4I185_stra_EmployeeStockPurchasePlanMaximumPercentageOfPurchaseEmployeeCanMakeOnEligibleCompensation"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_MaximumNumberOfSharesMadeAvailableForPurchaseByParticipatingEmployeesUnderEmployeeStockPurchasePlan" xlink:label="loc_H456J84H45669KJ14908_stra_MaximumNumberOfSharesMadeAvailableForPurchaseByParticipatingEmployeesUnderEmployeeStockPurchasePlan" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_MaximumNumberOfSharesMadeAvailableForPurchaseByParticipatingEmployeesUnderEmployeeStockPurchasePlan" xml:lang="en-US">Maximum Number Of Shares Made Available For Purchase By Participating Employees Under Employee Stock Purchase Plan</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_stra_MaximumNumberOfSharesMadeAvailableForPurchaseByParticipatingEmployeesUnderEmployeeStockPurchasePlan" xml:lang="en-US">Maximum number of shares available for purchase by participating employees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_MaximumNumberOfSharesMadeAvailableForPurchaseByParticipatingEmployeesUnderEmployeeStockPurchasePlan" xml:lang="en-US">Maximum number of shares made available for purchase by participating employees under employee stock purchase plan.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_MaximumNumberOfSharesMadeAvailableForPurchaseByParticipatingEmployeesUnderEmployeeStockPurchasePlan" xlink:to="lab_J678L06J67881ML36120_stra_MaximumNumberOfSharesMadeAvailableForPurchaseByParticipatingEmployeesUnderEmployeeStockPurchasePlan"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_TreasuryStockAcquiredAverageCostPerShare" xlink:label="loc_HF82J1J2G963_us-gaap_TreasuryStockAcquiredAverageCostPerShare" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_TreasuryStockAcquiredAverageCostPerShare" xml:lang="en-US">Treasury Stock Acquired, Average Cost Per Share</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_TreasuryStockAcquiredAverageCostPerShare" xml:lang="en-US">Average price paid per share</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_TreasuryStockAcquiredAverageCostPerShare" xlink:to="lab_JH04L3L4I185_us-gaap_TreasuryStockAcquiredAverageCostPerShare"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1" xlink:label="loc_H456J84H45669KJ14908_us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1" xml:lang="en-US">Stock Repurchase Program, Remaining Authorized Repurchase Amount</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1" xml:lang="en-US">Amount available for future purchases</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1" xml:lang="en-US">Amount available for future repurchases</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/disclosureGuidance" xlink:label="lab_J678L06J67881ML36120_us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1" xml:lang="en-US">Remaining authorized share for repurchases, amount</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1" xlink:to="lab_J678L06J67881ML36120_us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_StockRepurchaseProgramAuthorizedAmount1" xlink:label="loc_HF82J1J2G963_us-gaap_StockRepurchaseProgramAuthorizedAmount1" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_StockRepurchaseProgramAuthorizedAmount1" xml:lang="en-US">Stock Repurchase Program, Authorized Amount</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_StockRepurchaseProgramAuthorizedAmount1" xml:lang="en-US">Authorized common stock for repurchases, amount</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_StockRepurchaseProgramAuthorizedAmount1" xlink:to="lab_JH04L3L4I185_us-gaap_StockRepurchaseProgramAuthorizedAmount1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract" xlink:label="loc_H456J84H45669KJ14908_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract" xml:lang="en-US">Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract" xml:lang="en-US">Schedule of minimum rental commitments</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract" xlink:to="lab_J678L06J67881ML36120_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xlink:label="loc_HF82J1J2G963_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xml:lang="en-US">Operating Leases, Future Minimum Payments Due, Next Twelve Months</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xml:lang="en-US">2015</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xlink:to="lab_JH04L3L4I185_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xlink:label="loc_H456J84H45669KJ14908_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xml:lang="en-US">Operating Leases, Future Minimum Payments, Due in Two Years</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xml:lang="en-US">2016</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xlink:to="lab_J678L06J67881ML36120_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" xlink:label="loc_HF82J1J2G963_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" xml:lang="en-US">Operating Leases, Future Minimum Payments, Due in Three Years</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" xml:lang="en-US">2017</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" xlink:to="lab_JH04L3L4I185_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears" xlink:label="loc_H456J84H45669KJ14908_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears" xml:lang="en-US">Operating Leases, Future Minimum Payments, Due in Four Years</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears" xml:lang="en-US">2018</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears" xlink:to="lab_J678L06J67881ML36120_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears" xlink:label="loc_HF82J1J2G963_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears" xml:lang="en-US">Operating Leases, Future Minimum Payments, Due in Five Years</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears" xml:lang="en-US">2019</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears" xlink:to="lab_JH04L3L4I185_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" xlink:label="loc_H456J84H45669KJ14908_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" xml:lang="en-US">Operating Leases, Future Minimum Payments, Due Thereafter</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" xml:lang="en-US">Thereafter</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" xlink:to="lab_J678L06J67881ML36120_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xlink:label="loc_HF82J1J2G963_us-gaap_OperatingLeasesFutureMinimumPaymentsDue" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xml:lang="en-US">Operating Leases, Future Minimum Payments Due</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_JH04L3L4I185_us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xml:lang="en-US">Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xlink:to="lab_JH04L3L4I185_us-gaap_OperatingLeasesFutureMinimumPaymentsDue"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_NumberOfLongTermNonCancelableOperatingLeases" xlink:label="loc_H456J84H45669KJ14908_stra_NumberOfLongTermNonCancelableOperatingLeases" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_NumberOfLongTermNonCancelableOperatingLeases" xml:lang="en-US">Number Of Long Term Non Cancelable Operating Leases</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_stra_NumberOfLongTermNonCancelableOperatingLeases" xml:lang="en-US">Number of long-term, non-cancelable operating leases</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_NumberOfLongTermNonCancelableOperatingLeases" xml:lang="en-US">Number Of Long Term Non Cancelable Operating Leases.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_NumberOfLongTermNonCancelableOperatingLeases" xlink:to="lab_J678L06J67881ML36120_stra_NumberOfLongTermNonCancelableOperatingLeases"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OperatingLeasesRentExpenseNet" xlink:label="loc_HF82J1J2G963_us-gaap_OperatingLeasesRentExpenseNet" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_OperatingLeasesRentExpenseNet" xml:lang="en-US">Operating Leases, Rent Expense, Net</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_OperatingLeasesRentExpenseNet" xml:lang="en-US">Rent expense</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_OperatingLeasesRentExpenseNet" xlink:to="lab_JH04L3L4I185_us-gaap_OperatingLeasesRentExpenseNet"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_OtherRestructuringCosts" xlink:label="loc_H456J84H45669KJ14908_us-gaap_OtherRestructuringCosts" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_OtherRestructuringCosts" xml:lang="en-US">Other Restructuring Costs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_OtherRestructuringCosts" xml:lang="en-US">Charges related to the closure of campuses and other administrative facilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_OtherRestructuringCosts" xlink:to="lab_J678L06J67881ML36120_us-gaap_OtherRestructuringCosts"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_ReductionOfLiabilityForLossesOnFacilitiesNoLongerInUse" xlink:label="loc_HF82J1J2G963_stra_ReductionOfLiabilityForLossesOnFacilitiesNoLongerInUse" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_ReductionOfLiabilityForLossesOnFacilitiesNoLongerInUse" xml:lang="en-US">Reduction Of Liability For Losses On Facilities No Longer In Use</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_stra_ReductionOfLiabilityForLossesOnFacilitiesNoLongerInUse" xml:lang="en-US">Reduction of liability</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_ReductionOfLiabilityForLossesOnFacilitiesNoLongerInUse" xml:lang="en-US">Reduction of the liability for losses on facilities no longer in use.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_stra_ReductionOfLiabilityForLossesOnFacilitiesNoLongerInUse" xlink:to="lab_JH04L3L4I185_stra_ReductionOfLiabilityForLossesOnFacilitiesNoLongerInUse"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ComponentsOfIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ComponentsOfIncomeTaxExpenseBenefitContinuingOperationsAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ComponentsOfIncomeTaxExpenseBenefitContinuingOperationsAbstract" xml:lang="en-US">Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ComponentsOfIncomeTaxExpenseBenefitContinuingOperationsAbstract" xml:lang="en-US">Income tax provision [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ComponentsOfIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:to="lab_J678L06J67881ML36120_us-gaap_ComponentsOfIncomeTaxExpenseBenefitContinuingOperationsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:label="loc_HF82J1J2G963_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xml:lang="en-US">Current Income Tax Expense (Benefit), Continuing Operations [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xml:lang="en-US">Current:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:to="lab_JH04L3L4I185_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CurrentFederalTaxExpenseBenefit" xlink:label="loc_H456J84H45669KJ14908_us-gaap_CurrentFederalTaxExpenseBenefit" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_CurrentFederalTaxExpenseBenefit" xml:lang="en-US">Current Federal Tax Expense (Benefit)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_CurrentFederalTaxExpenseBenefit" xml:lang="en-US">Federal</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_CurrentFederalTaxExpenseBenefit" xlink:to="lab_J678L06J67881ML36120_us-gaap_CurrentFederalTaxExpenseBenefit"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:label="loc_HF82J1J2G963_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xml:lang="en-US">Current State and Local Tax Expense (Benefit)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xml:lang="en-US">State</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:to="lab_JH04L3L4I185_us-gaap_CurrentStateAndLocalTaxExpenseBenefit"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:label="loc_H456J84H45669KJ14908_us-gaap_CurrentIncomeTaxExpenseBenefit" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_CurrentIncomeTaxExpenseBenefit" xml:lang="en-US">Current Income Tax Expense (Benefit)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_CurrentIncomeTaxExpenseBenefit" xml:lang="en-US">Total current</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:to="lab_J678L06J67881ML36120_us-gaap_CurrentIncomeTaxExpenseBenefit"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:label="loc_HF82J1J2G963_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" xml:lang="en-US">Deferred:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:to="lab_JH04L3L4I185_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:label="loc_H456J84H45669KJ14908_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xml:lang="en-US">Deferred Federal Income Tax Expense (Benefit)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xml:lang="en-US">Federal</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:to="lab_J678L06J67881ML36120_us-gaap_DeferredFederalIncomeTaxExpenseBenefit"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:label="loc_HF82J1J2G963_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xml:lang="en-US">Deferred State and Local Income Tax Expense (Benefit)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xml:lang="en-US">State</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:to="lab_JH04L3L4I185_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:label="loc_H456J84H45669KJ14908_us-gaap_DeferredIncomeTaxExpenseBenefit" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_DeferredIncomeTaxExpenseBenefit" xml:lang="en-US">Deferred Income Tax Expense (Benefit)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_DeferredIncomeTaxExpenseBenefit" xml:lang="en-US">Total deferred</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:to="lab_J678L06J67881ML36120_us-gaap_DeferredIncomeTaxExpenseBenefit"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredTaxAssetsNetAbstract" xlink:label="loc_HF82J1J2G963_us-gaap_DeferredTaxAssetsNetAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_DeferredTaxAssetsNetAbstract" xml:lang="en-US">Schedule of tax effects of principal temporary differences that give rise to deferred tax assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_DeferredTaxAssetsNetAbstract" xlink:to="lab_JH04L3L4I185_us-gaap_DeferredTaxAssetsNetAbstract"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_DeferredTaxAssetsTuitionReceivable" xlink:label="loc_H456J84H45669KJ14908_stra_DeferredTaxAssetsTuitionReceivable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_DeferredTaxAssetsTuitionReceivable" xml:lang="en-US">Deferred Tax Assets Tuition Receivable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_stra_DeferredTaxAssetsTuitionReceivable" xml:lang="en-US">Tuition receivable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_DeferredTaxAssetsTuitionReceivable" xml:lang="en-US">Amount of deferred tax asset attributable to deductible temporary differences from tuition receivable.</label>
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<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_DeferredTaxAssetsOtherFacilityRelatedCosts" xlink:label="loc_HF82J1J2G963_stra_DeferredTaxAssetsOtherFacilityRelatedCosts" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_stra_DeferredTaxAssetsOtherFacilityRelatedCosts" xml:lang="en-US">Deferred Tax Assets Other Facility Related Costs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_stra_DeferredTaxAssetsOtherFacilityRelatedCosts" xml:lang="en-US">Other facility-related costs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_JH04L3L4I185_stra_DeferredTaxAssetsOtherFacilityRelatedCosts" xml:lang="en-US">Amount of deferred tax asset attributable to deductible temporary differences from other facility related costs.</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities" xlink:label="loc_H456J84H45669KJ14908_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities" xml:lang="en-US">Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities" xml:lang="en-US">Employee-related liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities" xlink:to="lab_J678L06J67881ML36120_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredTaxAssetsNetCurrent" xlink:label="loc_HF82J1J2G963_us-gaap_DeferredTaxAssetsNetCurrent" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_DeferredTaxAssetsNetCurrent" xml:lang="en-US">Deferred Tax Assets, Net of Valuation Allowance, Current</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost" xlink:label="loc_H456J84H45669KJ14908_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost" xml:lang="en-US">Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost" xml:lang="en-US">Stock-based compensation</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost" xlink:to="lab_J678L06J67881ML36120_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment" xlink:label="loc_HF82J1J2G963_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment" xml:lang="en-US">Deferred Tax Liabilities, Property, Plant and Equipment</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment" xml:lang="en-US">Property and equipment</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_JH04L3L4I185_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment" xml:lang="en-US">Property and equipment</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment" xlink:to="lab_JH04L3L4I185_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_DeferredTaxAssetsDeferredGainOnSaleOfPropertyNonCurrent" xlink:label="loc_H456J84H45669KJ14908_stra_DeferredTaxAssetsDeferredGainOnSaleOfPropertyNonCurrent" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_DeferredTaxAssetsDeferredGainOnSaleOfPropertyNonCurrent" xml:lang="en-US">Deferred Tax Assets Deferred Gain On Sale Of Property Non Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_stra_DeferredTaxAssetsDeferredGainOnSaleOfPropertyNonCurrent" xml:lang="en-US">Other facility-related costs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_DeferredTaxAssetsDeferredGainOnSaleOfPropertyNonCurrent" xml:lang="en-US">The tax effect as of the balance sheet date of the amount of estimated future tax effect attributable to the difference between the tax basis of the deferred gain on sale of property and the basis of the deferred gain on sale of property in accordance with generally accepted accounting principles.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_DeferredTaxAssetsDeferredGainOnSaleOfPropertyNonCurrent" xlink:to="lab_J678L06J67881ML36120_stra_DeferredTaxAssetsDeferredGainOnSaleOfPropertyNonCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredTaxAssetsDeferredIncome" xlink:label="loc_HF82J1J2G963_us-gaap_DeferredTaxAssetsDeferredIncome" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_DeferredTaxAssetsDeferredIncome" xml:lang="en-US">Deferred Tax Assets, Deferred Income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_DeferredTaxAssetsDeferredIncome" xml:lang="en-US">Deferred revenue</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_DeferredTaxAssetsDeferredIncome" xlink:to="lab_JH04L3L4I185_us-gaap_DeferredTaxAssetsDeferredIncome"/>
<loc xlink:type="locator" xlink:href="stra-20141231.xsd#stra_DeferredTaxAssetsDeferredLeasingCostsNonCurrent" xlink:label="loc_H456J84H45669KJ14908_stra_DeferredTaxAssetsDeferredLeasingCostsNonCurrent" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_stra_DeferredTaxAssetsDeferredLeasingCostsNonCurrent" xml:lang="en-US">Deferred Tax Assets Deferred Leasing Costs Non Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_stra_DeferredTaxAssetsDeferredLeasingCostsNonCurrent" xml:lang="en-US">Deferred leasing costs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_J678L06J67881ML36120_stra_DeferredTaxAssetsDeferredLeasingCostsNonCurrent" xml:lang="en-US">Amount of deferred tax asset attributable to deductible temporary differences from deferred leasing costs, noncurrent.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_stra_DeferredTaxAssetsDeferredLeasingCostsNonCurrent" xlink:to="lab_J678L06J67881ML36120_stra_DeferredTaxAssetsDeferredLeasingCostsNonCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredTaxAssetsDerivativeInstruments" xlink:label="loc_HF82J1J2G963_us-gaap_DeferredTaxAssetsDerivativeInstruments" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_DeferredTaxAssetsDerivativeInstruments" xml:lang="en-US">Deferred Tax Assets, Derivative Instruments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_DeferredTaxAssetsDerivativeInstruments" xml:lang="en-US">Interest rate swap</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_DeferredTaxAssetsDerivativeInstruments" xlink:to="lab_JH04L3L4I185_us-gaap_DeferredTaxAssetsDerivativeInstruments"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredTaxAssetsOther" xlink:label="loc_H456J84H45669KJ14908_us-gaap_DeferredTaxAssetsOther" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_DeferredTaxAssetsOther" xml:lang="en-US">Deferred Tax Assets, Other</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_DeferredTaxAssetsOther" xml:lang="en-US">Other</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_DeferredTaxAssetsOther" xlink:to="lab_J678L06J67881ML36120_us-gaap_DeferredTaxAssetsOther"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_DeferredTaxAssetsLiabilitiesNet" xlink:label="loc_HF82J1J2G963_us-gaap_DeferredTaxAssetsLiabilitiesNet" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_DeferredTaxAssetsLiabilitiesNet" xml:lang="en-US">Deferred Tax Assets, Net</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_JH04L3L4I185_us-gaap_DeferredTaxAssetsLiabilitiesNet" xml:lang="en-US">Net deferred tax asset</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_DeferredTaxAssetsLiabilitiesNet" xlink:to="lab_JH04L3L4I185_us-gaap_DeferredTaxAssetsLiabilitiesNet"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward" xlink:label="loc_H456J84H45669KJ14908_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward" xml:lang="en-US">Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward" xml:lang="en-US">Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward" xlink:to="lab_J678L06J67881ML36120_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_UnrecognizedTaxBenefits" xlink:label="loc_HF82J1J2G963_us-gaap_UnrecognizedTaxBenefits" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_UnrecognizedTaxBenefits" xml:lang="en-US">Unrecognized Tax Benefits</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_UnrecognizedTaxBenefits" xml:lang="en-US">Unrecognized tax benefits</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_JH04L3L4I185_us-gaap_UnrecognizedTaxBenefits" xml:lang="en-US">Beginning unrecognized tax benefits</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_JH04L3L4I185_us-gaap_UnrecognizedTaxBenefits" xml:lang="en-US">Ending unrecognized tax benefits</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_HF82J1J2G963_us-gaap_UnrecognizedTaxBenefits" xlink:to="lab_JH04L3L4I185_us-gaap_UnrecognizedTaxBenefits"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xlink:label="loc_H456J84H45669KJ14908_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xml:lang="en-US">Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xml:lang="en-US">Additions based on tax positions taken in the current year</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_H456J84H45669KJ14908_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xlink:to="lab_J678L06J67881ML36120_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations" xlink:label="loc_HF82J1J2G963_us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations" xml:lang="en-US">Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations" xml:lang="en-US">Gross reductions for tax positions taken in prior years</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities" xlink:label="loc_H456J84H45669KJ14908_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities" xml:lang="en-US">Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities" xml:lang="en-US">Settlements with taxing authorities</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract" xlink:label="loc_HF82J1J2G963_us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_JH04L3L4I185_us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract" xml:lang="en-US">Effective Income Tax Rate Reconciliation, Percent [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_JH04L3L4I185_us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract" xml:lang="en-US">Schedule of reconciliation between statutory tax rate and effective tax rate</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2014/elts/us-gaap-2014-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:label="loc_H456J84H45669KJ14908_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_J678L06J67881ML36120_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xml:lang="en-US">Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_J678L06J67881ML36120_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xml:lang="en-US">Statutory federal rate</label>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ELJAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Significant Accounting Policies (Details 2) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForDoubtfulAccountsReceivableRollforward', window );"><strong>Schedule of allowance for doubtful accounts</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent', window );">Beginning allowance for doubtful accounts</a></td>
        <td class="nump"><a title="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" onclick="toggleNextSibling(this);">$ 10,303</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" onclick="toggleNextSibling(this);">$ 6,596</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" onclick="toggleNextSibling(this);">$ 7,279</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProvisionForDoubtfulAccounts', window );">Additions charged to expense</a></td>
        <td class="nump"><a title="us-gaap_ProvisionForDoubtfulAccounts" onclick="toggleNextSibling(this);">16,947</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ProvisionForDoubtfulAccounts</span><span></span></td>
        <td class="nump"><a title="us-gaap_ProvisionForDoubtfulAccounts" onclick="toggleNextSibling(this);">22,225</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ProvisionForDoubtfulAccounts</span><span></span></td>
        <td class="nump"><a title="us-gaap_ProvisionForDoubtfulAccounts" onclick="toggleNextSibling(this);">23,728</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ProvisionForDoubtfulAccounts</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs', window );">Write-offs, net of recoveries</a></td>
        <td class="num"><a title="us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs" onclick="toggleNextSibling(this);">(18,415)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs</span><span></span></td>
        <td class="num"><a title="us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs" onclick="toggleNextSibling(this);">(18,518)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs</span><span></span></td>
        <td class="num"><a title="us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs" onclick="toggleNextSibling(this);">(24,411)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent', window );">Ending allowance for doubtful accounts</a></td>
        <td class="nump"><a title="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" onclick="toggleNextSibling(this);">$ 8,835</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" onclick="toggleNextSibling(this);">$ 10,303</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" onclick="toggleNextSibling(this);">$ 6,596</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 4<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35738203&amp;loc=d3e5074-111524<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllowanceForDoubtfulAccountsReceivableRollforward">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AllowanceForDoubtfulAccountsReceivableRollforward</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of direct write-downs of accounts receivable charged against the allowance.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35738203&amp;loc=d3e5074-111524<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 954<br><br> -SubTopic 310<br><br> -Section 50<br><br> -Paragraph 3<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35755819&amp;loc=SL9156395-115594<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProvisionForDoubtfulAccounts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of expense related to write-down of receivables to the amount expected to be collected. Includes, but is not limited to, accounts receivable and notes receivable.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.5)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 5<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ProvisionForDoubtfulAccounts</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ETPAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Stock Options, Restricted Stock and Restricted Stock Units (Details 2) (Employee Stock [Member], USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top">
          <div class="a">Employee Stock [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber', window );">Exercisable, Number of shares</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber[us-gaap_AwardTypeAxis=us-gaap_EmployeeStockMember]" onclick="toggleNextSibling(this);">100,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_EmployeeStockMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice', window );">Exercisable, Weighted-average exercise price</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice[us-gaap_AwardTypeAxis=us-gaap_EmployeeStockMember]" onclick="toggleNextSibling(this);">$ 51.95</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_EmployeeStockMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice[us-gaap_AwardTypeAxis=us-gaap_EmployeeStockMember]" onclick="toggleNextSibling(this);">$ 51.95</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_EmployeeStockMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice[us-gaap_AwardTypeAxis=us-gaap_EmployeeStockMember]" onclick="toggleNextSibling(this);">$ 107.28</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_EmployeeStockMember</span><span></span></td>
      </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(iii)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The weighted-average price as of the balance sheet date at which grantees can acquire the shares reserved for issuance on vested portions of options outstanding and currently exercisable under the stock option plan.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(iii)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EIIBI">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Term Loan and Revolving Credit Facility (Details Textual) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="1">1 Months Ended</th>
        <th class="th" colspan="1">12 Months Ended</th>
        <th class="th" colspan="1"></th>
      </tr>
      <tr>
        <th class="th">
          <div>Nov. 30, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Nov. 08, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_TermLoanAndRevolvingCreditFacilityTextualAbstract', window );"><strong>Term Loan and Revolving Credit Facility (Textual)</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityExpirationDate1', window );">Maturity date</a></td>
        <td class="text">Dec. 31,  2016<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Debt</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_LongTermDebt" onclick="toggleNextSibling(this);">$ 118,750,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LongTermDebt</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_TermLoanFacilityAmortizationPaymentsYearOne', window );">Term loan facility, quarterly amortization payments, during 2013</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="stra_TermLoanFacilityAmortizationPaymentsYearOne" onclick="toggleNextSibling(this);">781,250</a><span style="display:none;white-space:normal;text-align:left;">stra_TermLoanFacilityAmortizationPaymentsYearOne</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_TermLoanFacilityAmortizationPaymentsYearTwo', window );">Term loan facility, quarterly amortization payments, during 2014</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="stra_TermLoanFacilityAmortizationPaymentsYearTwo" onclick="toggleNextSibling(this);">781,250</a><span style="display:none;white-space:normal;text-align:left;">stra_TermLoanFacilityAmortizationPaymentsYearTwo</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_TermLoanFacilityAmortizationPaymentsYearThree', window );">Term loan facility, quarterly amortization payments, during 2015</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="stra_TermLoanFacilityAmortizationPaymentsYearThree" onclick="toggleNextSibling(this);">1,562,500</a><span style="display:none;white-space:normal;text-align:left;">stra_TermLoanFacilityAmortizationPaymentsYearThree</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_TermLoanFacilityAmortizationPaymentsYearFour', window );">Term loan facility, quarterly amortization payments, during 2016</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="stra_TermLoanFacilityAmortizationPaymentsYearFour" onclick="toggleNextSibling(this);">1,562,500</a><span style="display:none;white-space:normal;text-align:left;">stra_TermLoanFacilityAmortizationPaymentsYearFour</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_PaymentPercentageOfAggregateOriginalPrincipalAmountOfTermLoanFacilityInYearOneAndTwo', window );">Quarterly payment percentage of aggregate original principal amount of term loan facility in year one and two</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="stra_PaymentPercentageOfAggregateOriginalPrincipalAmountOfTermLoanFacilityInYearOneAndTwo" onclick="toggleNextSibling(this);">0.625%</a><span style="display:none;white-space:normal;text-align:left;">stra_PaymentPercentageOfAggregateOriginalPrincipalAmountOfTermLoanFacilityInYearOneAndTwo</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_PaymentPercentageOfAggregateOriginalPrincipalAmountOfTermLoanFacilityInYearThreeAndFour', window );">Quarterly payment percentage of aggregate original principal amount of term loan facility in year three and four</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="stra_PaymentPercentageOfAggregateOriginalPrincipalAmountOfTermLoanFacilityInYearThreeAndFour" onclick="toggleNextSibling(this);">1.25%</a><span style="display:none;white-space:normal;text-align:left;">stra_PaymentPercentageOfAggregateOriginalPrincipalAmountOfTermLoanFacilityInYearThreeAndFour</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPaid', window );">Cash interest paid</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_InterestPaid" onclick="toggleNextSibling(this);">4,400,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestPaid</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateDuringPeriod', window );">Average annual interest rate</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_DebtInstrumentInterestRateDuringPeriod" onclick="toggleNextSibling(this);">4.30%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DebtInstrumentInterestRateDuringPeriod</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityCovenantTerms', window );">Covenant terms required by credit facility</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text"><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 10pt; word-spacing: 0px; border-collapse: collapse; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 63px; font-size: 10pt; text-align: center;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">1)</font></td><td style="width: 1504px; font-size: 10pt; text-align: justify;">A leverage ratio of not greater than 2 to 1. Leverage ratio is defined as the ratio of total debt to trailing four-quarter EBITDA (earnings before interest, taxes, depreciation, amortization and non-cash charges such as stock-based compensation).</td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;">&#160;</p><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 10pt; word-spacing: 0px; border-collapse: collapse; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 63px; font-size: 10pt; text-align: center;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">2)</font></td><td style="width: 1504px; font-size: 10pt; text-align: justify;">A coverage ratio of not less than 1.75 to 1. Coverage ratio is defined as the ratio of trailing four-quarter EBITDA and rent expense to trailing four-quarter interest and rent expense.</td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;">&#160;</p><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 10pt; word-spacing: 0px; border-collapse: collapse; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 63px; font-size: 10pt; text-align: center;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">3)</font></td><td style="width: 1504px; font-size: 10pt; text-align: justify;">A Department of Education Financial Responsibility Composite Score of not less than 1.5.</td></tr></table><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_MaximumLeverageRatioToBeMaintainedUnderCreditFacility', window );">Maximum total leverage ratio</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="stra_MaximumLeverageRatioToBeMaintainedUnderCreditFacility" onclick="toggleNextSibling(this);">2.00</a><span style="display:none;white-space:normal;text-align:left;">stra_MaximumLeverageRatioToBeMaintainedUnderCreditFacility</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_MinimumCoverageRatioToBeMaintainedUnderCreditFacility', window );">Minimum coverage ratio</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="stra_MinimumCoverageRatioToBeMaintainedUnderCreditFacility" onclick="toggleNextSibling(this);">1.75</a><span style="display:none;white-space:normal;text-align:left;">stra_MinimumCoverageRatioToBeMaintainedUnderCreditFacility</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_MinimumDepartmentOfEducationFinancialCompositeScoreToBeMaintainedUnderCreditFacility', window );">Minimum department of education financial composite score</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="stra_MinimumDepartmentOfEducationFinancialCompositeScoreToBeMaintainedUnderCreditFacility" onclick="toggleNextSibling(this);">1.5</a><span style="display:none;white-space:normal;text-align:left;">stra_MinimumDepartmentOfEducationFinancialCompositeScoreToBeMaintainedUnderCreditFacility</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=us-gaap_RevolvingCreditFacilityMember', window );">Revolving Credit Facility [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_TermLoanAndRevolvingCreditFacilityTextualAbstract', window );"><strong>Term Loan and Revolving Credit Facility (Textual)</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Revolving credit facility, value</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity[us-gaap_DebtInstrumentAxis=us-gaap_RevolvingCreditFacilityMember]" onclick="toggleNextSibling(this);">100,000,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity<br>/ us-gaap_DebtInstrumentAxis<br>= us-gaap_RevolvingCreditFacilityMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_OptionToIncreaseCommitmentsUnderCreditFacility', window );">Option to increase commitments under credit facility</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="stra_OptionToIncreaseCommitmentsUnderCreditFacility[us-gaap_DebtInstrumentAxis=us-gaap_RevolvingCreditFacilityMember]" onclick="toggleNextSibling(this);">50,000,000</a><span style="display:none;white-space:normal;text-align:left;">stra_OptionToIncreaseCommitmentsUnderCreditFacility<br>/ us-gaap_DebtInstrumentAxis<br>= us-gaap_RevolvingCreditFacilityMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCredit', window );">Revolving credit facility, outstanding</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_LineOfCredit[us-gaap_DebtInstrumentAxis=us-gaap_RevolvingCreditFacilityMember]" onclick="toggleNextSibling(this);">0</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LineOfCredit<br>/ us-gaap_DebtInstrumentAxis<br>= us-gaap_RevolvingCreditFacilityMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=us-gaap_RevolvingCreditFacilityMember', window );">Revolving Credit Facility [Member] | Base Rate [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_TermLoanAndRevolvingCreditFacilityTextualAbstract', window );"><strong>Term Loan and Revolving Credit Facility (Textual)</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis', window );">Debt instrument description of variable rate basis</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text"><div>Base rate</div><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=us-gaap_RevolvingCreditFacilityMember', window );">Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_TermLoanAndRevolvingCreditFacilityTextualAbstract', window );"><strong>Term Loan and Revolving Credit Facility (Textual)</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis', window );">Debt instrument description of variable rate basis</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">LIBOR<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=us-gaap_RevolvingCreditFacilityMember', window );">Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_TermLoanAndRevolvingCreditFacilityTextualAbstract', window );"><strong>Term Loan and Revolving Credit Facility (Textual)</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Margin rate for interest if using base rate</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1[us-gaap_DebtInstrumentAxis=us-gaap_RevolvingCreditFacilityMember;us-gaap_RangeAxis=us-gaap_MinimumMember;us-gaap_VariableRateAxis=us-gaap_BaseRateMember]" onclick="toggleNextSibling(this);">2.00%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DebtInstrumentBasisSpreadOnVariableRate1<br>/ us-gaap_DebtInstrumentAxis<br>= us-gaap_RevolvingCreditFacilityMember<br>/ us-gaap_RangeAxis<br>= us-gaap_MinimumMember<br>/ us-gaap_VariableRateAxis<br>= us-gaap_BaseRateMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=us-gaap_RevolvingCreditFacilityMember', window );">Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_TermLoanAndRevolvingCreditFacilityTextualAbstract', window );"><strong>Term Loan and Revolving Credit Facility (Textual)</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Margin rate for interest if using base rate</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1[us-gaap_DebtInstrumentAxis=us-gaap_RevolvingCreditFacilityMember;us-gaap_RangeAxis=us-gaap_MaximumMember;us-gaap_VariableRateAxis=us-gaap_BaseRateMember]" onclick="toggleNextSibling(this);">2.50%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DebtInstrumentBasisSpreadOnVariableRate1<br>/ us-gaap_DebtInstrumentAxis<br>= us-gaap_RevolvingCreditFacilityMember<br>/ us-gaap_RangeAxis<br>= us-gaap_MaximumMember<br>/ us-gaap_VariableRateAxis<br>= us-gaap_BaseRateMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=us-gaap_RevolvingCreditFacilityMember', window );">Revolving Credit Facility [Member] | Letter of Credit [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_TermLoanAndRevolvingCreditFacilityTextualAbstract', window );"><strong>Term Loan and Revolving Credit Facility (Textual)</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_OptionToIncreaseCommitmentsUnderCreditFacility', window );">Option to increase commitments under credit facility</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="stra_OptionToIncreaseCommitmentsUnderCreditFacility[us-gaap_DebtInstrumentAxis=us-gaap_RevolvingCreditFacilityMember;us-gaap_LineOfCreditFacilityAxis=us-gaap_LetterOfCreditMember]" onclick="toggleNextSibling(this);">50,000,000</a><span style="display:none;white-space:normal;text-align:left;">stra_OptionToIncreaseCommitmentsUnderCreditFacility<br>/ us-gaap_DebtInstrumentAxis<br>= us-gaap_RevolvingCreditFacilityMember<br>/ us-gaap_LineOfCreditFacilityAxis<br>= us-gaap_LetterOfCreditMember</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=stra_TermLoanFacilityMember', window );">Term Loan Facility [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_TermLoanAndRevolvingCreditFacilityTextualAbstract', window );"><strong>Term Loan and Revolving Credit Facility (Textual)</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Revolving credit facility, value</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity[us-gaap_DebtInstrumentAxis=stra_TermLoanFacilityMember]" onclick="toggleNextSibling(this);">125,000,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity<br>/ us-gaap_DebtInstrumentAxis<br>= stra_TermLoanFacilityMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Debt</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_LongTermDebt[us-gaap_DebtInstrumentAxis=stra_TermLoanFacilityMember]" onclick="toggleNextSibling(this);">$ 118,800,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LongTermDebt<br>/ us-gaap_DebtInstrumentAxis<br>= stra_TermLoanFacilityMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=stra_TermLoanFacilityMember', window );">Term Loan Facility [Member] | Interest Rate Swap [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_TermLoanAndRevolvingCreditFacilityTextualAbstract', window );"><strong>Term Loan and Revolving Credit Facility (Textual)</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateEffectivePercentageRateRangeMinimum', window );">Interest rate swap, fixed rate minimum</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_DebtInstrumentInterestRateEffectivePercentageRateRangeMinimum[us-gaap_DebtInstrumentAxis=stra_TermLoanFacilityMember;us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwapMember]" onclick="toggleNextSibling(this);">2.85%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DebtInstrumentInterestRateEffectivePercentageRateRangeMinimum<br>/ us-gaap_DebtInstrumentAxis<br>= stra_TermLoanFacilityMember<br>/ us-gaap_DerivativeInstrumentRiskAxis<br>= us-gaap_InterestRateSwapMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateEffectivePercentageRateRangeMaximum', window );">Interest rate swap, fixed rate maximum</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_DebtInstrumentInterestRateEffectivePercentageRateRangeMaximum[us-gaap_DebtInstrumentAxis=stra_TermLoanFacilityMember;us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwapMember]" onclick="toggleNextSibling(this);">3.35%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DebtInstrumentInterestRateEffectivePercentageRateRangeMaximum<br>/ us-gaap_DebtInstrumentAxis<br>= stra_TermLoanFacilityMember<br>/ us-gaap_DerivativeInstrumentRiskAxis<br>= us-gaap_InterestRateSwapMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=stra_TermLoanFacilityMember', window );">Term Loan Facility [Member] | Minimum [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_TermLoanAndRevolvingCreditFacilityTextualAbstract', window );"><strong>Term Loan and Revolving Credit Facility (Textual)</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage', window );">Unused commitment fee</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage[us-gaap_DebtInstrumentAxis=stra_TermLoanFacilityMember;us-gaap_RangeAxis=us-gaap_MinimumMember]" onclick="toggleNextSibling(this);">0.30%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage<br>/ us-gaap_DebtInstrumentAxis<br>= stra_TermLoanFacilityMember<br>/ us-gaap_RangeAxis<br>= us-gaap_MinimumMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=stra_TermLoanFacilityMember', window );">Term Loan Facility [Member] | Maximum [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_TermLoanAndRevolvingCreditFacilityTextualAbstract', window );"><strong>Term Loan and Revolving Credit Facility (Textual)</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage', window );">Unused commitment fee</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage[us-gaap_DebtInstrumentAxis=stra_TermLoanFacilityMember;us-gaap_RangeAxis=us-gaap_MaximumMember]" onclick="toggleNextSibling(this);">0.40%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage<br>/ us-gaap_DebtInstrumentAxis<br>= stra_TermLoanFacilityMember<br>/ us-gaap_RangeAxis<br>= us-gaap_MaximumMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_MaximumLeverageRatioToBeMaintainedUnderCreditFacility">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Maximum leverage ratio to be maintained under credit facility.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_MaximumLeverageRatioToBeMaintainedUnderCreditFacility</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:pureItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_MinimumCoverageRatioToBeMaintainedUnderCreditFacility">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Minimum coverage ratio to be maintained under credit facility.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_MinimumCoverageRatioToBeMaintainedUnderCreditFacility</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:pureItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_MinimumDepartmentOfEducationFinancialCompositeScoreToBeMaintainedUnderCreditFacility">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Minimum department of education financial composite score to be maintained under credit facility.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_MinimumDepartmentOfEducationFinancialCompositeScoreToBeMaintainedUnderCreditFacility</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:pureItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_OptionToIncreaseCommitmentsUnderCreditFacility">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The additional amount by which the Company can increase its commitments under the Credit Facility, subject to obtaining additional loan commitments and the satisfaction of certain conditions.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_OptionToIncreaseCommitmentsUnderCreditFacility</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_PaymentPercentageOfAggregateOriginalPrincipalAmountOfTermLoanFacilityInYearOneAndTwo">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The percentage of the aggregate original principal amount of the term loan facility that is paid quarterly in year one and two.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_PaymentPercentageOfAggregateOriginalPrincipalAmountOfTermLoanFacilityInYearOneAndTwo</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_PaymentPercentageOfAggregateOriginalPrincipalAmountOfTermLoanFacilityInYearThreeAndFour">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The percentage of the aggregate original principal amount of the term loan facility that is paid quarterly in year three and four.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_PaymentPercentageOfAggregateOriginalPrincipalAmountOfTermLoanFacilityInYearThreeAndFour</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_TermLoanAndRevolvingCreditFacilityTextualAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_TermLoanAndRevolvingCreditFacilityTextualAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_TermLoanFacilityAmortizationPaymentsYearFour">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Term Loan Facility, Quarterly Amortization Payments, year four.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_TermLoanFacilityAmortizationPaymentsYearFour</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_TermLoanFacilityAmortizationPaymentsYearOne">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Term Loan Facility, Quarterly Amortization Payments, year one.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_TermLoanFacilityAmortizationPaymentsYearOne</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_TermLoanFacilityAmortizationPaymentsYearThree">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Term Loan Facility, Quarterly Amortization Payments, year three.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_TermLoanFacilityAmortizationPaymentsYearThree</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_TermLoanFacilityAmortizationPaymentsYearTwo">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Term Loan Facility, Quarterly Amortization Payments, year two.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_TermLoanFacilityAmortizationPaymentsYearTwo</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Percentage points added to the reference rate to compute the variable rate on the debt instrument.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DebtInstrumentBasisSpreadOnVariableRate1</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The reference rate for the variable rate of the debt instrument, such as LIBOR or the US Treasury rate and the maturity of the reference rate used, such as three months or six months LIBOR.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DebtInstrumentDescriptionOfVariableRateBasis</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentInterestRateDuringPeriod">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The average effective interest rate during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6451184&amp;loc=d3e28551-108399<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 22<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22(a)(1))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DebtInstrumentInterestRateDuringPeriod</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentInterestRateEffectivePercentageRateRangeMaximum">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>When presenting a range of interest rates, the highest effective rate for funds borrowed under the debt agreement as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 22<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22(a)(1))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DebtInstrumentInterestRateEffectivePercentageRateRangeMaximum</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentInterestRateEffectivePercentageRateRangeMinimum">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>When presenting a range of interest rates, the lowest effective rate for funds borrowed under the debt agreement as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 22<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22(a)(1))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DebtInstrumentInterestRateEffectivePercentageRateRangeMinimum</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPaid">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of cash paid for interest during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3536-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_InterestPaid</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCredit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19, 20, 22<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LineOfCredit</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityCovenantTerms">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Description of the conditions for borrowing under the credit facility including the nature of any restrictions.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.19(b),22(b))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19, 22<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityCovenantTerms</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityExpirationDate1">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Date the credit facility terminates, in CCYY-MM-DD format.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.19(b),22(b))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19, 22<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityExpirationDate1</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:dateItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.19(b),22(b))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19, 22<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The fee, expressed as a percentage of the line of credit facility, for available but unused credit capacity under the credit facility.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 16<br><br> -Article 7<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 16<br><br> -Article 9<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 20, 22<br><br> -Article 5<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LongTermDebt</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=stra_TermLoanFacilityMember">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=stra_TermLoanFacilityMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td></td>
                  </tr>
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            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=us-gaap_RevolvingCreditFacilityMember">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=us-gaap_RevolvingCreditFacilityMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td></td>
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    <link rel="stylesheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ENOAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Income Taxes (Details Textual) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_IncomeTaxesTextualAbstract', window );"><strong>Income Taxes (Textual)</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxesPaid', window );">Cash payments for income taxes</a></td>
        <td class="nump"><a title="us-gaap_IncomeTaxesPaid" onclick="toggleNextSibling(this);">$ 30,800,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxesPaid</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeTaxesPaid" onclick="toggleNextSibling(this);">$ 26,500,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxesPaid</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeTaxesPaid" onclick="toggleNextSibling(this);">$ 47,400,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxesPaid</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExaminationPenaltiesAndInterestExpense', window );">Tax expense (benefits) related to interest and penalties</a></td>
        <td class="nump"><a title="us-gaap_IncomeTaxExaminationPenaltiesAndInterestExpense" onclick="toggleNextSibling(this);">100,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxExaminationPenaltiesAndInterestExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeTaxExaminationPenaltiesAndInterestExpense" onclick="toggleNextSibling(this);">400,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxExaminationPenaltiesAndInterestExpense</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExaminationPenaltiesAndInterestAccrued', window );">Amount of interest and penalties</a></td>
        <td class="nump"><a title="us-gaap_IncomeTaxExaminationPenaltiesAndInterestAccrued" onclick="toggleNextSibling(this);">300,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxExaminationPenaltiesAndInterestAccrued</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeTaxExaminationPenaltiesAndInterestAccrued" onclick="toggleNextSibling(this);">400,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxExaminationPenaltiesAndInterestAccrued</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit', window );">Reduction of unrecognized tax benefits in the next twelve months, due to expiration of applicable statues of limitation</a></td>
        <td class="nump"><a title="us-gaap_SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit" onclick="toggleNextSibling(this);">400,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate', window );">Unrecognized tax benefits favorably affecting Company's effective tax rate</a></td>
        <td class="nump"><a title="us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate" onclick="toggleNextSibling(this);">2,100,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecognizedTaxBenefits', window );">Unrecognized tax benefits</a></td>
        <td class="nump"><a title="us-gaap_UnrecognizedTaxBenefits" onclick="toggleNextSibling(this);">$ 2,936,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_UnrecognizedTaxBenefits</span><span></span></td>
        <td class="nump"><a title="us-gaap_UnrecognizedTaxBenefits" onclick="toggleNextSibling(this);">$ 1,745,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_UnrecognizedTaxBenefits</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
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    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_IncomeTaxesTextualAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_IncomeTaxesTextualAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxesPaid">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -Subparagraph (f)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3536-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeTaxesPaid</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExaminationPenaltiesAndInterestAccrued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of estimated penalties and interest accrued as of the balance sheet date arising from income tax examinations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 15<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32718-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeTaxExaminationPenaltiesAndInterestAccrued</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExaminationPenaltiesAndInterestExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The sum of the amounts of estimated penalties and interest recognized in the period arising from income tax examinations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 15<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32718-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeTaxExaminationPenaltiesAndInterestExpense</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of the unrecognized tax benefit of a position taken for which it is reasonably possible that the total amount thereof will significantly increase or decrease within twelve months of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 15<br><br> -Subparagraph (d)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32718-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrecognizedTaxBenefits">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of unrecognized tax benefits pertaining to uncertain tax positions taken in tax returns.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Unrecognized Tax Benefit<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6527854<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 15A<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=SL6600010-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_UnrecognizedTaxBenefits</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 15A<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=SL6600010-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate</td>
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                    <td>xbrli:monetaryItemType</td>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ETBAG">
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          <div style="width: 200px;"><strong>Stock Options, Restricted Stock and Restricted Stock Units (Details 3) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
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        <th class="th">
          <div>Dec. 31, 2013</div>
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        <th class="th">
          <div>Dec. 31, 2012</div>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeServiceShareBasedCompensationAggregateDisclosuresAbstract', window );"><strong>Schedule of stock-based compensation expense</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Stock-based compensation expense included in operating expense</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensation" onclick="toggleNextSibling(this);">$ 9,453</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensation</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensation" onclick="toggleNextSibling(this);">$ 9,291</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensation</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensation" onclick="toggleNextSibling(this);">$ 5,464</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensation</span><span></span></td>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense', window );">Tax benefit</a></td>
        <td class="nump"><a title="us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" onclick="toggleNextSibling(this);">3,734</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" onclick="toggleNextSibling(this);">3,698</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" onclick="toggleNextSibling(this);">2,158</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense</span><span></span></td>
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      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax', window );">Stock-based compensation expense, net of income tax</a></td>
        <td class="nump"><a title="us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax" onclick="toggleNextSibling(this);">5,719</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax</span><span></span></td>
        <td class="nump"><a title="us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax" onclick="toggleNextSibling(this);">5,593</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax</span><span></span></td>
        <td class="nump"><a title="us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax" onclick="toggleNextSibling(this);">3,306</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax</span><span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeServiceShareBasedCompensationAggregateDisclosuresAbstract', window );"><strong>Schedule of stock-based compensation expense</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Stock-based compensation expense included in operating expense</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensation[us-gaap_IncomeStatementLocationAxis=stra_InstructionAndEducationalSupportMember]" onclick="toggleNextSibling(this);">1,736</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensation<br>/ us-gaap_IncomeStatementLocationAxis<br>= stra_InstructionAndEducationalSupportMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensation[us-gaap_IncomeStatementLocationAxis=stra_InstructionAndEducationalSupportMember]" onclick="toggleNextSibling(this);">1,976</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensation<br>/ us-gaap_IncomeStatementLocationAxis<br>= stra_InstructionAndEducationalSupportMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensation[us-gaap_IncomeStatementLocationAxis=stra_InstructionAndEducationalSupportMember]" onclick="toggleNextSibling(this);">3,273</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensation<br>/ us-gaap_IncomeStatementLocationAxis<br>= stra_InstructionAndEducationalSupportMember</span><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementLocationAxis=us-gaap_SellingAndMarketingExpenseMember', window );">Marketing [Member]</a></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeServiceShareBasedCompensationAggregateDisclosuresAbstract', window );"><strong>Schedule of stock-based compensation expense</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Stock-based compensation expense included in operating expense</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeServiceShareBasedCompensationAggregateDisclosuresAbstract', window );"><strong>Schedule of stock-based compensation expense</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Stock-based compensation expense included in operating expense</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementLocationAxis=us-gaap_GeneralAndAdministrativeExpenseMember', window );">General and administration [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeServiceShareBasedCompensationAggregateDisclosuresAbstract', window );"><strong>Schedule of stock-based compensation expense</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Stock-based compensation expense included in operating expense</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensation[us-gaap_IncomeStatementLocationAxis=us-gaap_GeneralAndAdministrativeExpenseMember]" onclick="toggleNextSibling(this);">$ 7,717</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensation<br>/ us-gaap_IncomeStatementLocationAxis<br>= us-gaap_GeneralAndAdministrativeExpenseMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensation[us-gaap_IncomeStatementLocationAxis=us-gaap_GeneralAndAdministrativeExpenseMember]" onclick="toggleNextSibling(this);">$ 7,315</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensation<br>/ us-gaap_IncomeStatementLocationAxis<br>= us-gaap_GeneralAndAdministrativeExpenseMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensation[us-gaap_IncomeStatementLocationAxis=us-gaap_GeneralAndAdministrativeExpenseMember]" onclick="toggleNextSibling(this);">$ 2,191</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensation<br>/ us-gaap_IncomeStatementLocationAxis<br>= us-gaap_GeneralAndAdministrativeExpenseMember</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of expense, net of income tax, recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EmployeeServiceShareBasedCompensationAggregateDisclosuresAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EmployeeServiceShareBasedCompensationAggregateDisclosuresAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The total recognized tax benefit related to compensation cost for equity-based payment arrangements recognized in income during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (h)(1)(i)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensation</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementLocationAxis=stra_AdmissionsAdvisoryMember">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=stra_AdmissionsAdvisoryMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td></td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementLocationAxis=stra_InstructionAndEducationalSupportMember">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=stra_InstructionAndEducationalSupportMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td></td>
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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementLocationAxis=us-gaap_GeneralAndAdministrativeExpenseMember">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=us-gaap_GeneralAndAdministrativeExpenseMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td></td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementLocationAxis=us-gaap_SellingAndMarketingExpenseMember">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=us-gaap_SellingAndMarketingExpenseMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td></td>
                  </tr>
                </table>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ETFAE">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Term Loan and Revolving Credit Facility (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtByCurrentAndNoncurrentAbstract', window );"><strong>Schedule of debt and short-term borrowings</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
        <td class="nump"><a title="us-gaap_LongTermDebt" onclick="toggleNextSibling(this);">$ 118,750</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LongTermDebt</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtCurrent', window );">Less: Current portion of long-term debt</a></td>
        <td class="nump"><a title="us-gaap_LongTermDebtCurrent" onclick="toggleNextSibling(this);">6,250</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LongTermDebtCurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_LongTermDebtCurrent" onclick="toggleNextSibling(this);">3,125</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LongTermDebtCurrent</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtNoncurrent', window );">Long-term debt</a></td>
        <td class="nump"><a title="us-gaap_LongTermDebtNoncurrent" onclick="toggleNextSibling(this);">112,500</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LongTermDebtNoncurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_LongTermDebtNoncurrent" onclick="toggleNextSibling(this);">118,750</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LongTermDebtNoncurrent</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=stra_TermLoanFacilityMember', window );">Term loan [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtByCurrentAndNoncurrentAbstract', window );"><strong>Schedule of debt and short-term borrowings</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
        <td class="nump"><a title="us-gaap_LongTermDebt[us-gaap_LongtermDebtTypeAxis=stra_TermLoanFacilityMember]" onclick="toggleNextSibling(this);">118,750</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LongTermDebt<br>/ us-gaap_LongtermDebtTypeAxis<br>= stra_TermLoanFacilityMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=us-gaap_RevolvingCreditFacilityMember', window );">Revolving credit facility [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtByCurrentAndNoncurrentAbstract', window );"><strong>Schedule of debt and short-term borrowings</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 16<br><br> -Article 7<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 16<br><br> -Article 9<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 20, 22<br><br> -Article 5<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LongTermDebt</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Commitments and Contingencies (Tables)<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Dec. 31, 2014</div>
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        <td class="text"><div>&#160;</div><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="font-size: 10pt; text-align: left; padding-bottom: 1.5pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-family: 'times new roman', times, serif;">Minimum rental commitments</font></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td></tr><tr style="vertical-align: bottom; 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                <p>Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date.</p>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>24
<FILENAME>R57.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0E4VAG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Stock Options, Restricted Stock and Restricted Stock Units (Details Textual) (USD $)<br>In Millions, except Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
        <th class="th" colspan="2">1 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Feb. 28, 2014</div>
        </th>
        <th class="th">
          <div>May 31, 2014</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_MaximumTermOfAwardsGrantedUnderPlan', window );">Maximum term of the awards granted under the Plan</a></td>
        <td class="text">10 years<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized', window );">Stock-based compensation cost which has not yet been recognized</a></td>
        <td class="nump"><a title="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" onclick="toggleNextSibling(this);">$ 28.8</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1', window );">Stock-based compensation cost recognized period, in months</a></td>
        <td class="text">42 months<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_RestrictedStockAwardSubjectToPerformanceCondition', window );">Restricted stock awarded subject to performance condition</a></td>
        <td class="nump"><a title="stra_RestrictedStockAwardSubjectToPerformanceCondition" onclick="toggleNextSibling(this);">398,000</a><span style="display:none;white-space:normal;text-align:left;">stra_RestrictedStockAwardSubjectToPerformanceCondition</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_NumberOfSharesNotMeetingPerformanceCriteria', window );">Number of shares not meeting performance criteria</a></td>
        <td class="nump"><a title="stra_NumberOfSharesNotMeetingPerformanceCriteria" onclick="toggleNextSibling(this);">45,920</a><span style="display:none;white-space:normal;text-align:left;">stra_NumberOfSharesNotMeetingPerformanceCriteria</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_ReductionInStockBasedCompensation', window );">Reduction in stock based compensation</a></td>
        <td class="nump"><a title="stra_ReductionInStockBasedCompensation" onclick="toggleNextSibling(this);">$ 7.0</a><span style="display:none;white-space:normal;text-align:left;">stra_ReductionInStockBasedCompensation</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_BoardOfDirectorsChairmanMember', window );">Board of Directors [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized', window );">Shares approved for grants</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized[us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_BoardOfDirectorsChairmanMember]" onclick="toggleNextSibling(this);">46,064</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized<br>/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis<br>= us-gaap_BoardOfDirectorsChairmanMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage', window );">Vesting percentage</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage[us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_BoardOfDirectorsChairmanMember]" onclick="toggleNextSibling(this);">100.00%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage<br>/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis<br>= us-gaap_BoardOfDirectorsChairmanMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingDate', window );">Vesting date</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Feb. 28,  2018<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_ClosingPriceOfStockOnDateOfStockGrant', window );">Closing price of stock on date of stock grant</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="stra_ClosingPriceOfStockOnDateOfStockGrant[us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_BoardOfDirectorsChairmanMember]" onclick="toggleNextSibling(this);">$ 33.65</a><span style="display:none;white-space:normal;text-align:left;">stra_ClosingPriceOfStockOnDateOfStockGrant<br>/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis<br>= us-gaap_BoardOfDirectorsChairmanMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_BoardOfDirectorsChairmanMember', window );">Board of Directors [Member] | Vesting over four years [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized', window );">Shares approved for grants</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized[us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_BoardOfDirectorsChairmanMember;us-gaap_VestingAxis=stra_VestingPeriodOneMember]" onclick="toggleNextSibling(this);">46,674</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized<br>/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis<br>= us-gaap_BoardOfDirectorsChairmanMember<br>/ us-gaap_VestingAxis<br>= stra_VestingPeriodOneMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1', window );">Vesting period, years</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">4 years<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_BoardOfDirectorsChairmanMember', window );">Board of Directors [Member] | Vesting over three years [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized', window );">Shares approved for grants</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized[us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_BoardOfDirectorsChairmanMember;us-gaap_VestingAxis=stra_VestingPeriodTwoMember]" onclick="toggleNextSibling(this);">15,868</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized<br>/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis<br>= us-gaap_BoardOfDirectorsChairmanMember<br>/ us-gaap_VestingAxis<br>= stra_VestingPeriodTwoMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1', window );">Vesting period, years</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">3 years<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_ClosingPriceOfStockOnDateOfStockGrant', window );">Closing price of stock on date of stock grant</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="stra_ClosingPriceOfStockOnDateOfStockGrant[us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_BoardOfDirectorsChairmanMember;us-gaap_VestingAxis=stra_VestingPeriodTwoMember]" onclick="toggleNextSibling(this);"> 42.85</a><span style="display:none;white-space:normal;text-align:left;">stra_ClosingPriceOfStockOnDateOfStockGrant<br>/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis<br>= us-gaap_BoardOfDirectorsChairmanMember<br>/ us-gaap_VestingAxis<br>= stra_VestingPeriodTwoMember</span><span></span></td>
      </tr>
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    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_ClosingPriceOfStockOnDateOfStockGrant">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Closing price of stock on date of stock grant.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_ClosingPriceOfStockOnDateOfStockGrant</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
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      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_MaximumTermOfAwardsGrantedUnderPlan">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Maximum term of the awards granted under the plan.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_MaximumTermOfAwardsGrantedUnderPlan</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:durationItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_NumberOfSharesNotMeetingPerformanceCriteria">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of restricted stock shares for which certain performance criteria more than likely would not be achieved.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_NumberOfSharesNotMeetingPerformanceCriteria</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_ReductionInStockBasedCompensation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Reduction in stock based compensation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_ReductionInStockBasedCompensation</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_RestrictedStockAwardSubjectToPerformanceCondition">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Restricted stock awarded subject to performance condition.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_RestrictedStockAwardSubjectToPerformanceCondition</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingDate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Share based compensation arrangement by share based payment award award vesting date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingDate</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:dateItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Unrecognized cost of unvested share-based compensation awards.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (i)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plans, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (i)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:durationItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Period which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:durationItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Percentage of vesting of share-based compensation awards.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of shares (or other type of equity) originally approved (usually by shareholders and board of directors), net of any subsequent amendments and adjustments, for awards under the equity-based compensation plan. As stock or unit options and equity instruments other than options are awarded to participants, the shares or units remain authorized and become reserved for issuance under outstanding awards (not necessarily vested).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)(3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_BoardOfDirectorsChairmanMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td></td>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EFNAG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Summarized Quarterly Financial Data (Unaudited) (Details) (USD $)<br>In Thousands, except Per Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="8">3 Months Ended</th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2014</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2014</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2013</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2013</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SelectedQuarterlyFinancialInformationAbstract', window );"><strong>Selected Quarterly Financial Information [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueServicesNet', window );">Revenues</a></td>
        <td class="nump"><a title="us-gaap_SalesRevenueServicesNet" onclick="toggleNextSibling(this);">$ 116,070</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SalesRevenueServicesNet</span><span></span></td>
        <td class="nump"><a title="us-gaap_SalesRevenueServicesNet" onclick="toggleNextSibling(this);">$ 100,756</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SalesRevenueServicesNet</span><span></span></td>
        <td class="nump"><a title="us-gaap_SalesRevenueServicesNet" onclick="toggleNextSibling(this);">$ 112,747</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SalesRevenueServicesNet</span><span></span></td>
        <td class="nump"><a title="us-gaap_SalesRevenueServicesNet" onclick="toggleNextSibling(this);">$ 116,468</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SalesRevenueServicesNet</span><span></span></td>
        <td class="nump"><a title="us-gaap_SalesRevenueServicesNet" onclick="toggleNextSibling(this);">$ 124,083</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SalesRevenueServicesNet</span><span></span></td>
        <td class="nump"><a title="us-gaap_SalesRevenueServicesNet" onclick="toggleNextSibling(this);">$ 110,031</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SalesRevenueServicesNet</span><span></span></td>
        <td class="nump"><a title="us-gaap_SalesRevenueServicesNet" onclick="toggleNextSibling(this);">$ 131,980</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SalesRevenueServicesNet</span><span></span></td>
        <td class="nump"><a title="us-gaap_SalesRevenueServicesNet" onclick="toggleNextSibling(this);">$ 137,506</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SalesRevenueServicesNet</span><span></span></td>
        <td class="nump"><a title="us-gaap_SalesRevenueServicesNet" onclick="toggleNextSibling(this);">$ 446,041</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SalesRevenueServicesNet</span><span></span></td>
        <td class="nump"><a title="us-gaap_SalesRevenueServicesNet" onclick="toggleNextSibling(this);">$ 503,600</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SalesRevenueServicesNet</span><span></span></td>
        <td class="nump"><a title="us-gaap_SalesRevenueServicesNet" onclick="toggleNextSibling(this);">$ 561,979</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SalesRevenueServicesNet</span><span></span></td>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Income (loss) from operations</a></td>
        <td class="nump"><a title="us-gaap_OperatingIncomeLoss" onclick="toggleNextSibling(this);">22,624</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingIncomeLoss" onclick="toggleNextSibling(this);">9,216</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingIncomeLoss" onclick="toggleNextSibling(this);">23,998</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingIncomeLoss" onclick="toggleNextSibling(this);">25,909</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_OperatingIncomeLoss" onclick="toggleNextSibling(this);">(30,096)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingIncomeLoss" onclick="toggleNextSibling(this);">6,621</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingIncomeLoss" onclick="toggleNextSibling(this);">26,257</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingIncomeLoss" onclick="toggleNextSibling(this);">29,919</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingIncomeLoss" onclick="toggleNextSibling(this);">81,747</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingIncomeLoss" onclick="toggleNextSibling(this);">32,701</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingIncomeLoss" onclick="toggleNextSibling(this);">113,587</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingIncomeLoss</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income (loss)</a></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ 12,943</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ 4,953</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ 13,677</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ 14,783</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="num"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ (18,957)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ 3,149</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ 15,002</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ 17,231</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ 46,356</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ 16,425</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ 65,930</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>Net income (loss) per share:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Basic</a></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareBasic" onclick="toggleNextSibling(this);">$ 1.22</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasic</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareBasic" onclick="toggleNextSibling(this);">$ 0.47</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasic</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareBasic" onclick="toggleNextSibling(this);">$ 1.29</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasic</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareBasic" onclick="toggleNextSibling(this);">$ 1.40</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasic</span><span></span></td>
        <td class="num"><a title="us-gaap_EarningsPerShareBasic" onclick="toggleNextSibling(this);">$ (1.80)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasic</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareBasic" onclick="toggleNextSibling(this);">$ 0.30</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasic</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareBasic" onclick="toggleNextSibling(this);">$ 1.43</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasic</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareBasic" onclick="toggleNextSibling(this);">$ 1.59</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasic</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareBasic" onclick="toggleNextSibling(this);">$ 4.39</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasic</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareBasic" onclick="toggleNextSibling(this);">$ 1.55</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasic</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareBasic" onclick="toggleNextSibling(this);">$ 5.79</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasic</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareDiluted', window );">Diluted</a></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareDiluted" onclick="toggleNextSibling(this);">$ 1.21</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareDiluted</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareDiluted" onclick="toggleNextSibling(this);">$ 0.46</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareDiluted</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareDiluted" onclick="toggleNextSibling(this);">$ 1.29</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareDiluted</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareDiluted" onclick="toggleNextSibling(this);">$ 1.40</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareDiluted</span><span></span></td>
        <td class="num"><a title="us-gaap_EarningsPerShareDiluted" onclick="toggleNextSibling(this);">$ (1.80)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareDiluted</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareDiluted" onclick="toggleNextSibling(this);">$ 0.30</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareDiluted</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareDiluted" onclick="toggleNextSibling(this);">$ 1.42</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareDiluted</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareDiluted" onclick="toggleNextSibling(this);">$ 1.59</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareDiluted</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareDiluted" onclick="toggleNextSibling(this);">$ 4.35</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareDiluted</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareDiluted" onclick="toggleNextSibling(this);">$ 1.55</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareDiluted</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareDiluted" onclick="toggleNextSibling(this);">$ 5.76</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareDiluted</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EarningsPerShareAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasic">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 52<br><br> -URI http://asc.fasb.org/extlink&amp;oid=32703322&amp;loc=d3e4984-109258<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.23)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 18<br><br> -Article 7<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 20<br><br> -Article 5<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 21<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EarningsPerShareBasic</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareDiluted">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 18<br><br> -Article 7<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 20<br><br> -Article 5<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 21<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EarningsPerShareDiluted</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                <p>The net result for the period of deducting operating expenses from operating revenues.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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                <p>Aggregate revenue during the period from services rendered in the normal course of business, after deducting allowances and discounts.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1(d))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Restructuring and Related Charges (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
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          <div>Dec. 31, 2014</div>
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        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfRestructuringReserveByTypeOfCostTextBlock', window );">Schedule of restructuring liability by type of cost</a></td>
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text-indent: -10px;"><font size="2">Balance at December 31, 2013<sup style="font-size: 11.0500001907349px; vertical-align: text-top;">(1)</sup></font></div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">42,550</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">2,216</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">44,766</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 20px; text-indent: -10px;"><font size="2">Payments</font></div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">(12,418</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">)&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">(2,138</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">)&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">(14,556</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">)&#160;&#160;</font></td></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 20px; text-indent: -10px;"><font size="2">Adjustments<sup style="font-size: 11.0500001907349px; vertical-align: text-top;">(2)</sup></font></div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">(2,849</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">)&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; 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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 420<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6394359&amp;loc=d3e17939-110869<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 420<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SAB Topic 5.P.4(b)(2))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27011515&amp;loc=d3e140904-122747<br><br><br><br></p>
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      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Fair Value Measurement (Details 1) (Deferred Payments [Member], USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top">
          <div class="a">Deferred Payments [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward', window );"><strong>Schedule of changes in fair value of level 3 liability</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue', window );">Balance at December 31, 2013</a></td>
        <td class="nump"><a title="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue[us-gaap_FairValueByLiabilityClassAxis=stra_DeferredPaymentsMember]" onclick="toggleNextSibling(this);">$ 2,115</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue<br>/ us-gaap_FairValueByLiabilityClassAxis<br>= stra_DeferredPaymentsMember</span><span></span></td>
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      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements', window );">Amounts earned</a></td>
        <td class="num"><a title="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements[us-gaap_FairValueByLiabilityClassAxis=stra_DeferredPaymentsMember]" onclick="toggleNextSibling(this);">(545)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements<br>/ us-gaap_FairValueByLiabilityClassAxis<br>= stra_DeferredPaymentsMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease', window );">Adjustments to fair value</a></td>
        <td class="nump"><a title="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease[us-gaap_FairValueByLiabilityClassAxis=stra_DeferredPaymentsMember]" onclick="toggleNextSibling(this);">828</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease<br>/ us-gaap_FairValueByLiabilityClassAxis<br>= stra_DeferredPaymentsMember</span><span></span></td>
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      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet', window );">Transfers in or out of Level 3</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue', window );">Balance at December 31, 2014</a></td>
        <td class="nump"><a title="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue[us-gaap_FairValueByLiabilityClassAxis=stra_DeferredPaymentsMember]" onclick="toggleNextSibling(this);">$ 2,398</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue<br>/ us-gaap_FairValueByLiabilityClassAxis<br>= stra_DeferredPaymentsMember</span><span></span></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of increase (decrease) of financial instrument classified as a liability measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=36462937&amp;loc=d3e19207-110258<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of settlements of financial instrument classified as a liability measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=36462937&amp;loc=d3e19207-110258<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of transfers of financial instrument classified as a liability into (out of) level 3 of the fair value hierarchy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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                    <td>xbrli:monetaryItemType</td>
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                    <td>credit</td>
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                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fair value of financial instrument classified as a liability measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=36462937&amp;loc=d3e19207-110258<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td>credit</td>
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                    <td>instant</td>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EZIAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Restructuring and Related Charges (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th" colspan="2">
          <div>Dec. 31, 2014</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestructuringReserveRollForward', window );"><strong>Schedule of restructuring liability by type of cost</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestructuringReserve', window );">Balance at December 31, 2013</a></td>
        <td class="nump"><a title="us-gaap_RestructuringReserve" onclick="toggleNextSibling(this);">$ 44,766</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RestructuringReserve</span><span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForRestructuring', window );">Payments</a></td>
        <td class="num"><a title="us-gaap_PaymentsForRestructuring" onclick="toggleNextSibling(this);">(14,556)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PaymentsForRestructuring</span><span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_RestructruingReserveAccrualAdjustmentsSettledIncurred', window );">Adjustments</a></td>
        <td class="num"><a title="stra_RestructruingReserveAccrualAdjustmentsSettledIncurred" onclick="toggleNextSibling(this);">(2,927)</a><span style="display:none;white-space:normal;text-align:left;">stra_RestructruingReserveAccrualAdjustmentsSettledIncurred</span><span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestructuringReserve', window );">Balance at December 31, 2014</a></td>
        <td class="nump"><a title="us-gaap_RestructuringReserve" onclick="toggleNextSibling(this);">27,283</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RestructuringReserve</span><span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestructuringCostAndReserveAxis=stra_LeaseAndRelatedCostsMember', window );">Lease and Related Costs, Net [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestructuringReserveRollForward', window );"><strong>Schedule of restructuring liability by type of cost</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestructuringReserve', window );">Balance at December 31, 2013</a></td>
        <td class="nump"><a title="us-gaap_RestructuringReserve[us-gaap_RestructuringCostAndReserveAxis=stra_LeaseAndRelatedCostsMember]" onclick="toggleNextSibling(this);">42,550</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RestructuringReserve<br>/ us-gaap_RestructuringCostAndReserveAxis<br>= stra_LeaseAndRelatedCostsMember</span><span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForRestructuring', window );">Payments</a></td>
        <td class="num"><a title="us-gaap_PaymentsForRestructuring[us-gaap_RestructuringCostAndReserveAxis=stra_LeaseAndRelatedCostsMember]" onclick="toggleNextSibling(this);">(12,418)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PaymentsForRestructuring<br>/ us-gaap_RestructuringCostAndReserveAxis<br>= stra_LeaseAndRelatedCostsMember</span><span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_RestructruingReserveAccrualAdjustmentsSettledIncurred', window );">Adjustments</a></td>
        <td class="num"><a title="stra_RestructruingReserveAccrualAdjustmentsSettledIncurred[us-gaap_RestructuringCostAndReserveAxis=stra_LeaseAndRelatedCostsMember]" onclick="toggleNextSibling(this);">(2,849)</a><span style="display:none;white-space:normal;text-align:left;">stra_RestructruingReserveAccrualAdjustmentsSettledIncurred<br>/ us-gaap_RestructuringCostAndReserveAxis<br>= stra_LeaseAndRelatedCostsMember</span><span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestructuringReserve', window );">Balance at December 31, 2014</a></td>
        <td class="nump"><a title="us-gaap_RestructuringReserve[us-gaap_RestructuringCostAndReserveAxis=stra_LeaseAndRelatedCostsMember]" onclick="toggleNextSibling(this);">27,283</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RestructuringReserve<br>/ us-gaap_RestructuringCostAndReserveAxis<br>= stra_LeaseAndRelatedCostsMember</span><span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestructuringCostAndReserveAxis=stra_SeveranceAndOtherEmployeeSeparationCostsMember', window );">Severance and Other Employee Separation Costs [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestructuringReserveRollForward', window );"><strong>Schedule of restructuring liability by type of cost</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestructuringReserve', window );">Balance at December 31, 2013</a></td>
        <td class="nump"><a title="us-gaap_RestructuringReserve[us-gaap_RestructuringCostAndReserveAxis=stra_SeveranceAndOtherEmployeeSeparationCostsMember]" onclick="toggleNextSibling(this);">2,216</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RestructuringReserve<br>/ us-gaap_RestructuringCostAndReserveAxis<br>= stra_SeveranceAndOtherEmployeeSeparationCostsMember</span><span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForRestructuring', window );">Payments</a></td>
        <td class="num"><a title="us-gaap_PaymentsForRestructuring[us-gaap_RestructuringCostAndReserveAxis=stra_SeveranceAndOtherEmployeeSeparationCostsMember]" onclick="toggleNextSibling(this);">(2,138)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PaymentsForRestructuring<br>/ us-gaap_RestructuringCostAndReserveAxis<br>= stra_SeveranceAndOtherEmployeeSeparationCostsMember</span><span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_RestructruingReserveAccrualAdjustmentsSettledIncurred', window );">Adjustments</a></td>
        <td class="num"><a title="stra_RestructruingReserveAccrualAdjustmentsSettledIncurred[us-gaap_RestructuringCostAndReserveAxis=stra_SeveranceAndOtherEmployeeSeparationCostsMember]" onclick="toggleNextSibling(this);">(78)</a><span style="display:none;white-space:normal;text-align:left;">stra_RestructruingReserveAccrualAdjustmentsSettledIncurred<br>/ us-gaap_RestructuringCostAndReserveAxis<br>= stra_SeveranceAndOtherEmployeeSeparationCostsMember</span><span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestructuringReserve', window );">Balance at December 31, 2014</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
      </tr>
      <tr>
        <td colspan="3"></td>
      </tr>
      <tr>
        <td colspan="3">
          <table class="outerFootnotes" width="100%">
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[1]</td>
              <td style="vertical-align: top;" valign="top">The current portion of restructuring liabilities was $10.4 million and $6.0 million as of December 31, 2013 and December 31, 2014, respectively, which are included in Accounts payable and accrued expenses. The long-term portion is included in Other long-term liabilities.</td>
            </tr>
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[2]</td>
              <td style="vertical-align: top;" valign="top">Adjustments for lease and related costs during the year ended December 31, 2014 primarily result from changes in the timing and expected income from settlements and executed sublease agreements signed during the period, which amounted to $4.1 million, partly offset by the accretion of interest on lease costs of approximately $1.3 million. Adjustments for severance and other employee separation costs primarily related to employees who were re-hired to other roles within the Company and were not paid severance.</td>
            </tr>
          </table>
        </td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_RestructruingReserveAccrualAdjustmentsSettledIncurred">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount and any adjustment to the restructuring reserve (settled) incurred during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_RestructruingReserveAccrualAdjustmentsSettledIncurred</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForRestructuring">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash payments made as the result of exit or disposal activities. Excludes payments associated with a discontinued operation or an asset retirement obligation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PaymentsForRestructuring</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestructuringReserve">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount (including both current and noncurrent portions of the accrual) as of the balance sheet date pertaining to a specified type of cost associated with exit from or disposal of business activities or restructuring pursuant to a duly authorized plan.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 420<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SAB TOPIC 5.P.4(b))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27011515&amp;loc=d3e140904-122747<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 5<br><br> -Section P<br><br> -Subsection 3, 4<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_RestructuringReserve</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestructuringReserveRollForward">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_RestructuringReserveRollForward</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
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            </div>
          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestructuringCostAndReserveAxis=stra_LeaseAndRelatedCostsMember">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_RestructuringCostAndReserveAxis=stra_LeaseAndRelatedCostsMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td></td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestructuringCostAndReserveAxis=stra_SeveranceAndOtherEmployeeSeparationCostsMember">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_RestructuringCostAndReserveAxis=stra_SeveranceAndOtherEmployeeSeparationCostsMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td></td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
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  </body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>29
<FILENAME>R37.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <title></title>
    <link rel="stylesheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EFBAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Significant Accounting Policies (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_GraduationFundLiabilityAbstract', window );"><strong>Graduation fund liability</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_GraduationFundLiability', window );">Balance at December 31, 2013</a></td>
        <td class="nump"><a title="stra_GraduationFundLiability" onclick="toggleNextSibling(this);">$ 1,898</a><span style="display:none;white-space:normal;text-align:left;">stra_GraduationFundLiability</span><span></span></td>
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      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_RevenueDeferred', window );">Revenue deferred</a></td>
        <td class="nump"><a title="stra_RevenueDeferred" onclick="toggleNextSibling(this);">8,507</a><span style="display:none;white-space:normal;text-align:left;">stra_RevenueDeferred</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_BenefitRedeemed', window );">Benefit redeemed</a></td>
        <td class="num"><a title="stra_BenefitRedeemed" onclick="toggleNextSibling(this);">(699)</a><span style="display:none;white-space:normal;text-align:left;">stra_BenefitRedeemed</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_GraduationFundLiability', window );">Balance at December 31, 2014</a></td>
        <td class="nump"><a title="stra_GraduationFundLiability" onclick="toggleNextSibling(this);">$ 9,706</a><span style="display:none;white-space:normal;text-align:left;">stra_GraduationFundLiability</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_BenefitRedeemed">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Current year redemptions of graduation fund credits by students.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_BenefitRedeemed</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_GraduationFundLiability">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount (including both current and noncurrent portions of the accrual) as of the balance sheet date pertaining to graduation fund liability.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_GraduationFundLiability</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_GraduationFundLiabilityAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_GraduationFundLiabilityAbstract</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_RevenueDeferred">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Additional graduation fund liability generated in the current year for services to be performed in the future.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_RevenueDeferred</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>30
<FILENAME>R52.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <title></title>
    <link rel="stylesheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EIUAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Stock Options, Restricted Stock and Restricted Stock Units (Details) (Restricted stock and restricted stock units [Member], USD $)<br></strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top">
          <div class="a">Restricted stock and restricted stock units [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward', window );"><strong>Schedule of restricted stock and restricted stock units activity</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber', window );">Beginning Balance, Number of shares</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber[us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember]" onclick="toggleNextSibling(this);">487,773</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_RestrictedStockMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber[us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember]" onclick="toggleNextSibling(this);">434,439</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_RestrictedStockMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber[us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember]" onclick="toggleNextSibling(this);">380,944</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_RestrictedStockMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Grants, Number of shares</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod[us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember]" onclick="toggleNextSibling(this);">108,606</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_RestrictedStockMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod[us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember]" onclick="toggleNextSibling(this);">225,741</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_RestrictedStockMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod[us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember]" onclick="toggleNextSibling(this);">82,741</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_RestrictedStockMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod', window );">Vested shares, Number of shares</a></td>
        <td class="num"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod[us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember]" onclick="toggleNextSibling(this);">(69,434)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_RestrictedStockMember</span><span></span></td>
        <td class="num"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod[us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember]" onclick="toggleNextSibling(this);">(51,916)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_RestrictedStockMember</span><span></span></td>
        <td class="num"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod[us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember]" onclick="toggleNextSibling(this);">(26,189)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_RestrictedStockMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod', window );">Forfeitures, Number of shares</a></td>
        <td class="num"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod[us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember]" onclick="toggleNextSibling(this);">(2,729)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_RestrictedStockMember</span><span></span></td>
        <td class="num"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod[us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember]" onclick="toggleNextSibling(this);">(120,491)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_RestrictedStockMember</span><span></span></td>
        <td class="num"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod[us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember]" onclick="toggleNextSibling(this);">(3,057)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_RestrictedStockMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber', window );">Ending Balance, Number of shares</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber[us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember]" onclick="toggleNextSibling(this);">524,216</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_RestrictedStockMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber[us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember]" onclick="toggleNextSibling(this);">487,773</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_RestrictedStockMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber[us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember]" onclick="toggleNextSibling(this);">434,439</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_RestrictedStockMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue', window );">Beginning Balance, Weighted-average grant price</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue[us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember]" onclick="toggleNextSibling(this);">$ 131.51</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_RestrictedStockMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue[us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember]" onclick="toggleNextSibling(this);">$ 178.88</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_RestrictedStockMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue[us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember]" onclick="toggleNextSibling(this);">$ 194.26</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_RestrictedStockMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue', window );">Grants, Weighted-average grant price</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue[us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember]" onclick="toggleNextSibling(this);">$ 38.95</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_RestrictedStockMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue[us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember]" onclick="toggleNextSibling(this);">$ 57.90</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_RestrictedStockMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue[us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember]" onclick="toggleNextSibling(this);">$ 111.44</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_RestrictedStockMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue', window );">Vested shares, Weighted-average grant price</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue[us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember]" onclick="toggleNextSibling(this);">$ 158.97</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_RestrictedStockMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue[us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember]" onclick="toggleNextSibling(this);">$ 164.22</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_RestrictedStockMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue[us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember]" onclick="toggleNextSibling(this);">$ 195.58</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_RestrictedStockMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue', window );">Forfeitures, Weighted-average grant price</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue[us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember]" onclick="toggleNextSibling(this);">$ 93.44</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_RestrictedStockMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue[us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember]" onclick="toggleNextSibling(this);">$ 140.30</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_RestrictedStockMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue[us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember]" onclick="toggleNextSibling(this);">$ 127.51</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_RestrictedStockMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue', window );">Ending Balance, Weighted-average grant price</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue[us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember]" onclick="toggleNextSibling(this);">$ 115.67</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_RestrictedStockMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue[us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember]" onclick="toggleNextSibling(this);">$ 131.51</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_RestrictedStockMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue[us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember]" onclick="toggleNextSibling(this);">$ 178.88</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_RestrictedStockMember</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(iv)(3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)(iii)(3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)(iii)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
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                    <td>na</td>
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                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)(iii)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)(i)-(ii)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td>instant</td>
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                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td>na</td>
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                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)(i)-(ii)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td>num:perShareItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)(iii)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod</td>
                  </tr>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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                    <td>xbrli:sharesItemType</td>
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                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)(iii)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue</td>
                  </tr>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
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                    <td>na</td>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EBHAE">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Income Taxes (Details 1) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNetAbstract', window );"><strong>Schedule of tax effects of principal temporary differences that give rise to deferred tax assets</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_DeferredTaxAssetsTuitionReceivable', window );">Tuition receivable</a></td>
        <td class="nump"><a title="stra_DeferredTaxAssetsTuitionReceivable" onclick="toggleNextSibling(this);">$ 3,439</a><span style="display:none;white-space:normal;text-align:left;">stra_DeferredTaxAssetsTuitionReceivable</span><span></span></td>
        <td class="nump"><a title="stra_DeferredTaxAssetsTuitionReceivable" onclick="toggleNextSibling(this);">$ 4,021</a><span style="display:none;white-space:normal;text-align:left;">stra_DeferredTaxAssetsTuitionReceivable</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_DeferredTaxAssetsOtherFacilityRelatedCosts', window );">Other facility-related costs</a></td>
        <td class="nump"><a title="stra_DeferredTaxAssetsOtherFacilityRelatedCosts" onclick="toggleNextSibling(this);">2,824</a><span style="display:none;white-space:normal;text-align:left;">stra_DeferredTaxAssetsOtherFacilityRelatedCosts</span><span></span></td>
        <td class="nump"><a title="stra_DeferredTaxAssetsOtherFacilityRelatedCosts" onclick="toggleNextSibling(this);">3,684</a><span style="display:none;white-space:normal;text-align:left;">stra_DeferredTaxAssetsOtherFacilityRelatedCosts</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities', window );">Employee-related liabilities</a></td>
        <td class="num"><a title="us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities" onclick="toggleNextSibling(this);">(96)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities</span><span></span></td>
        <td class="nump"><a title="us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities" onclick="toggleNextSibling(this);">144</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities</span><span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNetCurrent', window );">Current net deferred tax asset</a></td>
        <td class="nump"><a title="us-gaap_DeferredTaxAssetsNetCurrent" onclick="toggleNextSibling(this);">6,167</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsNetCurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_DeferredTaxAssetsNetCurrent" onclick="toggleNextSibling(this);">7,849</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsNetCurrent</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost', window );">Stock-based compensation</a></td>
        <td class="nump"><a title="us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost" onclick="toggleNextSibling(this);">12,994</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost</span><span></span></td>
        <td class="nump"><a title="us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost" onclick="toggleNextSibling(this);">13,871</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment', window );">Property and equipment</a></td>
        <td class="num"><a title="us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment" onclick="toggleNextSibling(this);">(11,622)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment</span><span></span></td>
        <td class="num"><a title="us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment" onclick="toggleNextSibling(this);">(13,091)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_DeferredTaxAssetsDeferredGainOnSaleOfPropertyNonCurrent', window );">Other facility-related costs</a></td>
        <td class="nump"><a title="stra_DeferredTaxAssetsDeferredGainOnSaleOfPropertyNonCurrent" onclick="toggleNextSibling(this);">8,903</a><span style="display:none;white-space:normal;text-align:left;">stra_DeferredTaxAssetsDeferredGainOnSaleOfPropertyNonCurrent</span><span></span></td>
        <td class="nump"><a title="stra_DeferredTaxAssetsDeferredGainOnSaleOfPropertyNonCurrent" onclick="toggleNextSibling(this);">13,696</a><span style="display:none;white-space:normal;text-align:left;">stra_DeferredTaxAssetsDeferredGainOnSaleOfPropertyNonCurrent</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsDeferredIncome', window );">Deferred revenue</a></td>
        <td class="nump"><a title="us-gaap_DeferredTaxAssetsDeferredIncome" onclick="toggleNextSibling(this);">3,758</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsDeferredIncome</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_DeferredTaxAssetsDeferredLeasingCostsNonCurrent', window );">Deferred leasing costs</a></td>
        <td class="nump"><a title="stra_DeferredTaxAssetsDeferredLeasingCostsNonCurrent" onclick="toggleNextSibling(this);">2,797</a><span style="display:none;white-space:normal;text-align:left;">stra_DeferredTaxAssetsDeferredLeasingCostsNonCurrent</span><span></span></td>
        <td class="nump"><a title="stra_DeferredTaxAssetsDeferredLeasingCostsNonCurrent" onclick="toggleNextSibling(this);">3,082</a><span style="display:none;white-space:normal;text-align:left;">stra_DeferredTaxAssetsDeferredLeasingCostsNonCurrent</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsDerivativeInstruments', window );">Interest rate swap</a></td>
        <td class="num"><a title="us-gaap_DeferredTaxAssetsDerivativeInstruments" onclick="toggleNextSibling(this);">(56)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsDerivativeInstruments</span><span></span></td>
        <td class="num"><a title="us-gaap_DeferredTaxAssetsDerivativeInstruments" onclick="toggleNextSibling(this);">(18)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsDerivativeInstruments</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsOther', window );">Other</a></td>
        <td class="num"><a title="us-gaap_DeferredTaxAssetsOther" onclick="toggleNextSibling(this);">(533)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsOther</span><span></span></td>
        <td class="num"><a title="us-gaap_DeferredTaxAssetsOther" onclick="toggleNextSibling(this);">(411)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsOther</span><span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNetNoncurrent', window );">Long-term net deferred tax asset</a></td>
        <td class="nump"><a title="us-gaap_DeferredTaxAssetsNetNoncurrent" onclick="toggleNextSibling(this);">16,241</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsNetNoncurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_DeferredTaxAssetsNetNoncurrent" onclick="toggleNextSibling(this);">17,129</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsNetNoncurrent</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsLiabilitiesNet', window );">Net deferred tax asset</a></td>
        <td class="nump"><a title="us-gaap_DeferredTaxAssetsLiabilitiesNet" onclick="toggleNextSibling(this);">$ 22,408</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsLiabilitiesNet</span><span></span></td>
        <td class="nump"><a title="us-gaap_DeferredTaxAssetsLiabilitiesNet" onclick="toggleNextSibling(this);">$ 24,978</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsLiabilitiesNet</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_DeferredTaxAssetsDeferredGainOnSaleOfPropertyNonCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The tax effect as of the balance sheet date of the amount of estimated future tax effect attributable to the difference between the tax basis of the deferred gain on sale of property and the basis of the deferred gain on sale of property in accordance with generally accepted accounting principles.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_DeferredTaxAssetsDeferredGainOnSaleOfPropertyNonCurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_DeferredTaxAssetsDeferredLeasingCostsNonCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of deferred tax asset attributable to deductible temporary differences from deferred leasing costs, noncurrent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_DeferredTaxAssetsDeferredLeasingCostsNonCurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_DeferredTaxAssetsOtherFacilityRelatedCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of deferred tax asset attributable to deductible temporary differences from other facility related costs.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_DeferredTaxAssetsOtherFacilityRelatedCosts</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_DeferredTaxAssetsTuitionReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of deferred tax asset attributable to deductible temporary differences from tuition receivable.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_DeferredTaxAssetsTuitionReceivable</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsDeferredIncome">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from deferred income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 25<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=29652012&amp;loc=d3e28680-109314<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsDeferredIncome</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsDerivativeInstruments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from derivative instruments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 25<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=29652012&amp;loc=d3e28680-109314<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsDerivativeInstruments</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsLiabilitiesNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards, net of deferred tax liability attributable to taxable temporary differences.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsLiabilitiesNet</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsNetAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsNetAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsNetCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards expected to be realized or consumed within one year or operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31917-109318<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31931-109318<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31928-109318<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31958-109318<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsNetCurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsNetNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount after allocation of valuation allowances of noncurrent deferred tax asset attributable to deductible temporary differences and carryforwards. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31917-109318<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31931-109318<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31928-109318<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31958-109318<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsNetNoncurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsOther">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences not separately disclosed.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 25<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=29652012&amp;loc=d3e28680-109314<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsOther</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from share-based compensation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 25<br><br> -Paragraph 20<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=29652012&amp;loc=d3e28680-109314<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from accrued liabilities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 25<br><br> -Paragraph 20<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=29652012&amp;loc=d3e28680-109314<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
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        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of deferred tax liability attributable to taxable temporary differences from property, plant, and equipment.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 25<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=29652012&amp;loc=d3e28680-109314<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ESBAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Other Employee Benefit Plans (Details Textual) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CompensationAndRetirementDisclosureAbstract', window );"><strong>Compensation and Retirement Disclosure [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeeAmount', window );">Maximum annual contribution to 401(k) plan by employees, effective January 1, 2015</a></td>
        <td class="nump"><a title="us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeeAmount" onclick="toggleNextSibling(this);">$ 18,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeeAmount</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DefinedContributionPlanEmployerMatchingContributionPercentOfMatch', window );">Percentage of company matching contribution to 401(K) plan</a></td>
        <td class="nump"><a title="us-gaap_DefinedContributionPlanEmployerMatchingContributionPercentOfMatch" onclick="toggleNextSibling(this);">50.00%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DefinedContributionPlanEmployerMatchingContributionPercentOfMatch</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DefinedContributionPlanEmployerMatchingContributionPercent', window );">Defined contribution plan employer matching contribution percent</a></td>
        <td class="nump"><a title="us-gaap_DefinedContributionPlanEmployerMatchingContributionPercent" onclick="toggleNextSibling(this);">3.00%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DefinedContributionPlanEmployerMatchingContributionPercent</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DefinedContributionPlanEmployerDiscretionaryContributionAmount', window );">Company's contributions to 401(K) plan</a></td>
        <td class="nump"><a title="us-gaap_DefinedContributionPlanEmployerDiscretionaryContributionAmount" onclick="toggleNextSibling(this);">$ 900,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DefinedContributionPlanEmployerDiscretionaryContributionAmount</span><span></span></td>
        <td class="nump"><a title="us-gaap_DefinedContributionPlanEmployerDiscretionaryContributionAmount" onclick="toggleNextSibling(this);">$ 1,100,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DefinedContributionPlanEmployerDiscretionaryContributionAmount</span><span></span></td>
        <td class="nump"><a title="us-gaap_DefinedContributionPlanEmployerDiscretionaryContributionAmount" onclick="toggleNextSibling(this);">$ 2,900,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DefinedContributionPlanEmployerDiscretionaryContributionAmount</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_EmployeeStockPurchasePlanPercentageOfPurchasePriceFromMarketValue', window );">Common stock shares purchase price limit for employees as percentage of market value under Employee Stock Purchase Plan</a></td>
        <td class="nump"><a title="stra_EmployeeStockPurchasePlanPercentageOfPurchasePriceFromMarketValue" onclick="toggleNextSibling(this);">90.00%</a><span style="display:none;white-space:normal;text-align:left;">stra_EmployeeStockPurchasePlanPercentageOfPurchasePriceFromMarketValue</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_EmployeeStockPurchasePlanMaximumPercentageOfPurchaseEmployeeCanMakeOnEligibleCompensation', window );">Employee stock purchase plan maximum percentage of purchase employee can make on eligible compensation</a></td>
        <td class="nump"><a title="stra_EmployeeStockPurchasePlanMaximumPercentageOfPurchaseEmployeeCanMakeOnEligibleCompensation" onclick="toggleNextSibling(this);">10.00%</a><span style="display:none;white-space:normal;text-align:left;">stra_EmployeeStockPurchasePlanMaximumPercentageOfPurchaseEmployeeCanMakeOnEligibleCompensation</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_MaximumNumberOfSharesMadeAvailableForPurchaseByParticipatingEmployeesUnderEmployeeStockPurchasePlan', window );">Maximum number of shares available for purchase by participating employees</a></td>
        <td class="nump"><a title="stra_MaximumNumberOfSharesMadeAvailableForPurchaseByParticipatingEmployeesUnderEmployeeStockPurchasePlan" onclick="toggleNextSibling(this);">2,500,000</a><span style="display:none;white-space:normal;text-align:left;">stra_MaximumNumberOfSharesMadeAvailableForPurchaseByParticipatingEmployeesUnderEmployeeStockPurchasePlan</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Employee stock purchase plan, maximum percentage of purchase an employee can make on eligible compensation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_EmployeeStockPurchasePlanMaximumPercentageOfPurchaseEmployeeCanMakeOnEligibleCompensation</td>
                  </tr>
                  <tr>
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                    <td>num:percentItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Employee stock purchase plan, percentage of purchase price from market value.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_EmployeeStockPurchasePlanPercentageOfPurchasePriceFromMarketValue</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_MaximumNumberOfSharesMadeAvailableForPurchaseByParticipatingEmployeesUnderEmployeeStockPurchasePlan">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Maximum number of shares made available for purchase by participating employees under employee stock purchase plan.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_MaximumNumberOfSharesMadeAvailableForPurchaseByParticipatingEmployeesUnderEmployeeStockPurchasePlan</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
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        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CompensationAndRetirementDisclosureAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CompensationAndRetirementDisclosureAbstract</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of discretionary contributions made by an employer to a defined contribution plan.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DefinedContributionPlanEmployerDiscretionaryContributionAmount</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Percentage of employees' gross pay for which the employer contributes a matching contribution to a defined contribution plan.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DefinedContributionPlanEmployerMatchingContributionPercent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
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        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DefinedContributionPlanEmployerMatchingContributionPercentOfMatch">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Percentage employer matches of the employee's percentage contribution matched.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DefinedContributionPlanEmployerMatchingContributionPercentOfMatch</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeeAmount">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Maximum amount the employee may contribute to a defined contribution plan.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DefinedContributionPlanMaximumAnnualContributionsPerEmployeeAmount</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td>duration</td>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ERH">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Term Loan and Revolving Credit Facility (Details 1) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtByMaturityAbstract', window );"><strong>Schedule of aggregate debt maturities</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths', window );">2015</a></td>
        <td class="nump"><a title="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" onclick="toggleNextSibling(this);">$ 6,250</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo', window );">2016</a></td>
        <td class="nump"><a title="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" onclick="toggleNextSibling(this);">112,500</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total debt</a></td>
        <td class="nump"><a title="us-gaap_LongTermDebt" onclick="toggleNextSibling(this);">$ 118,750</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LongTermDebt</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 16<br><br> -Article 7<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 16<br><br> -Article 9<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 20, 22<br><br> -Article 5<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LongTermDebt</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LongTermDebtByMaturityAbstract</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td>xbrli:stringItemType</td>
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                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 470<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 3<br><br> -Subparagraph (SX 210.12-04.(a))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e24072-122690<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 470<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 3<br><br> -Subparagraph (SX 210.12-04.(a))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e24072-122690<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo</td>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Significant Accounting Policies<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Dec. 31, 2014</div>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Significant Accounting Policies [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantAccountingPoliciesTextBlock', window );">Significant Accounting Policies</a></td>
        <td class="text"><table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="left" width="17" nowrap="nowrap"><div><font size="2" style="font-family: times new roman, times, serif;"><b>2.</b></font></div></td><td align="left" width="3">&#160;</td><td align="left" width="100%"><font size="2" style="font-family: times new roman, times, serif;"><b>Significant Accounting Policies</b></font></td></tr></table><div>&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font size="2" style="font-family: times new roman, times, serif;"><i>Financial statement presentation</i></font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">The consolidated financial statements include the accounts of the Company and its only subsidiary, the University. All intercompany accounts and transactions have been eliminated in the consolidated financial statements.</font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font size="2" style="font-family: times new roman, times, serif;"><i>Revenue Recognition</i></font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">The Company&#8217;s educational programs are offered on a quarterly basis and such periods coincide with the Company&#8217;s quarterly financial reporting periods. Approximately 96% of the Company&#8217;s revenues during the year ended December 31, 2014, consisted of tuition revenue. Tuition revenue is recognized in the quarter of instruction. Tuition revenue is assessed for collectibility on a student-by-student basis throughout the quarter of instruction, and is shown net of any refunds, withdrawals, corporate discounts, scholarships and employee tuition discounts. This collectibility assessment considers available sources of funds for the student including Federal Financial Student Aid programs. The Company reassesses the collectibility of tuition revenue that it may earn based on new information and changes in the facts and circumstances relevant to a student&#8217;s ability to pay, including the timing of a student&#8217;s withdrawal from a program of study.</font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">At the start of each academic term, a liability (deferred revenue) is recorded for academic services to be provided and a tuition receivable is recorded for the portion of the tuition not paid upfront in cash. Any cash received prior to the start of an academic term is recorded as deferred revenue. The estimated value of scholarship awards which will be realized in the future is based on historical experience of students who are expected to realize scholarship awards earned as courses are successfully completed. Deferred revenue is recorded as a current or long-term liability in the consolidated balance sheets based on when the benefit is expected to be realized. Revenues also include textbook-related income, certificate revenue, certain academic fees, licensing revenue, and other income, which are recognized when earned.</font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman,
 times,;">The Company&#8217;s
 refund policy typically permits students who complete less than half of a course to receive a partial refund of tuition for that course. Refunds reduce the tuition revenue that would have otherwise been recognized for that student. Since the Company&#8217;s academic terms coincide with its financial reporting periods, all refunds are processed and recorded within the same quarter as the corresponding revenue. The amount of tuition revenue refundable to students may vary based on the student&#8217;s state of residence. Unused books and related academic materials may be returned for a full refund within 21 days of the start of class; however, purchases of electronic content are not refundable if downloaded. Revenues derived from fees are not eligible for a refund.</font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font size="2" style="font-family: times new roman, times, serif;"><i>Graduation Fund</i></font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">In the third quarter of 2013, the Company introduced the Graduation Fund, which allows new undergraduate students to earn tuition credits that are redeemable in the final year of a student&#8217;s course of study if he or she successfully remains in the program. New students registering in credit-bearing courses in any undergraduate program for the summer 2013 term (fiscal third quarter) and subsequent terms qualify for the Graduation Fund. Students must meet all of the University&#8217;s admission requirements and not be eligible</font></div><p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font size="2" style="font-family: times new roman, times, serif;"><br />for any previously offered scholarship program. The Company&#8217;s employees and their dependents are not eligible for the program. To maintain eligibility, students must be enrolled in a bachelor&#8217;s degree program, and they become ineligible to participate in the Graduation Fund if they have more than one consecutive term of non-attendance. In their final academic year, qualifying students will receive one free course for every three courses that were successfully completed.</font></p><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">Revenue from students participating in the Graduation Fund is recorded in accordance with the Revenue Recognition Topic, ASC 605-50. The Company allocates the value of benefits to be earned evenly to each of the underlying revenue transactions that result in progress by the student toward earning the benefit. The Company&#8217;s estimate of the benefits that will be earned in the future is based on its historical experience of student persistence toward completion of a course of study within this program and similar programs. Each quarter, the Company assesses its methodologies and assumptions underlying these estimates and, to date, any adjustments to the estimates have not been material.</font></div><div align="left" style="text-indent: 20px;">&#160;</div><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">The table below presents activity in the Graduation Fund for the year ended December 31, 2014 (in thousands):</font></div><div align="left" style="text-indent: 20px;">&#160;</div><div>(699</div><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 0px; text-indent: 0px;">Balance at December 31, 2013</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">1,898</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 0px; text-indent: 0px;">Revenue deferred</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">8,507</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 0px; text-indent: 0px;">Benefit redeemed</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times,
 serif;">&#160;&#160;&#160;&#160;</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom:
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The Company places its cash and temporary cash investments with various financial institutions. The Company considers all highly liquid instruments purchased with a maturity of three months or less at the date of purchase to be cash equivalents.</font></div><div align="left" style="text-indent: 20px;">&#160;</div><div align="left"><font size="2" style="font-family: times new roman, times, serif;"><i>Concentration of Credit Risk</i></font></div><div align="left">&#160;</div><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">The Company places its cash and temporary cash investments in bank overnight deposits and money market mutual funds with various financial institutions. Cash and cash equivalent balances are in excess of the FDIC insurance limit. The Company has not experienced any losses on its cash and cash equivalents.</font></div><div align="left" style="text-indent: 20px;">&#160;</div><div align="left"><font size="2" style="font-family: times new roman, times, serif;"><i>Restricted Cash</i></font></div><div align="left">&#160;</div><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">A significant portion of the Company&#8217;s revenues are funded by various federal and state government programs. The Company generally does not receive funds from these programs prior to the start of the corresponding academic term. The Company may be required to return certain funds for students who withdraw from the University during the academic term. At December 31, 2014, the Company had approximately $0.2 million of these unpaid obligations, which are recorded as restricted cash and included in other current assets in the consolidated balance sheet. There was no amount payable for these obligations at December 31, 2013.</font></div><div align="left" style="text-indent: 20px;">&#160;</div><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">As part of commencing operations in Pennsylvania in 2003, the Company was required to maintain a &#8220;minimum protective endowment&#8221; of at least $0.5 million in an interest-bearing account. These funds are required as long as the Company operates its campuses in the state. The Company holds these funds in an interest-bearing account which is included in other assets.</font></div><div align="left" style="text-indent: 20px;">&#160;</div><div align="left"><font size="2" style="font-family: times new roman, times, serif;"><i>Tuition Receivable and Allowance for Doubtful Accounts</i></font></div><div align="left">&#160;</div><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">The Company records tuition receivable and deferred revenue for its students upon the start of the academic term. Therefore, at the end of the quarter (and academic term), tuition receivable represents amounts due from students for educational services already provided and deferred revenue represents advance payments from students for academic services to be provided in the future. Tuition receivables are not collateralized; however, credit risk is minimized as a result of the diverse nature of the University&#8217;s student base. The University establishes an allowance for doubtful accounts primarily based upon historical collection rates by age of receivable, net of recoveries. These collection rates incorporate historical performance based on a student&#8217;s current enrollment status and likelihood of future enrollment. The Company periodically assesses its methodologies for estimating bad debts in consideration of actual experience.</font></div><div align="left" style="text-indent: 20px;">&#160;</div><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">The Company&#8217;s tuition receivable and allowance for doubtful accounts were as follows:</font></div><div align="left" style="text-indent: 20px;">&#160;</div><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom"><th align="center" width="100%" nowrap="nowrap"><font size="1" style="font-family: times new roman, times, serif;"></font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="7"><font size="1" style="font-family: times new roman, times, serif;">December 31,</font></th><th align="center"><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th></tr><tr valign="bottom"><th align="left" width="100%" nowrap="nowrap"><font size="1" style="font-family: times new roman, times, serif;"><i>($ in thousands)</i><b><br /></b></font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman,;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times,
 serif;">2013</font></th><th align="center"><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center"
 nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">2014</font></th></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">Tuition receivable</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">26,145</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">25,777</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; 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 most significant management estimates included allowances for doubtful accounts, the useful lives of property and equipment, fair value of future contractual operating lease obligations, potential sublease income and vacancy periods, accrued expenses, forfeiture rates and the likelihood of achieving performance criteria for stock-based awards, value of free courses earned by students</font></div><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;"><br />that will be redeemed in the future, valuation of goodwill, intangible assets and the interest rate swap arrangement, and the provision for income taxes. Actual results could differ from those estimates.</font></div><div align="left" style="text-indent: 20px;">&#160;</div><div align="left"><font size="2" style="font-family: times new roman, times, serif;"><i>Comprehensive Income</i></font></div><div align="left">&#160;</div><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">Comprehensive income consists of net income and the change in the fair value of the Company&#8217;s interest rate swap, net of income taxes.</font></div><div align="left" style="text-indent: 20px;">&#160;</div><div align="left"><font size="2" style="font-family: times new roman, times, serif;"><i>Recent Accounting Pronouncements</i></font></div><div align="left">&#160;</div><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">In May 2014, the FASB issued ASU No. 2014-09, &#8220;Revenue from Contracts with Customers (Topic 606)&#8221; (&#8220;ASU 2014-09&#8221;). The standard establishes a new recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. ASU 2014-09 is effective for fiscal years beginning after December 15, 2016, and early adoption is not permitted. The Company currently is evaluating the impact that the standard will have on its financial condition, results of operations, and disclosures.</font></div><span></span></td>
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                <p>The entire disclosure for all significant accounting policies of the reporting entity.</p>
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          <div style="width: 200px;"><strong>Stock Repurchase Plan (Details) (USD $)<br>In Millions, except Share data, unless otherwise specified</strong></div>
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          <div>Dec. 31, 2014</div>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockRepurchasedDuringPeriodShares">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_StockRepurchasedDuringPeriodShares</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount remaining of a stock repurchase plan authorized.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockAcquiredAverageCostPerShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total cost of shares repurchased divided by the total number of shares repurchased.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6405813&amp;loc=d3e23239-112655<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_TreasuryStockAcquiredAverageCostPerShare</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
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<html>
  <head>
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    <title></title>
    <link rel="stylesheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EVHAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Restructuring and Related Charges (Details Textual) (USD $)<br>In Millions, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013

</div>
          <div>Campus</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestructuringCostAndReserveLineItems', window );"><strong>Restructuring Cost and Reserve [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestructuringReserveCurrent', window );">Restructuring liabilities</a></td>
        <td class="nump"><a title="us-gaap_RestructuringReserveCurrent" onclick="toggleNextSibling(this);">$ 6.0</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RestructuringReserveCurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_RestructuringReserveCurrent" onclick="toggleNextSibling(this);">$ 10.4</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RestructuringReserveCurrent</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_RestructuringAndRelatedCostAdjustmentForLeaseAndRelatedCost', window );">Adjustments for lease and related costs primarily</a></td>
        <td class="nump"><a title="stra_RestructuringAndRelatedCostAdjustmentForLeaseAndRelatedCost" onclick="toggleNextSibling(this);">4.1</a><span style="display:none;white-space:normal;text-align:left;">stra_RestructuringAndRelatedCostAdjustmentForLeaseAndRelatedCost</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccretionExpense', window );">Adjustments of accretion of interest on lease costs</a></td>
        <td class="nump"><a title="us-gaap_AccretionExpense" onclick="toggleNextSibling(this);">1.3</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccretionExpense</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_CampusLocationClosed', window );">Campus location closed</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="stra_CampusLocationClosed" onclick="toggleNextSibling(this);">20</a><span style="display:none;white-space:normal;text-align:left;">stra_CampusLocationClosed</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_LeaseTermExpire', window );">Lease term expire</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">2022<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_MarginalBorrowingRateOfLease', window );">Lease marginal borrowing rate</a></td>
        <td class="nump"><a title="stra_MarginalBorrowingRateOfLease" onclick="toggleNextSibling(this);">4.50%</a><span style="display:none;white-space:normal;text-align:left;">stra_MarginalBorrowingRateOfLease</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_SeveranceAndOtherEmployeeSeparationCosts', window );">Severance and other employee separation costs</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="stra_SeveranceAndOtherEmployeeSeparationCosts" onclick="toggleNextSibling(this);">6.9</a><span style="display:none;white-space:normal;text-align:left;">stra_SeveranceAndOtherEmployeeSeparationCosts</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestructuringCostAndReserveAxis=stra_LeaseAndRelatedCostsMember', window );">Lease and Related Costs, Net [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestructuringCostAndReserveLineItems', window );"><strong>Restructuring Cost and Reserve [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ContractualObligation', window );">Contractual obligation</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_ContractualObligation[us-gaap_RestructuringCostAndReserveAxis=stra_LeaseAndRelatedCostsMember]" onclick="toggleNextSibling(this);">$ 36.0</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ContractualObligation<br>/ us-gaap_RestructuringCostAndReserveAxis<br>= stra_LeaseAndRelatedCostsMember</span><span></span></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Campus location closed.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_CampusLocationClosed</td>
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                    <td>xbrli:integerItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_LeaseTermExpire">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The last year for which all current leases will expire.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_LeaseTermExpire</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:gYearItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_MarginalBorrowingRateOfLease">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Marginal borrowing rate of lease.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_MarginalBorrowingRateOfLease</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
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                    <td>num:percentItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Restructuring and related cost adjustment for lease and related cost.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_RestructuringAndRelatedCostAdjustmentForLeaseAndRelatedCost</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_SeveranceAndOtherEmployeeSeparationCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of expenses for special or contractual termination benefits provided to current employees involuntarily terminated under a benefit arrangement associated exit or disposal activities pursuant to an authorized plan. Excludes expenses related to one-time termination benefits, a discontinued operation or an asset retirement obligation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_SeveranceAndOtherEmployeeSeparationCosts</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccretionExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount recognized for the passage of time, typically for liabilities, that have been discounted to their net present values. Excludes accretion associated with asset retirement obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 410<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6392676&amp;loc=d3e7480-110848<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 420<br><br> -SubTopic 10<br><br> -Section 35<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6394232&amp;loc=d3e17558-110866<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AccretionExpense</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of contractual obligation, including but not limited to, long-term debt, capital lease obligations, operating lease obligations, purchase obligations, and other commitments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ContractualObligation</td>
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                    <td>xbrli:monetaryItemType</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_RestructuringCostAndReserveLineItems</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestructuringReserveCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount as of the balance sheet date of known and estimated obligations associated with exit from or disposal of business activities or restructurings pursuant to a duly authorized plan, which are expected to be paid in the next twelve months or in the normal operating cycle if longer. Costs of such activities include those for one-time termination benefits, termination of an operating lease or other contract, consolidating or closing facilities, relocating employees, and costs associated with an ongoing benefit arrangement, but excludes costs associated with the retirement of a long-lived asset.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 5<br><br> -Section P<br><br> -Subsection 4<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 420<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6394359&amp;loc=d3e17939-110869<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_RestructuringReserveCurrent</td>
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                    <td style="white-space:nowrap;">us-gaap_RestructuringCostAndReserveAxis=stra_LeaseAndRelatedCostsMember</td>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EJCAC">
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          <div style="width: 200px;"><strong>Stock Options, Restricted Stock and Restricted Stock Units (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Dec. 31, 2014</div>
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text-indent: -10px;">Vested shares</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">(51,916</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">)&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">164.22</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 20px; 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text-indent: -10px;">Grants</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">108,606</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">38.95</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 20px; text-indent: -10px;">Vested shares</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">(69,434</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new
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      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock', window );">Schedule of stock option activity and other stock option information</a></td>
        <td class="text"><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;">&#160;</div><table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom"><th align="center" width="100%" nowrap="nowrap"><font size="1" style="font-family: times new roman, times, serif;"></font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">Number of<br />shares</font></th><th align="center"><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">Weighted-average<br />exercise price</font></th><th align="center"><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">Weighted-<br />average<br />remaining<br />contractual<br />life (years)</font></th><th align="center"><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">Aggregate<br />intrinsic<br />value<sup style="font-size: 8.5px; 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text-indent: -10px;">Exercises</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#8212;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman,
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 nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#160;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#160;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 20px; 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border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">2,233</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">Exercisable, December 31, 2014</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#8212;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#8212;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#8212;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#8212;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td></tr></table><div>&#160;</div><div>&#160;</div><table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="left" width="37" nowrap="nowrap"><div style="margin-left: 20px; text-indent: -20px;"><font size="2" style="font-family: times new roman, times, serif;">(1)</font></div></td><td align="left" width="3">&#160;</td><td align="left" width="100%"><font size="2" style="font-family: times new roman, times, serif;">The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company&#8217;s closing stock price on the respective trading day and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holder had all options been exercised on the respective trading day. The amount of intrinsic value will change based on the fair market value of the Company&#8217;s common stock.</font></td></tr></table><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableTableTextBlock', window );">Summary of number of shares exercisable</a></td>
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      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock', window );">Schedule of stock-based compensation expense</a></td>
        <td class="text"><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;">&#160;</div><table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom"><th align="center" width="100%" nowrap="nowrap"><font size="1" style="font-family: times new roman, times, serif;"></font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">2012</font></th><th align="center"><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">2013</font></th><th align="center"><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">2014</font></th></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">Instruction and educational support</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">3,273</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">1,976</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">1,736</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">Marketing</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#8212;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#8212;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#8212;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">Admissions advisory</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#8212;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#8212;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#8212;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">General and administration</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">2,191</font></td><td
 align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"><font
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border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">7,717</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 20px; text-indent: -10px;">Stock-based compensation expense included in operating expense</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">5,464</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">9,291</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">9,453</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; 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 times new roman, times, serif;">&#160;&#160;$</font></td><td align="right" style="border-bottom-style: double; border-bottom-color: windowtext;
 border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">5,719</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr></table><div>&#160;</div><span></span></td>
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text-indent: -10px;">Proceeds from stock options exercised</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#8212;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#8212;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#8212;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">Excess tax benefits (shortfall) related to share-based payment arrangements</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">(245</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">)&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">(3,567</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">)&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">(2,039</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">)&#160;&#160;</font></td></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">Intrinsic value of stock options exercised</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#8212;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#8212;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#8212;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times,
 serif;">&#160;&#160;&#160;</font></td></tr></table><div>&#160;</div><span></span></td>
      </tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of the amount of cash proceeds received from the exercise of stock options and similar instruments granted under share-based payment arrangements and the tax benefit realized from stock options exercised during the period.  Disclosure may also include the intrinsic value of stock options exercised during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 14.F)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27013229&amp;loc=d3e301413-122809<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 14<br><br> -Section F<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (h)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of the changes in outstanding nonvested restricted stock units.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of the following for fully vested share options (or share units) and share options expected to vest at the date of the latest statement of financial position: the number, weighted-average exercise price (or conversion ratio), aggregate intrinsic value (except for nonpublic entities), and weighted-average remaining contractual term of options (or share units) currently exercisable (or convertible).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (e)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0E2F">
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          <div style="width: 200px;"><strong>Fair Value Measurement (Tables)<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Dec. 31, 2014</div>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresAbstract', window );"><strong>Fair Value Measurement [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock', window );">Schedule of assets and liabilities measured at fair value on a recurring basis</a></td>
        <td class="text"><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;">&#160;</div><table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom"><th align="center" width="100%" nowrap="nowrap"><font size="1" style="font-family: times new roman, times, serif;"></font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;"></font></th><th align="center"><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="11"><font size="1" style="font-family: times new roman, times, serif;">Fair Value Measurements at Reporting Date Using</font></th><th align="center"><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th></tr><tr valign="bottom"><th align="center" width="100%" nowrap="nowrap"><font size="1" style="font-family: times new roman, times, serif;"></font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">December 31,<br />2014</font></th><th align="center"><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">Quoted Prices in<br />Active Markets for<br />Identical Assets/<br />Liabilities<br />(Level 1)</font></th><th align="center"><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">Significant<br />Other<br />Observable<br />Inputs<br />(Level 2)</font></th><th align="center"><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">Significant<br />Unobservable<br />Inputs<br />(Level 3)</font></th></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;"><b>Assets:<br /></b></div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#160;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#160;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#160;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#160;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; 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 roman, times, serif;">&#160;&#160;&#160;</font></td></tr><tr
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text-indent: -10px;">Interest rate swap</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">143</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: solid; 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 nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#8212;</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;"><b>Liabilities:<br /></b></div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#160;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#160;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#160;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#160;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">Other long-term liabilities:</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#160;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#160;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#160;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#160;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 20px; 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                <p>Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.</p>
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                <p>Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).</p>
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                <p>Excess tax shortfall resulting from increases in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return does not exceed compensation cot from equity based compensation recognized in financial statements. Excess tax benefits resulting from decreases in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from equity-based compensation recognized in financial statements.</p>
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                <p>The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (j)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3255-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ProceedsFromStockOptionsExercised</td>
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                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract</td>
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                <p>Amount of accumulated difference between fair value of underlying shares on dates of exercise and exercise price on options exercised (or share units converted) into shares.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (d)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ET3BG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Property and Equipment (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
        <th class="th" colspan="1"></th>
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      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
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        <th class="th">
          <div>Dec. 31, 2013</div>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Property and equipment, gross</a></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentGross" onclick="toggleNextSibling(this);"> 220,227</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentGross</span><span></span></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentGross" onclick="toggleNextSibling(this);">$ 225,492</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentGross</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Accumulated depreciation and amortization</a></td>
        <td class="num"><a title="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" onclick="toggleNextSibling(this);">(137,961)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment</span><span></span></td>
        <td class="num"><a title="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" onclick="toggleNextSibling(this);">(131,071)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentNet" onclick="toggleNextSibling(this);">82,266</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentNet</span><span></span></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentNet" onclick="toggleNextSibling(this);">94,421</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentNet</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MinimumMember', window );">Minimum [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Estimated useful life of property and equipment</a></td>
        <td class="text">3 years<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MaximumMember', window );">Maximum [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Estimated useful life of property and equipment</a></td>
        <td class="text">40 years<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LandMember', window );">Land [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Property and equipment, gross</a></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentGross[us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LandMember]" onclick="toggleNextSibling(this);">7,138</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentGross<br>/ us-gaap_PropertyPlantAndEquipmentByTypeAxis<br>= us-gaap_LandMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentGross[us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LandMember]" onclick="toggleNextSibling(this);">7,138</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentGross<br>/ us-gaap_PropertyPlantAndEquipmentByTypeAxis<br>= us-gaap_LandMember</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingAndBuildingImprovementsMember', window );">Buildings and improvements [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Property and equipment, gross</a></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentGross[us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingAndBuildingImprovementsMember]" onclick="toggleNextSibling(this);">18,998</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentGross<br>/ us-gaap_PropertyPlantAndEquipmentByTypeAxis<br>= us-gaap_BuildingAndBuildingImprovementsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentGross[us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingAndBuildingImprovementsMember]" onclick="toggleNextSibling(this);">19,105</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentGross<br>/ us-gaap_PropertyPlantAndEquipmentByTypeAxis<br>= us-gaap_BuildingAndBuildingImprovementsMember</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingAndBuildingImprovementsMember', window );">Buildings and improvements [Member] | Minimum [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Estimated useful life of property and equipment</a></td>
        <td class="text">5 years<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingAndBuildingImprovementsMember', window );">Buildings and improvements [Member] | Maximum [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Estimated useful life of property and equipment</a></td>
        <td class="text">40 years<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=stra_FurnitureEquipmentAndComputerHardwareAndSoftwareMember', window );">Furniture, equipment and computer hardware and software [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Property and equipment, gross</a></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentGross[us-gaap_PropertyPlantAndEquipmentByTypeAxis=stra_FurnitureEquipmentAndComputerHardwareAndSoftwareMember]" onclick="toggleNextSibling(this);">153,417</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentGross<br>/ us-gaap_PropertyPlantAndEquipmentByTypeAxis<br>= stra_FurnitureEquipmentAndComputerHardwareAndSoftwareMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentGross[us-gaap_PropertyPlantAndEquipmentByTypeAxis=stra_FurnitureEquipmentAndComputerHardwareAndSoftwareMember]" onclick="toggleNextSibling(this);">159,160</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentGross<br>/ us-gaap_PropertyPlantAndEquipmentByTypeAxis<br>= stra_FurnitureEquipmentAndComputerHardwareAndSoftwareMember</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=stra_FurnitureEquipmentAndComputerHardwareAndSoftwareMember', window );">Furniture, equipment and computer hardware and software [Member] | Minimum [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Estimated useful life of property and equipment</a></td>
        <td class="text">5 years<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=stra_FurnitureEquipmentAndComputerHardwareAndSoftwareMember', window );">Furniture, equipment and computer hardware and software [Member] | Maximum [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Estimated useful life of property and equipment</a></td>
        <td class="text">10 years<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LeaseholdImprovementsMember', window );">Leasehold improvements [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Property and equipment, gross</a></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentGross[us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LeaseholdImprovementsMember]" onclick="toggleNextSibling(this);">38,732</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentGross<br>/ us-gaap_PropertyPlantAndEquipmentByTypeAxis<br>= us-gaap_LeaseholdImprovementsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentGross[us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LeaseholdImprovementsMember]" onclick="toggleNextSibling(this);">39,299</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentGross<br>/ us-gaap_PropertyPlantAndEquipmentByTypeAxis<br>= us-gaap_LeaseholdImprovementsMember</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LeaseholdImprovementsMember', window );">Leasehold improvements [Member] | Minimum [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Estimated useful life of property and equipment</a></td>
        <td class="text">3 years<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LeaseholdImprovementsMember', window );">Leasehold improvements [Member] | Maximum [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Estimated useful life of property and equipment</a></td>
        <td class="text">10 years<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_ConstructionInProgressMember', window );">Construction in progress [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Property and equipment, gross</a></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentGross[us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_ConstructionInProgressMember]" onclick="toggleNextSibling(this);"> 1,942</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentGross<br>/ us-gaap_PropertyPlantAndEquipmentByTypeAxis<br>= us-gaap_ConstructionInProgressMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentGross[us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_ConstructionInProgressMember]" onclick="toggleNextSibling(this);">$ 790</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentGross<br>/ us-gaap_PropertyPlantAndEquipmentByTypeAxis<br>= us-gaap_ConstructionInProgressMember</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.14)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 14<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentGross">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.13)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentGross</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentLineItems">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentLineItems</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.13)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 13<br><br> -Subparagraph a<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 8<br><br> -Article 7<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentUsefulLife">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentUsefulLife</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:durationItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=stra_FurnitureEquipmentAndComputerHardwareAndSoftwareMember">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=stra_FurnitureEquipmentAndComputerHardwareAndSoftwareMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td></td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingAndBuildingImprovementsMember">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingAndBuildingImprovementsMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td></td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_ConstructionInProgressMember">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_ConstructionInProgressMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td></td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LandMember">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LandMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td></td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LeaseholdImprovementsMember">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LeaseholdImprovementsMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Other Long-Term Liabilities (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
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        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNoncurrentLiabilitiesTableTextBlock', window );">Schedule of other long-term liabilities</a></td>
        <td class="text"><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;">&#160;</div><table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom"><th align="center" width="100%" nowrap="nowrap"><font size="1" style="font-family: times new roman, times, serif;"></font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">2013</font></th><th align="center"><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">2014</font></th></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">Loss on facilities not in use</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">34,339</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">21,280</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">Deferred revenue, net of current portion</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">1,897</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">9,654</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">Deferred rent and other facility costs</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">8,258</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">8,646</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">Deferred payments related to acquisition</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">4,915</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">5,198</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">Lease incentives</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">1,353</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">1,056</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr
 valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px;
 text-indent: -10px;">Deferred gain on sale of campus building</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">694</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">414</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">&#160;</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">51,456</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">46,248</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr></table><div>&#160;</div><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of other noncurrent liabilities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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                <table border="0" cellpadding="0" cellspacing="0">
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>43
<FILENAME>R31.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Other Employee Benefit Plans (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CompensationAndRetirementDisclosureAbstract', window );"><strong>Compensation and Retirement Disclosure [Abstract]</strong></a></td>
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                <p>Tabular disclosure of employee stock purchase plan activity.</p>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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                <p>The entire disclosure for the nature of an entity's business, the major products or services it sells or provides and its principal markets, including the locations of those markets. If the entity operates in more than one business, the disclosure also indicates the relative importance of its operations in each business and the basis for the determination (for example, assets, revenues, or earnings).</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6003-108592<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Stock Repurchase Plan (Tables)<br></strong></div>
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text-indent: -10px;">2012</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">484,841</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">51.56</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">95.0</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; 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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of treasury stock, including, but not limited to, average cost per share, description of share repurchase program, shares repurchased, shares held for each class of treasury stock.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6405834&amp;loc=d3e23285-112656<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6405834&amp;loc=d3e23315-112656<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6405813&amp;loc=d3e23239-112655<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6405834&amp;loc=d3e23309-112656<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ScheduleOfTreasuryStockByClassTextBlock</td>
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    <title></title>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ELJAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Significant Accounting Policies (Details 3)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract', window );"><strong>Schedule of reconciliation of shares used to calculate basic and diluted earnings per share</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Weighted average shares outstanding used to compute basic earnings per share</a></td>
        <td class="nump"><a title="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" onclick="toggleNextSibling(this);">10,561</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</span><span></span></td>
        <td class="nump"><a title="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" onclick="toggleNextSibling(this);">10,584</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</span><span></span></td>
        <td class="nump"><a title="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" onclick="toggleNextSibling(this);">11,390</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements', window );">Incremental shares issuable upon the assumed exercise of stock options</a></td>
        <td class="nump"><a title="us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" onclick="toggleNextSibling(this);">6</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends', window );">Unvested restricted stock and restricted stock units</a></td>
        <td class="nump"><a title="us-gaap_IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends" onclick="toggleNextSibling(this);">83</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends" onclick="toggleNextSibling(this);">40</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends" onclick="toggleNextSibling(this);">50</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends</span><span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Shares used to compute diluted earnings per share</a></td>
        <td class="nump"><a title="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" onclick="toggleNextSibling(this);">10,650</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</span><span></span></td>
        <td class="nump"><a title="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" onclick="toggleNextSibling(this);">10,624</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</span><span></span></td>
        <td class="nump"><a title="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" onclick="toggleNextSibling(this);">11,440</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</span><span></span></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Nonvested equity-based payment awards that contain forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) that result in incremental common shares.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 68B<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=SL5498026-109256<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28A<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1500-109256<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements using the treasury stock method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28A<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1500-109256<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1505-109256<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1448-109256<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Weighted-Average Number of Common Shares Outstanding<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6528421<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0E4VAG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Stock Options, Restricted Stock and Restricted Stock Units (Details 1) (Stock options [Member], USD $)<br>In Thousands, except Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="8">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th" colspan="2">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th" colspan="2">
          <div>Dec. 31, 2013</div>
        </th>
        <th class="th" colspan="2">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th" colspan="2">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top">
          <div class="a">Stock options [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward', window );"><strong>Schedule of stock option activity and other stock option information</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Beginning Balance, Number of shares</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber[us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember]" onclick="toggleNextSibling(this);">100,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_EmployeeStockOptionMember</span><span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber[us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember]" onclick="toggleNextSibling(this);">100,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_EmployeeStockOptionMember</span><span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber[us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember]" onclick="toggleNextSibling(this);">100,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_EmployeeStockOptionMember</span><span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross', window );">Grants, Number of shares</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross[us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember]" onclick="toggleNextSibling(this);">100,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_EmployeeStockOptionMember</span><span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Exercises, Number of shares</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod', window );">Forfeitures/Expirations, Number of shares</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="num"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod[us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember]" onclick="toggleNextSibling(this);">(100,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_EmployeeStockOptionMember</span><span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Ending Balance, Number of shares</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber[us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember]" onclick="toggleNextSibling(this);">100,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_EmployeeStockOptionMember</span><span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber[us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember]" onclick="toggleNextSibling(this);">100,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_EmployeeStockOptionMember</span><span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber[us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember]" onclick="toggleNextSibling(this);">100,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_EmployeeStockOptionMember</span><span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber[us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember]" onclick="toggleNextSibling(this);">100,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_EmployeeStockOptionMember</span><span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber', window );">Exercisable, Number of shares</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice', window );">Beginning Balance, Weighted-average exercise price</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice[us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember]" onclick="toggleNextSibling(this);">$ 51.95</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_EmployeeStockOptionMember</span><span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice[us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember]" onclick="toggleNextSibling(this);">$ 107.28</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_EmployeeStockOptionMember</span><span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice[us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember]" onclick="toggleNextSibling(this);">$ 107.28</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_EmployeeStockOptionMember</span><span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice', window );">Grants, Weighted-average exercise price</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice[us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember]" onclick="toggleNextSibling(this);">$ 51.95</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_EmployeeStockOptionMember</span><span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice', window );">Exercises, Weighted-average exercise price</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice', window );">Forfeitures/Expirations, Weighted-average exercise price</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice[us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember]" onclick="toggleNextSibling(this);">$ 107.28</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_EmployeeStockOptionMember</span><span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice', window );">Ending Balance, Weighted-average exercise price</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice[us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember]" onclick="toggleNextSibling(this);">$ 51.95</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_EmployeeStockOptionMember</span><span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice[us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember]" onclick="toggleNextSibling(this);">$ 51.95</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_EmployeeStockOptionMember</span><span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice[us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember]" onclick="toggleNextSibling(this);">$ 107.28</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_EmployeeStockOptionMember</span><span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice[us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember]" onclick="toggleNextSibling(this);">$ 107.28</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_EmployeeStockOptionMember</span><span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice', window );">Exercisable, Weighted-average exercise price</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2', window );">Weighted-average remaining contractual life (yrs.)</a></td>
        <td class="text">6 years<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">7 years<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">1 month 6 days<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">1 year 1 month 6 days<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue', window );">Beginning Balance, Aggregate intrinsic value</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue', window );">Ending Balance, Aggregate intrinsic value</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue[us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember]" onclick="toggleNextSibling(this);">2,233</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_EmployeeStockOptionMember</span><span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1', window );">Exercisable, Aggregate intrinsic value</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr>
        <td colspan="9"></td>
      </tr>
      <tr>
        <td colspan="9">
          <table class="outerFootnotes" width="100%">
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[1]</td>
              <td style="vertical-align: top;" valign="top">The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company's closing stock price on the respective trading day and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holder had all options been exercised on the respective trading day. The amount of intrinsic value will change based on the fair market value of the Company's common stock.</td>
            </tr>
          </table>
        </td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of difference between fair value of the underlying shares reserved for issuance and exercise price of vested portions of options outstanding and currently exercisable.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(iii)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The weighted-average price as of the balance sheet date at which grantees can acquire the shares reserved for issuance on vested portions of options outstanding and currently exercisable under the stock option plan.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(iii)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(iv)(3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Gross number of share options (or share units) granted during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount by which the current fair value of the underlying stock exceeds the exercise price of options outstanding.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of options outstanding, including both vested and non-vested options.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(i)-(ii)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(i)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average remaining contractual term for option awards outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (e)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:durationItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average price at which option holders acquired shares when converting their stock options into shares.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average price at which grantees could have acquired the underlying shares with respect to stock options that were terminated.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average per share amount at which grantees can acquire shares of common stock by exercise of options.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of share options (or share units) exercised during the current period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28,29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(iv)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>48
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <title></title>
    <link rel="stylesheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EIBAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Regulation (Details)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_RegulationTextualAbstract', window );"><strong>Regulation Textual [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_AverageOfMedianAnnualEarningPercentage', window );">Average of median annual earning percentage</a></td>
        <td class="nump"><a title="stra_AverageOfMedianAnnualEarningPercentage" onclick="toggleNextSibling(this);">8.00%</a><span style="display:none;white-space:normal;text-align:left;">stra_AverageOfMedianAnnualEarningPercentage</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_AverageOfMedianDiscretionaryPercentage', window );">Average of median discretionary percentage</a></td>
        <td class="nump"><a title="stra_AverageOfMedianDiscretionaryPercentage" onclick="toggleNextSibling(this);">20.00%</a><span style="display:none;white-space:normal;text-align:left;">stra_AverageOfMedianDiscretionaryPercentage</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_ThresholdForProgramToFail', window );">Debt to earnings rates description</a></td>
        <td class="text">A program would fail if the program's graduates have an annual income rate of 12% or greater and a discretionary income rate of 30% or greater.<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MaximumMember', window );">Maximum [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_RegulationTextualAbstract', window );"><strong>Regulation Textual [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_AverageOfMedianAnnualEarningPercentage', window );">Average of median annual earning percentage</a></td>
        <td class="nump"><a title="stra_AverageOfMedianAnnualEarningPercentage[us-gaap_RangeAxis=us-gaap_MaximumMember]" onclick="toggleNextSibling(this);">12.00%</a><span style="display:none;white-space:normal;text-align:left;">stra_AverageOfMedianAnnualEarningPercentage<br>/ us-gaap_RangeAxis<br>= us-gaap_MaximumMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_AverageOfMedianDiscretionaryPercentage', window );">Average of median discretionary percentage</a></td>
        <td class="nump"><a title="stra_AverageOfMedianDiscretionaryPercentage[us-gaap_RangeAxis=us-gaap_MaximumMember]" onclick="toggleNextSibling(this);">30.00%</a><span style="display:none;white-space:normal;text-align:left;">stra_AverageOfMedianDiscretionaryPercentage<br>/ us-gaap_RangeAxis<br>= us-gaap_MaximumMember</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MinimumMember', window );">Minimum [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_RegulationTextualAbstract', window );"><strong>Regulation Textual [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_AverageOfMedianAnnualEarningPercentage', window );">Average of median annual earning percentage</a></td>
        <td class="nump"><a title="stra_AverageOfMedianAnnualEarningPercentage[us-gaap_RangeAxis=us-gaap_MinimumMember]" onclick="toggleNextSibling(this);">8.00%</a><span style="display:none;white-space:normal;text-align:left;">stra_AverageOfMedianAnnualEarningPercentage<br>/ us-gaap_RangeAxis<br>= us-gaap_MinimumMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_AverageOfMedianDiscretionaryPercentage', window );">Average of median discretionary percentage</a></td>
        <td class="nump"><a title="stra_AverageOfMedianDiscretionaryPercentage[us-gaap_RangeAxis=us-gaap_MinimumMember]" onclick="toggleNextSibling(this);">20.00%</a><span style="display:none;white-space:normal;text-align:left;">stra_AverageOfMedianDiscretionaryPercentage<br>/ us-gaap_RangeAxis<br>= us-gaap_MinimumMember</span><span></span></td>
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    <div style="display: none;">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Average of median annual earning percentage.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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                    <td><strong> Data Type:</strong></td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Average of median discretionary percentage.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_RegulationTextualAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_RegulationTextualAbstract</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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            </div>
          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_ThresholdForProgramToFail">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Threshold for program to fail.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_ThresholdForProgramToFail</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MaximumMember">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MaximumMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MinimumMember">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MinimumMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td></td>
                  </tr>
                </table>
              </div>
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          </td>
        </tr>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>49
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <title></title>
    <link rel="stylesheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EQEAG">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Consolidated Balance Sheets (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current assets:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
        <td class="nump"><a title="us-gaap_CashAndCashEquivalentsAtCarryingValue" onclick="toggleNextSibling(this);">$ 162,283</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsAtCarryingValue</span><span></span></td>
        <td class="nump"><a title="us-gaap_CashAndCashEquivalentsAtCarryingValue" onclick="toggleNextSibling(this);">$ 94,760</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsAtCarryingValue</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Tuition receivable, net</a></td>
        <td class="nump"><a title="us-gaap_AccountsReceivableNetCurrent" onclick="toggleNextSibling(this);">16,942</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccountsReceivableNetCurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_AccountsReceivableNetCurrent" onclick="toggleNextSibling(this);">15,842</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccountsReceivableNetCurrent</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsCurrent', window );">Other current assets</a></td>
        <td class="nump"><a title="us-gaap_OtherAssetsCurrent" onclick="toggleNextSibling(this);">17,426</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherAssetsCurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_OtherAssetsCurrent" onclick="toggleNextSibling(this);">16,738</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherAssetsCurrent</span><span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td>
        <td class="nump"><a title="us-gaap_AssetsCurrent" onclick="toggleNextSibling(this);">196,651</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AssetsCurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_AssetsCurrent" onclick="toggleNextSibling(this);">127,340</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AssetsCurrent</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentNet" onclick="toggleNextSibling(this);">82,266</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentNet</span><span></span></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentNet" onclick="toggleNextSibling(this);">94,421</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentNet</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNetNoncurrent', window );">Deferred income taxes</a></td>
        <td class="nump"><a title="us-gaap_DeferredTaxAssetsNetNoncurrent" onclick="toggleNextSibling(this);">16,241</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsNetNoncurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_DeferredTaxAssetsNetNoncurrent" onclick="toggleNextSibling(this);">17,129</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredTaxAssetsNetNoncurrent</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
        <td class="nump"><a title="us-gaap_Goodwill" onclick="toggleNextSibling(this);">6,800</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Goodwill</span><span></span></td>
        <td class="nump"><a title="us-gaap_Goodwill" onclick="toggleNextSibling(this);">6,800</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Goodwill</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Other assets</a></td>
        <td class="nump"><a title="us-gaap_OtherAssetsNoncurrent" onclick="toggleNextSibling(this);">5,857</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherAssetsNoncurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_OtherAssetsNoncurrent" onclick="toggleNextSibling(this);">8,576</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherAssetsNoncurrent</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
        <td class="nump"><a title="us-gaap_Assets" onclick="toggleNextSibling(this);">307,815</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Assets</span><span></span></td>
        <td class="nump"><a title="us-gaap_Assets" onclick="toggleNextSibling(this);">254,266</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Assets</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent', window );">Accounts payable and accrued expenses</a></td>
        <td class="nump"><a title="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent" onclick="toggleNextSibling(this);">43,836</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent" onclick="toggleNextSibling(this);">38,527</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TaxesPayableCurrent', window );">Income taxes payable</a></td>
        <td class="nump"><a title="us-gaap_TaxesPayableCurrent" onclick="toggleNextSibling(this);">1,286</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_TaxesPayableCurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_TaxesPayableCurrent" onclick="toggleNextSibling(this);">2,569</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_TaxesPayableCurrent</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueCurrent', window );">Deferred revenue</a></td>
        <td class="nump"><a title="us-gaap_DeferredRevenueCurrent" onclick="toggleNextSibling(this);">4,682</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredRevenueCurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_DeferredRevenueCurrent" onclick="toggleNextSibling(this);">656</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredRevenueCurrent</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLiabilitiesCurrent', window );">Other current liabilities</a></td>
        <td class="nump"><a title="us-gaap_OtherLiabilitiesCurrent" onclick="toggleNextSibling(this);">281</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherLiabilitiesCurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_OtherLiabilitiesCurrent" onclick="toggleNextSibling(this);">281</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherLiabilitiesCurrent</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtCurrent', window );">Current portion of term loan</a></td>
        <td class="nump"><a title="us-gaap_LongTermDebtCurrent" onclick="toggleNextSibling(this);">6,250</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LongTermDebtCurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_LongTermDebtCurrent" onclick="toggleNextSibling(this);">3,125</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LongTermDebtCurrent</span><span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total current liabilities</a></td>
        <td class="nump"><a title="us-gaap_LiabilitiesCurrent" onclick="toggleNextSibling(this);">56,335</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesCurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_LiabilitiesCurrent" onclick="toggleNextSibling(this);">45,158</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesCurrent</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtNoncurrent', window );">Term loan, less current portion</a></td>
        <td class="nump"><a title="us-gaap_LongTermDebtNoncurrent" onclick="toggleNextSibling(this);">112,500</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LongTermDebtNoncurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_LongTermDebtNoncurrent" onclick="toggleNextSibling(this);">118,750</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LongTermDebtNoncurrent</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent', window );">Other long-term liabilities</a></td>
        <td class="nump"><a title="us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent" onclick="toggleNextSibling(this);">46,248</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent" onclick="toggleNextSibling(this);">51,456</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
        <td class="nump"><a title="us-gaap_Liabilities" onclick="toggleNextSibling(this);">215,083</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Liabilities</span><span></span></td>
        <td class="nump"><a title="us-gaap_Liabilities" onclick="toggleNextSibling(this);">215,364</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_Liabilities</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">Commitments and contingencies</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Stockholders' equity:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common stock, par value $0.01; 20,000,000 shares authorized; 10,797,464 and 10,903,341 shares issued and outstanding at December 31, 2013 and 2014, respectively</a></td>
        <td class="nump"><a title="us-gaap_CommonStockValue" onclick="toggleNextSibling(this);">109</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CommonStockValue</span><span></span></td>
        <td class="nump"><a title="us-gaap_CommonStockValue" onclick="toggleNextSibling(this);">108</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CommonStockValue</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapitalCommonStock', window );">Additional paid-in capital</a></td>
        <td class="nump"><a title="us-gaap_AdditionalPaidInCapitalCommonStock" onclick="toggleNextSibling(this);">14,550</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AdditionalPaidInCapitalCommonStock</span><span></span></td>
        <td class="nump"><a title="us-gaap_AdditionalPaidInCapitalCommonStock" onclick="toggleNextSibling(this);">7,137</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AdditionalPaidInCapitalCommonStock</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Retained earnings</a></td>
        <td class="nump"><a title="us-gaap_RetainedEarningsAccumulatedDeficit" onclick="toggleNextSibling(this);">77,985</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RetainedEarningsAccumulatedDeficit</span><span></span></td>
        <td class="nump"><a title="us-gaap_RetainedEarningsAccumulatedDeficit" onclick="toggleNextSibling(this);">31,629</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RetainedEarningsAccumulatedDeficit</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax', window );">Accumulated other comprehensive income</a></td>
        <td class="nump"><a title="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" onclick="toggleNextSibling(this);">88</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax</span><span></span></td>
        <td class="nump"><a title="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" onclick="toggleNextSibling(this);">28</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax</span><span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total stockholders' equity</a></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity" onclick="toggleNextSibling(this);">92,732</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity</span><span></span></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity" onclick="toggleNextSibling(this);">38,902</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities and stockholders' equity</a></td>
        <td class="nump"><a title="us-gaap_LiabilitiesAndStockholdersEquity" onclick="toggleNextSibling(this);">$ 307,815</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesAndStockholdersEquity</span><span></span></td>
        <td class="nump"><a title="us-gaap_LiabilitiesAndStockholdersEquity" onclick="toggleNextSibling(this);">$ 254,266</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesAndStockholdersEquity</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, taxes, interest, rent and utilities, accrued salaries and bonuses, payroll taxes and fringe benefits.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19,20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.3-4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph a(1)<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 4<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AccountsReceivableNetCurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 11<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e637-108580<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 14<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e681-108580<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 14A<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=SL7669686-108580<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapitalCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.30(a)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AdditionalPaidInCapitalCommonStock</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 12<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_Assets</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.9)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6801-107765<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 9<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AssetsCurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrentAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AssetsCurrentAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash Equivalents<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3044-108585<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingencies">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.25)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 25<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.(a),19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CommitmentsAndContingencies</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CommonStockValue</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 605<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SAB TOPIC 13.A.4(a).Q1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012821&amp;loc=d3e214044-122780<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 8<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 13<br><br><br><br> -Section A<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredRevenueCurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsNetNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount after allocation of valuation allowances of noncurrent deferred tax asset attributable to deductible temporary differences and carryforwards. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31917-109318<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31931-109318<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31928-109318<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 9<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31958-109318<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsNetNoncurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Goodwill">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13770-109266<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_Goodwill</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19-26)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_Liabilities</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.32)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 25<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 32<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LiabilitiesAndStockholdersEquity</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.21)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 21<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LiabilitiesCurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrentAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LiabilitiesCurrentAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregated carrying amounts of obligations as of the balance sheet date, excluding long-term debt, incurred as part of the normal operations that are expected to be paid after one year or beyond the normal operating cycle, if longer. Alternate captions include Total Deferred Credits and Other Liabilities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of long-term debt, after unamortized discount or premium, scheduled to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19,20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LongTermDebtCurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of long-term debt, net of unamortized discount or premium, excluding amounts to be repaid within one year or the normal operating cycle, if longer (current maturities). Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 22<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LongTermDebtNoncurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate carrying amount, as of the balance sheet date, of current assets not separately disclosed in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.8)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 8<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OtherAssetsCurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OtherAssetsNoncurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLiabilitiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate carrying amount of current liabilities (due within one year or within the normal operating cycle if longer) not separately disclosed in the balance sheet. Includes costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered and of liabilities not separately disclosed.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6911-107765<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6904-107765<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OtherLiabilitiesCurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.13)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 8<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.31(a)(3))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_RetainedEarningsAccumulatedDeficit</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SAB TOPIC 4.E)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 4<br><br><br><br> -Section E<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29-31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29, 30, 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_StockholdersEquityAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TaxesPayableCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of obligations incurred and payable for statutory income, sales, use, payroll, excise, real, property and other taxes. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19,20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_TaxesPayableCurrent</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <title></title>
    <link rel="stylesheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EHBAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Property and Equipment (Details Textual) (USD $)<br>In Millions, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentAbstract', window );"><strong>Property and Equipment [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_LeaseholdImprovementsReimbursedByLessorsAsLeaseIncentives', window );">Leasehold improvements reimbursed by lessors as lease incentives</a></td>
        <td class="nump"><a title="stra_LeaseholdImprovementsReimbursedByLessorsAsLeaseIncentives" onclick="toggleNextSibling(this);">$ 0.1</a><span style="display:none;white-space:normal;text-align:left;">stra_LeaseholdImprovementsReimbursedByLessorsAsLeaseIncentives</span><span></span></td>
        <td class="nump"><a title="stra_LeaseholdImprovementsReimbursedByLessorsAsLeaseIncentives" onclick="toggleNextSibling(this);">$ 0.3</a><span style="display:none;white-space:normal;text-align:left;">stra_LeaseholdImprovementsReimbursedByLessorsAsLeaseIncentives</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentDisposals', window );">Fixed assets written off</a></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentDisposals" onclick="toggleNextSibling(this);">$ 13.6</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentDisposals</span><span></span></td>
        <td class="nump"><a title="us-gaap_PropertyPlantAndEquipmentDisposals" onclick="toggleNextSibling(this);">$ 0.8</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PropertyPlantAndEquipmentDisposals</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Increase of leasehold improvements reimbursed by lessors during the period. These reimbursements were capitalized as leasehold improvements and a long-term liability established.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_LeaseholdImprovementsReimbursedByLessorsAsLeaseIncentives</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
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                    <td>duration</td>
                  </tr>
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            </div>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentDisposals">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of divestiture of long-lived, physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentDisposals</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td>duration</td>
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          </td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>51
<FILENAME>R6.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <title></title>
    <link rel="stylesheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0E13BI">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Consolidated Statements of Stockholders' Equity (USD $)<br>In Thousands, except Share data</strong></div>
        </th>
        <th class="th">
          <div>Total</div>
        </th>
        <th class="th">
          <div>Common Stock</div>
        </th>
        <th class="th">
          <div>Additional Paid-in Capital</div>
        </th>
        <th class="th">
          <div>Retained Earnings</div>
        </th>
        <th class="th">
          <div>Accumulated Other Comprehensive Income (Loss)</div>
        </th>
      </tr>
      <tr class="rc">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Beginning balance at Dec. 31, 2011</a></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity" onclick="toggleNextSibling(this);">$ 42,293</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity</span><span></span></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity[us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember]" onclick="toggleNextSibling(this);">$ 118</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_CommonStockMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity[us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember]" onclick="toggleNextSibling(this);">$ 295</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_AdditionalPaidInCapitalMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity[us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember]" onclick="toggleNextSibling(this);">$ 42,491</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_RetainedEarningsMember</span><span></span></td>
        <td class="num"><a title="us-gaap_StockholdersEquity[us-gaap_StatementEquityComponentsAxis=us-gaap_AccumulatedOtherComprehensiveIncomeMember]" onclick="toggleNextSibling(this);">$ (611)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_AccumulatedOtherComprehensiveIncomeMember</span><span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Beginning balance, shares at Dec. 31, 2011</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump"><a title="us-gaap_SharesIssued[us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember]" onclick="toggleNextSibling(this);">11,792,456</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SharesIssued<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_CommonStockMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation', window );">Tax shortfall associated with stock-based compensation arrangements</a></td>
        <td class="num"><a title="us-gaap_AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation" onclick="toggleNextSibling(this);">(245)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="num"><a title="us-gaap_AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation[us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember]" onclick="toggleNextSibling(this);">(245)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_AdditionalPaidInCapitalMember</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchasedDuringPeriodValue', window );">Repurchase of common stock</a></td>
        <td class="num"><a title="us-gaap_StockRepurchasedDuringPeriodValue" onclick="toggleNextSibling(this);">(25,001)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockRepurchasedDuringPeriodValue</span><span></span></td>
        <td class="num"><a title="us-gaap_StockRepurchasedDuringPeriodValue[us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember]" onclick="toggleNextSibling(this);">(5)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockRepurchasedDuringPeriodValue<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_CommonStockMember</span><span></span></td>
        <td class="num"><a title="us-gaap_StockRepurchasedDuringPeriodValue[us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember]" onclick="toggleNextSibling(this);">(5,214)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockRepurchasedDuringPeriodValue<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_AdditionalPaidInCapitalMember</span><span></span></td>
        <td class="num"><a title="us-gaap_StockRepurchasedDuringPeriodValue[us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember]" onclick="toggleNextSibling(this);">(19,782)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockRepurchasedDuringPeriodValue<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_RetainedEarningsMember</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchasedDuringPeriodShares', window );">Repurchase of common stock, shares</a></td>
        <td class="num"><a title="us-gaap_StockRepurchasedDuringPeriodShares" onclick="toggleNextSibling(this);">(484,841)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockRepurchasedDuringPeriodShares</span><span></span></td>
        <td class="num"><a title="us-gaap_StockRepurchasedDuringPeriodShares[us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember]" onclick="toggleNextSibling(this);">(484,841)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockRepurchasedDuringPeriodShares<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_CommonStockMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures', window );">Restricted stock grants, net of forfeitures</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump"><a title="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures[us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember]" onclick="toggleNextSibling(this);">1</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_CommonStockMember</span><span></span></td>
        <td class="num"><a title="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures[us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember]" onclick="toggleNextSibling(this);">(1)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_AdditionalPaidInCapitalMember</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures', window );">Restricted stock grants, net of forfeitures, shares</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures[us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember]" onclick="toggleNextSibling(this);">79,684</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_CommonStockMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue', window );">Stock-based compensation</a></td>
        <td class="nump"><a title="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" onclick="toggleNextSibling(this);">5,464</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump"><a title="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue[us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember]" onclick="toggleNextSibling(this);">5,464</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_AdditionalPaidInCapitalMember</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCommonStockCash', window );">Common stock dividends</a></td>
        <td class="num"><a title="us-gaap_DividendsCommonStockCash" onclick="toggleNextSibling(this);">(47,328)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DividendsCommonStockCash</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="num"><a title="us-gaap_DividendsCommonStockCash[us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember]" onclick="toggleNextSibling(this);">(47,328)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DividendsCommonStockCash<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_RetainedEarningsMember</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax', window );">Change in fair value of derivative instrument, net of income tax</a></td>
        <td class="num"><a title="us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax" onclick="toggleNextSibling(this);">(125)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="num"><a title="us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax[us-gaap_StatementEquityComponentsAxis=us-gaap_AccumulatedOtherComprehensiveIncomeMember]" onclick="toggleNextSibling(this);">(125)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_AccumulatedOtherComprehensiveIncomeMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">65,930</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss[us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember]" onclick="toggleNextSibling(this);">65,930</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_RetainedEarningsMember</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Ending balance at Dec. 31, 2012</a></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity" onclick="toggleNextSibling(this);">40,988</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity</span><span></span></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity[us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember]" onclick="toggleNextSibling(this);">114</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_CommonStockMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity[us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember]" onclick="toggleNextSibling(this);">299</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_AdditionalPaidInCapitalMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity[us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember]" onclick="toggleNextSibling(this);">41,311</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_RetainedEarningsMember</span><span></span></td>
        <td class="num"><a title="us-gaap_StockholdersEquity[us-gaap_StatementEquityComponentsAxis=us-gaap_AccumulatedOtherComprehensiveIncomeMember]" onclick="toggleNextSibling(this);">(736)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_AccumulatedOtherComprehensiveIncomeMember</span><span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Ending balance, shares at Dec. 31, 2012</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump"><a title="us-gaap_SharesIssued[us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember]" onclick="toggleNextSibling(this);">11,387,299</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SharesIssued<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_CommonStockMember</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation', window );">Tax shortfall associated with stock-based compensation arrangements</a></td>
        <td class="num"><a title="us-gaap_AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation" onclick="toggleNextSibling(this);">(3,567)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="num"><a title="us-gaap_AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation[us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember]" onclick="toggleNextSibling(this);">(702)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_AdditionalPaidInCapitalMember</span><span></span></td>
        <td class="num"><a title="us-gaap_AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation[us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember]" onclick="toggleNextSibling(this);">(2,865)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_RetainedEarningsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchasedDuringPeriodValue', window );">Repurchase of common stock</a></td>
        <td class="num"><a title="us-gaap_StockRepurchasedDuringPeriodValue" onclick="toggleNextSibling(this);">(24,999)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockRepurchasedDuringPeriodValue</span><span></span></td>
        <td class="num"><a title="us-gaap_StockRepurchasedDuringPeriodValue[us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember]" onclick="toggleNextSibling(this);">(5)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockRepurchasedDuringPeriodValue<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_CommonStockMember</span><span></span></td>
        <td class="num"><a title="us-gaap_StockRepurchasedDuringPeriodValue[us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember]" onclick="toggleNextSibling(this);">(1,752)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockRepurchasedDuringPeriodValue<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_AdditionalPaidInCapitalMember</span><span></span></td>
        <td class="num"><a title="us-gaap_StockRepurchasedDuringPeriodValue[us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember]" onclick="toggleNextSibling(this);">(23,242)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockRepurchasedDuringPeriodValue<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_RetainedEarningsMember</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchasedDuringPeriodShares', window );">Repurchase of common stock, shares</a></td>
        <td class="num"><a title="us-gaap_StockRepurchasedDuringPeriodShares" onclick="toggleNextSibling(this);">(495,085)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockRepurchasedDuringPeriodShares</span><span></span></td>
        <td class="num"><a title="us-gaap_StockRepurchasedDuringPeriodShares[us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember]" onclick="toggleNextSibling(this);">(495,085)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockRepurchasedDuringPeriodShares<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_CommonStockMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures', window );">Restricted stock grants, net of forfeitures</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="num"><a title="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures[us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember]" onclick="toggleNextSibling(this);">(1)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_CommonStockMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures[us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember]" onclick="toggleNextSibling(this);">1</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_AdditionalPaidInCapitalMember</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures', window );">Restricted stock grants, net of forfeitures, shares</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num"><a title="us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures[us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember]" onclick="toggleNextSibling(this);">(94,750)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_CommonStockMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue', window );">Stock-based compensation</a></td>
        <td class="nump"><a title="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" onclick="toggleNextSibling(this);">9,291</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump"><a title="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue[us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember]" onclick="toggleNextSibling(this);">9,291</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_AdditionalPaidInCapitalMember</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax', window );">Change in fair value of derivative instrument, net of income tax</a></td>
        <td class="nump"><a title="us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax" onclick="toggleNextSibling(this);">764</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump"><a title="us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax[us-gaap_StatementEquityComponentsAxis=us-gaap_AccumulatedOtherComprehensiveIncomeMember]" onclick="toggleNextSibling(this);">764</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_AccumulatedOtherComprehensiveIncomeMember</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">16,425</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss[us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember]" onclick="toggleNextSibling(this);">16,425</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_RetainedEarningsMember</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Ending balance at Dec. 31, 2013</a></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity" onclick="toggleNextSibling(this);">38,902</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity</span><span></span></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity[us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember]" onclick="toggleNextSibling(this);">108</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_CommonStockMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity[us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember]" onclick="toggleNextSibling(this);">7,137</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_AdditionalPaidInCapitalMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity[us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember]" onclick="toggleNextSibling(this);">31,629</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_RetainedEarningsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity[us-gaap_StatementEquityComponentsAxis=us-gaap_AccumulatedOtherComprehensiveIncomeMember]" onclick="toggleNextSibling(this);">28</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_AccumulatedOtherComprehensiveIncomeMember</span><span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Ending balance, shares at Dec. 31, 2013</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_SharesIssued[us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember]" onclick="toggleNextSibling(this);">10,797,464</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SharesIssued<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_CommonStockMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation', window );">Tax shortfall associated with stock-based compensation arrangements</a></td>
        <td class="num"><a title="us-gaap_AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation" onclick="toggleNextSibling(this);">(2,039)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="num"><a title="us-gaap_AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation[us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember]" onclick="toggleNextSibling(this);">(2,039)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_AdditionalPaidInCapitalMember</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchasedDuringPeriodShares', window );">Repurchase of common stock, shares</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures', window );">Restricted stock grants, net of forfeitures</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump"><a title="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures[us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember]" onclick="toggleNextSibling(this);">1</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_CommonStockMember</span><span></span></td>
        <td class="num"><a title="us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures[us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember]" onclick="toggleNextSibling(this);">(1)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_AdditionalPaidInCapitalMember</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures', window );">Restricted stock grants, net of forfeitures, shares</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures[us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember]" onclick="toggleNextSibling(this);">105,877</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_CommonStockMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue', window );">Stock-based compensation</a></td>
        <td class="nump"><a title="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" onclick="toggleNextSibling(this);">9,453</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue[us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember]" onclick="toggleNextSibling(this);">9,453</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_AdditionalPaidInCapitalMember</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax', window );">Change in fair value of derivative instrument, net of income tax</a></td>
        <td class="nump"><a title="us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax" onclick="toggleNextSibling(this);">60</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump"><a title="us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax[us-gaap_StatementEquityComponentsAxis=us-gaap_AccumulatedOtherComprehensiveIncomeMember]" onclick="toggleNextSibling(this);">60</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_AccumulatedOtherComprehensiveIncomeMember</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">46,356</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss[us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember]" onclick="toggleNextSibling(this);">46,356</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_RetainedEarningsMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Ending balance at Dec. 31, 2014</a></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity" onclick="toggleNextSibling(this);">$ 92,732</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity</span><span></span></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity[us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember]" onclick="toggleNextSibling(this);">$ 109</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_CommonStockMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity[us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember]" onclick="toggleNextSibling(this);">$ 14,550</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_AdditionalPaidInCapitalMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity[us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember]" onclick="toggleNextSibling(this);">$ 77,985</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_RetainedEarningsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_StockholdersEquity[us-gaap_StatementEquityComponentsAxis=us-gaap_AccumulatedOtherComprehensiveIncomeMember]" onclick="toggleNextSibling(this);">$ 88</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_StockholdersEquity<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_AccumulatedOtherComprehensiveIncomeMember</span><span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Ending balance, shares at Dec. 31, 2014</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump"><a title="us-gaap_SharesIssued[us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember]" onclick="toggleNextSibling(this);">10,903,341</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SharesIssued<br>/ us-gaap_StatementEquityComponentsAxis<br>= us-gaap_CommonStockMember</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of decrease in additional paid in capital (APIC) resulting from a tax deficiency associated with a share-based compensation plan other than an employee stock ownership plan (ESOP).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the amount of recognized equity-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized). Alternate captions include the words "stock-based compensation".</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 35<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415241&amp;loc=d3e4534-113899<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 20<br><br> -Section 55<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=32706628&amp;loc=d3e11149-113907<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 20<br><br> -Section 55<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=32706628&amp;loc=d3e11178-113907<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsCommonStockCash">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of paid and unpaid common stock dividends declared with the form of settlement in cash.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DividendsCommonStockCash</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount after tax and reclassification adjustments, of increase (decrease) in accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges and an entity's share of an equity investee's increase (decrease) in deferred hedging gain (loss).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 10A<br><br> -Subparagraph (d)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=SL7669646-108580<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_SharesIssued</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SAB TOPIC 4.E)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 4<br><br> -Section E<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29-31)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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              </div>
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        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares issued during the period related to Restricted Stock Awards, net of any shares forfeited.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of stock related to Restricted Stock Awards issued during the period, net of the stock value of such awards forfeited.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_StockRepurchasedDuringPeriodShares</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td>na</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_StockRepurchasedDuringPeriodValue</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0E3KAE">
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          <div style="width: 200px;"><strong>Other Long-Term Liabilities (Details Textual) (USD $)<br>In Millions, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="1">1 Months Ended</th>
        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
        <th class="th">
          <div>Jun. 30, 2007

</div>
          <div>Asset</div>
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          <div>Dec. 31, 2014</div>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SaleLeasebackTransactionGrossProceedsInvestingActivities', window );">Sale price of one of campus buildings</a></td>
        <td class="nump"><a title="us-gaap_SaleLeasebackTransactionGrossProceedsInvestingActivities" onclick="toggleNextSibling(this);">$ 5.8</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SaleLeasebackTransactionGrossProceedsInvestingActivities</span><span></span></td>
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        <td class="text">10 years<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SaleLeasebackTransactionDeferredGainGross', window );">Gain on sale and lease back of one of campus buildings before tax</a></td>
        <td class="nump"><a title="us-gaap_SaleLeasebackTransactionDeferredGainGross" onclick="toggleNextSibling(this);">2.8</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SaleLeasebackTransactionDeferredGainGross</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump"><a title="stra_FundsReceivedFromInvestor" onclick="toggleNextSibling(this);">$ 2.8</a><span style="display:none;white-space:normal;text-align:left;">stra_FundsReceivedFromInvestor</span><span></span></td>
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        <td class="text">10 years<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump"><a title="stra_SaleLeaseBackTransactionNumberOfAssetsSold" onclick="toggleNextSibling(this);">1</a><span style="display:none;white-space:normal;text-align:left;">stra_SaleLeaseBackTransactionNumberOfAssetsSold</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_OtherLongTermLiabilitiesTextualAbstract', window );"><strong>Other Long -Term Liabilities (Textual)</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">5 years<span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MaximumMember', window );">Maximum [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_OtherLongTermLiabilitiesTextualAbstract', window );"><strong>Other Long -Term Liabilities (Textual)</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">10 years<span></span></td>
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                <p>Seller's contribution to the Company representing the seller's continuing interest in the assets acquired.</p>
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                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>Leasehold improvements, long term liability amortization period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>Represents the lease term of the asset leased back in a sale and lease back transaction.</p>
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                <p>No definition available.</p>
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                <p>Represents the number of assets sold in a sale lease back transaction.</p>
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                <p>No definition available.</p>
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                <p>The amount of the gain recorded in connection with the transaction involving the sale of property to another party and the lease of the property back to the seller to be recognized in future periods.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 40<br><br> -Section 25<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6456126&amp;loc=d3e49567-112750<br><br><br><br></p>
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                <p>Amount of cash inflow before closing and deferred financing costs received by a seller-lessee in a sale-leaseback recognized in investing activities.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 40<br><br> -Section 55<br><br> -Paragraph 51<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28365400&amp;loc=d3e51840-112757<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 40<br><br> -Section 55<br><br> -Paragraph 50<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28365400&amp;loc=d3e51831-112757<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 40<br><br> -Section 55<br><br> -Paragraph 52<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28365400&amp;loc=d3e51843-112757<br><br><br><br></p>
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                <p>A description of the terms of the lease(s) related to the assets being leased-back in connection with the transaction involving the sale of property to another party and the lease of the property back to the seller.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6452660&amp;loc=d3e36991-112694<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 40<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6456341&amp;loc=d3e50796-112755<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of the quarterly financial data in the annual financial statements. The disclosure includes financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 270<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)-(j)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35737889&amp;loc=d3e1280-108306<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EXMAC">
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          <div style="width: 200px;"><strong>Commitments and Contingencies (Details Textual) (USD $)<br>In Millions, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014

</div>
          <div>Lease</div>
        </th>
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          <div>Dec. 31, 2013

</div>
          <div>Campus</div>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump"><a title="stra_NumberOfLongTermNonCancelableOperatingLeases" onclick="toggleNextSibling(this);">93</a><span style="display:none;white-space:normal;text-align:left;">stra_NumberOfLongTermNonCancelableOperatingLeases</span><span></span></td>
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        <td class="nump"><a title="us-gaap_OperatingLeasesRentExpenseNet" onclick="toggleNextSibling(this);">$ 82.2</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingLeasesRentExpenseNet</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingLeasesRentExpenseNet" onclick="toggleNextSibling(this);">$ 46.5</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingLeasesRentExpenseNet</span><span></span></td>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Regulation<br></strong></div>
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          <div>Dec. 31, 2014</div>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_RegulationAbstract', window );"><strong>Regulation [Abstract]</strong></a></td>
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        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_RegulationDisclosureTextBlock', window );">Regulation</a></td>
        <td class="text"><table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="left" width="17" nowrap="nowrap"><div><font size="2" style="font-family: times new roman, times, serif;"><b>15.</b></font></div></td><td align="left" width="3">&#160;</td><td align="left" width="100%"><font size="2" style="font-family: times new roman, times, serif;"><b>Regulation</b></font></td></tr></table><div>&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">The Department of Education (the &#8220;Department&#8221;) previously attempted to define &#8220;an eligible program of training to prepare students for gainful employment in a recognized occupation.&#8221; After a federal court invalidated the Department&#8217;s regulation, the Department established a negotiated rulemaking committee to consider the issue of gainful employment. The negotiations did not result in the required consensus. On</font></div><p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font size="2" style="font-family: times new roman, times, serif;">March 25, 2014, the Department issued a Notice of Proposed Rulemaking for public comment, and on October 31, 2014, the Department published the final regulation which will become effective on July 1, 2015.</font></p><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">The new requirements include two debt-to-earnings measures, consisting of an annual income rate and a discretionary income rate. The annual income rate measures student debt in relation to earnings, and the discretionary income rate measures student debt in relation to discretionary income. Under the new gainful employment regulation, a program would pass if the program&#8217;s graduates:</font></div><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;"></font>&#160;</div><div align="left" style="text-indent: 20px;">&#160;</div><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="left" width="37" nowrap="nowrap"><div style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">&#8226;</font></div></td><td align="left" width="3">&#160;</td><td align="left" width="100%"><font size="2" style="font-family: times new roman, times, serif;">have an annual income rate that does not exceed 8%;&#160;<b><u>or</u></b></font></td></tr></table><div>&#160;</div><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="left" width="37" nowrap="nowrap"><div style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">&#8226;</font></div></td><td align="left" width="3">&#160;</td><td align="left" width="100%"><font size="2" style="font-family: times new roman, times, serif;">have a discretionary income rate that does not exceed 20%.</font></td></tr></table><div>&#160;</div><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">In addition, a program that does not pass either of the debt-to-earnings metrics, and that has an annual income rate between 8% and 12%, or a discretionary income rate between 20% and 30%, would be considered to be in a warning zone. A program would fail if the program&#8217;s graduates have an annual income rate of 12% or greater and a discretionary income rate of 30% or greater. A program would become Title IV-ineligible for three years if it fails both metrics for two out of three consecutive years, or fails to pass at least one metric for four consecutive award years.</font></div><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;"></font>&#160;</div><div align="left" style="text-indent: 20px;">&#160;</div><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">If an institution is notified by the Secretary that a program could become ineligible, based on its final rates, for the next award year:</font></div><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;"></font>&#160;</div><div align="left" style="text-indent: 20px;">&#160;</div><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="left" width="37" nowrap="nowrap"><div style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">&#8226;</font></div></td><td align="left" width="3">&#160;</td><td align="left" width="100%"><font size="2" style="font-family: times new roman, times, serif;">the institution must provide a warning with respect to the program to students and prospective students indicating, among other things, that students may not be able to use Title IV funds to attend or continue in the program; and</font></td></tr></table><div>&#160;</div><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="left" width="37" nowrap="nowrap"><div style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">&#8226;</font></div></td><td align="left" width="3">&#160;</td><td align="left" width="100%"><font size="2" style="font-family: times new roman, times, serif;">the institution must not enroll, register or enter into a financial commitment with a prospective student until a specified time after providing the warning to the prospective student.</font></td></tr></table><div>&#160;</div><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">The new regulation also requires institutions to report student and program level data to the Department, and comply with additional disclosure requirements beginning in January 2017.</font></div><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;"></font>&#160;</div><div align="left" style="text-indent: 20px;">&#160;</div><div align="left" style="text-indent: 20px;"><font
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 serif;">In addition, the gainful employment regulation requires institutions to certify by December 31, 2015, among other things, that each eligible gainful employment program is programmatically accredited if required by a federal governmental entity or a state governmental entity in the state in which it is located or is otherwise required to obtain state approval, and that the each eligible program satisfies the applicable educational prerequisites for professional licensure or certification requirements in each state in which it is located or is otherwise required to obtain state approval, so that a student who completes the program and seeks employment in that state qualifies to take any licensure or certification exam that is needed for the student to practice or find employment in an occupation that the program prepares students to enter.</font></div><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;"></font>&#160;</div><div align="left" style="text-indent: 20px;">&#160;</div><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">The Company does not have adequate guidance or data from the Department to determine definitively the full financial or operational impact, if any, of the new regulations going forward. The requirements associated with the gainful employment regulations will substantially increase our administrative burdens and could affect our student enrollment, persistence and retention. Further, although the regulations provide opportunities for an institution to correct any potential deficiencies in a program prior to the loss of Title IV eligibility, the continuing eligibility of our academic programs will be affected by factors beyond management&#8217;s control such as changes in our graduates&#8217; income levels, changes in student borrowing levels, increases in interest rates, changes in the percentage of former students who are current in the repayment of their student loans, and various other factors. Even if we were able to correct any deficiency in the gainful employment metrics in a timely manner, the disclosure requirements associated with a program&#8217;s failure to meet at least one metric may adversely affect student enrollments in that program and may adversely affect the reputation of our institution.</font></div><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;"></font>&#160;</div><div align="left" style="text-indent: 20px;">&#160;</div><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">In November 2014, two organizations filed separate lawsuits against the Department in federal courts seeking to have the new regulation invalidated. Both suits allege that the Department exceeded its statutory authority in promulgating the regulation, that the regulation violates the institution&#8217;s constitutional rights, and </font><font size="2" style="font-family: times new roman, times, serif;">that the regulation is arbitrary and capricious. We cannot predict when or how the courts may rule on these lawsuits.</font></div><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;"></font>&#160;</div><div align="left" style="text-indent: 20px;">&#160;</div><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">Strayer University must comply with the campus safety and security reporting requirements as well as other requirements in the Jeanne Clery Disclosure of Campus Security Policy and Campus Crime Statistics Act, or Clery Act, including recent changes made to the Clery Act by the Violence Against Women Reauthorization Act of 2013, which was signed into law on March 7, 2013. On April 1, 2014, a negotiated rulemaking committee reached consensus on proposed regulations, and on October 20, 2014, the Department promulgated regulations implementing the recent amendments to the Clery Act. In addition, the Department has interpreted Title IX of the Education Amendments of 1972, or Title IX, to categorize sexual violence as a form of prohibited sex discrimination and to require institutions to follow certain disciplinary procedures with respect to such offenses. Failure to comply with the Clery Act or Title IX requirements or regulations thereunder could result in action by the Department to require correction action, fine the Company or limit or suspend its participation in Title IV programs, could lead to litigation, and could harm the Company&#8217;s reputation.</font></div><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;"></font>&#160;</div><div align="left" style="text-indent: 20px;">&#160;</div><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">Strayer University is subject to announced and unannounced compliance reviews and audits by various external agencies, including the Department, its Office of Inspector General, state licensing agencies, and accrediting agencies. The Department conducted four campus-based program reviews of Strayer University campuses in three states and the District of Columbia, with one on-site review conducted August 18-20, 2014; one on-site review conducted September 8-11, 2014; and two on-site reviews conducted September 22-26, 2014. The reviews covered federal financial aid years 2012-2013 and 2013-2014, and two of the reviews also covered compliance with the Jeanne Clery Disclosure of Campus Security Policy and Campus Crime Statistics Act, the Drug-Free Schools and Communities Act, and regulations related thereto. On October 21, 2014, the Department issued an Expedited Final Program Review Determination Letter for one of the program reviews conducted the week of September 22, 2014, closing the program review with no further action required by the Company. On November 17, 2014, the Company received a Program Review Report for the program review conducted in August 2014, and provided a response to the Department on December 15, 2014. On January 7, 2015, the Company received a Final Program Review Determination letter from that review, closing the review with no further action required by the Company. While the on-site portions of the other two program reviews have concluded, Strayer University has yet to receive determination letters from these reviews.</font></div><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;"></font>&#160;</div><div align="left" style="text-indent: 20px;">&#160;</div><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">Each institution
 participating in Title IV programs must enter into a Program
 Participation Agreement with the Department. Under the agreement, the institution agrees to follow the Department&#8217;s rules and regulations governing Title IV programs. On October 1, 2014, Strayer University received an executed provisional Program Participation Agreement from the Department allowing it to participate in Title IV programs until June 30, 2017. The Program Participation Agreement was issued on a provisional basis because of the Department&#8217;s open program reviews. Under the provisional agreement, the only material additional condition that the University must comply with is obtaining Department approval for substantial changes, including the addition of any new location, level of academic offering, non-degree program, or degree program.</font></div><span></span></td>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0E1AAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Significant Accounting Policies (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
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          <div>Dec. 31, 2014</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Significant Accounting Policies [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_ScheduleOfGraduationFundLiabilityTableTextBlock', window );">Schedule of graduation fund liability</a></td>
        <td class="text"><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;">&#160;</div><table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 0px; text-indent: 0px;">Balance at December 31, 2013</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">1,898</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 0px; text-indent: 0px;">Revenue deferred</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">8,507</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 0px; text-indent: 0px;">Benefit redeemed</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">(699</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">)&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 0px; text-indent: 0px;">Balance at December 31, 2014</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">9,706</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr></table><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock', window );">Schedule of tuition receivable and allowance for doubtful accounts</a></td>
        <td class="text"><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;">&#160;</div><table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom"><th align="center" width="100%" nowrap="nowrap"><font size="1" style="font-family: times new roman, times, serif;"></font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="7"><font size="1" style="font-family: times new roman, times, serif;">December 31,</font></th><th align="center"><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th></tr><tr valign="bottom"><th align="left" width="100%" nowrap="nowrap"><font size="1" style="font-family: times new roman, times, serif;"><i>($ in thousands)</i><b><br /></b></font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">2013</font></th><th align="center"><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">2014</font></th></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">Tuition receivable</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">26,145</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">25,777</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">Allowance for doubtful accounts</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">(10,303</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">)&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">(8,835</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">)&#160;&#160;</font></td></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 20px; text-indent: -10px;">Tuition receivable, net</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">15,842</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">16,942</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr></table><div>&#160;</div><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_ScheduleOfAllowanceForDoubtfulAccountsTableTextBlock', window );">Schedule of allowance for doubtful accounts</a></td>
        <td class="text"><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;">&#160;</div><table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom"><th align="center" width="100%" nowrap="nowrap"><font size="1" style="font-family: times new roman, times, serif;"></font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="11"><font size="1" style="font-family: times new roman, times, serif;">Year Ended December 31,</font></th><th align="center"><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th></tr><tr valign="bottom"><th align="left" width="100%" nowrap="nowrap"><font size="1" style="font-family: times new roman, times, serif;"><i>($ in thousands)</i><b><br /></b></font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">2012</font></th><th align="center"><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">2013</font></th><th align="center"><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">2014</font></th></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">Beginning allowance for doubtful accounts</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">7,279</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">6,596</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">10,303</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">Additions charged to expense</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">23,728</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">22,225</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">16,947</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">Write-offs, net of recoveries</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">(24,411</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">)&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">(18,518</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"><font size="2" style="font-family: times new roman, times,
 serif;">)&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right"
 width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">(18,415</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">)&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 20px; text-indent: -10px;">Ending allowance for doubtful accounts</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">6,596</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">10,303</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">8,835</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr></table><div>&#160;</div><span></span></td>
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      <tr class="re">
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text-indent: -10px;">Weighted average shares outstanding used to compute basic earnings per share</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">11,390</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">10,584</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">10,561</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">Incremental shares issuable upon the assumed exercise of stock options</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#8212;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#8212;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">6</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">Unvested restricted stock and restricted stock units</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">50</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: solid; 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 style="font-family: times new roman, times,
 serif;">&#160;&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">Shares used to compute diluted earnings per share</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">11,440</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">10,624</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">10,650</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr></table><div>&#160;</div><span></span></td>
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                <p>Tabular disclosure of allowance for doubtful accounts.</p>
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                <p>No definition available.</p>
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                <p>Tabular disclosure of graduation fund liability.</p>
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                <p>No definition available.</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.</p>
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                <table border="0" cellpadding="0" cellspacing="0">
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                <p>Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EIHAC">
      <tr>
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          <div style="width: 200px;"><strong>Income Taxes (Details 2) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward', window );"><strong>Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecognizedTaxBenefits', window );">Beginning unrecognized tax benefits</a></td>
        <td class="nump"><a title="us-gaap_UnrecognizedTaxBenefits" onclick="toggleNextSibling(this);">$ 1,745</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_UnrecognizedTaxBenefits</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions', window );">Additions based on tax positions taken in the current year</a></td>
        <td class="nump"><a title="us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" onclick="toggleNextSibling(this);">2,085</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions</span><span></span></td>
        <td class="nump"><a title="us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" onclick="toggleNextSibling(this);">1,745</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations', window );">Gross reductions for tax positions taken in prior years</a></td>
        <td class="num"><a title="us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations" onclick="toggleNextSibling(this);">(565)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities', window );">Settlements with taxing authorities</a></td>
        <td class="num"><a title="us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities" onclick="toggleNextSibling(this);">(329)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities</span><span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
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      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrecognizedTaxBenefits', window );">Ending unrecognized tax benefits</a></td>
        <td class="nump"><a title="us-gaap_UnrecognizedTaxBenefits" onclick="toggleNextSibling(this);">$ 2,936</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_UnrecognizedTaxBenefits</span><span></span></td>
        <td class="nump"><a title="us-gaap_UnrecognizedTaxBenefits" onclick="toggleNextSibling(this);">$ 1,745</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_UnrecognizedTaxBenefits</span><span></span></td>
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    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrecognizedTaxBenefits">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of unrecognized tax benefits pertaining to uncertain tax positions taken in tax returns.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Unrecognized Tax Benefit<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6527854<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 15A<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=SL6600010-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_UnrecognizedTaxBenefits</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities">
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of decrease in unrecognized tax benefits resulting from settlements with taxing authorities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 15A<br><br> -Subparagraph (a)(3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=SL6600010-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of increase in unrecognized tax benefits resulting from tax positions that have been or will be taken in current period tax return.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 15A<br><br> -Subparagraph (a)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=SL6600010-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td>duration</td>
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          </td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of decrease in unrecognized tax benefits resulting from lapses of applicable statutes of limitations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 15A<br><br> -Subparagraph (a)(4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=SL6600010-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EBFBG">
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          <div style="width: 200px;"><strong>Consolidated Statements of Cash Flows (USD $)<br>In Thousands, unless otherwise specified</strong></div>
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      <tr>
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          <div>Dec. 31, 2014</div>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Cash flows from operating activities:</strong></a></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ 46,356</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ 16,425</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ 65,930</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net income to net cash provided by operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_AmortizationOfGainOnSaleOfAssets', window );">Amortization of gain on sale of assets</a></td>
        <td class="num"><a title="stra_AmortizationOfGainOnSaleOfAssets" onclick="toggleNextSibling(this);">(280)</a><span style="display:none;white-space:normal;text-align:left;">stra_AmortizationOfGainOnSaleOfAssets</span><span></span></td>
        <td class="num"><a title="stra_AmortizationOfGainOnSaleOfAssets" onclick="toggleNextSibling(this);">(281)</a><span style="display:none;white-space:normal;text-align:left;">stra_AmortizationOfGainOnSaleOfAssets</span><span></span></td>
        <td class="num"><a title="stra_AmortizationOfGainOnSaleOfAssets" onclick="toggleNextSibling(this);">(281)</a><span style="display:none;white-space:normal;text-align:left;">stra_AmortizationOfGainOnSaleOfAssets</span><span></span></td>
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        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_AmortizationOfDeferredRent', window );">Amortization of deferred rent</a></td>
        <td class="num"><a title="stra_AmortizationOfDeferredRent" onclick="toggleNextSibling(this);">(1,092)</a><span style="display:none;white-space:normal;text-align:left;">stra_AmortizationOfDeferredRent</span><span></span></td>
        <td class="num"><a title="stra_AmortizationOfDeferredRent" onclick="toggleNextSibling(this);">(462)</a><span style="display:none;white-space:normal;text-align:left;">stra_AmortizationOfDeferredRent</span><span></span></td>
        <td class="nump"><a title="stra_AmortizationOfDeferredRent" onclick="toggleNextSibling(this);">323</a><span style="display:none;white-space:normal;text-align:left;">stra_AmortizationOfDeferredRent</span><span></span></td>
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      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfFinancingCosts', window );">Amortization of deferred financing costs</a></td>
        <td class="nump"><a title="us-gaap_AmortizationOfFinancingCosts" onclick="toggleNextSibling(this);">780</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AmortizationOfFinancingCosts</span><span></span></td>
        <td class="nump"><a title="us-gaap_AmortizationOfFinancingCosts" onclick="toggleNextSibling(this);">780</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AmortizationOfFinancingCosts</span><span></span></td>
        <td class="nump"><a title="us-gaap_AmortizationOfFinancingCosts" onclick="toggleNextSibling(this);">795</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AmortizationOfFinancingCosts</span><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation and amortization</a></td>
        <td class="nump"><a title="us-gaap_DepreciationAndAmortization" onclick="toggleNextSibling(this);">20,630</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationAndAmortization</span><span></span></td>
        <td class="nump"><a title="us-gaap_DepreciationAndAmortization" onclick="toggleNextSibling(this);">35,563</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationAndAmortization</span><span></span></td>
        <td class="nump"><a title="us-gaap_DepreciationAndAmortization" onclick="toggleNextSibling(this);">23,973</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationAndAmortization</span><span></span></td>
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        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_DeferredIncomeTaxExpenseBenefitCashFlowAdjustmentsToNetIncome', window );">Deferred income taxes</a></td>
        <td class="num"><a title="stra_DeferredIncomeTaxExpenseBenefitCashFlowAdjustmentsToNetIncome" onclick="toggleNextSibling(this);">(1,036)</a><span style="display:none;white-space:normal;text-align:left;">stra_DeferredIncomeTaxExpenseBenefitCashFlowAdjustmentsToNetIncome</span><span></span></td>
        <td class="num"><a title="stra_DeferredIncomeTaxExpenseBenefitCashFlowAdjustmentsToNetIncome" onclick="toggleNextSibling(this);">(23,435)</a><span style="display:none;white-space:normal;text-align:left;">stra_DeferredIncomeTaxExpenseBenefitCashFlowAdjustmentsToNetIncome</span><span></span></td>
        <td class="num"><a title="stra_DeferredIncomeTaxExpenseBenefitCashFlowAdjustmentsToNetIncome" onclick="toggleNextSibling(this);">(38)</a><span style="display:none;white-space:normal;text-align:left;">stra_DeferredIncomeTaxExpenseBenefitCashFlowAdjustmentsToNetIncome</span><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Stock-based compensation</a></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensation" onclick="toggleNextSibling(this);">9,453</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensation</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensation" onclick="toggleNextSibling(this);">9,291</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensation</span><span></span></td>
        <td class="nump"><a title="us-gaap_ShareBasedCompensation" onclick="toggleNextSibling(this);">5,464</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensation</span><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Changes in assets and liabilities:</strong></a></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Tuition receivable, net</a></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInAccountsReceivable" onclick="toggleNextSibling(this);">685</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInAccountsReceivable</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInAccountsReceivable" onclick="toggleNextSibling(this);">4,024</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInAccountsReceivable</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInAccountsReceivable" onclick="toggleNextSibling(this);">1,744</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInAccountsReceivable</span><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">Other current assets</a></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" onclick="toggleNextSibling(this);">(2,862)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" onclick="toggleNextSibling(this);">2,434</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</span><span></span></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" onclick="toggleNextSibling(this);">(2,130)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherOperatingAssets', window );">Other assets</a></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInOtherOperatingAssets" onclick="toggleNextSibling(this);">219</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInOtherOperatingAssets</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInOtherOperatingAssets" onclick="toggleNextSibling(this);">494</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInOtherOperatingAssets</span><span></span></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInOtherOperatingAssets" onclick="toggleNextSibling(this);">(135)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInOtherOperatingAssets</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities', window );">Accounts payable and accrued expenses</a></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" onclick="toggleNextSibling(this);">6,550</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</span><span></span></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" onclick="toggleNextSibling(this);">(116)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" onclick="toggleNextSibling(this);">5,673</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable', window );">Income taxes payable and income taxes receivable</a></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" onclick="toggleNextSibling(this);">737</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" onclick="toggleNextSibling(this);">7,799</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable</span><span></span></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" onclick="toggleNextSibling(this);">(4,306)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDeferredRevenue', window );">Deferred revenue</a></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInDeferredRevenue" onclick="toggleNextSibling(this);">11,783</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInDeferredRevenue</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInDeferredRevenue" onclick="toggleNextSibling(this);">2,059</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInDeferredRevenue</span><span></span></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInDeferredRevenue" onclick="toggleNextSibling(this);">(14,870)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInDeferredRevenue</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities', window );">Other long-term liabilities</a></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities" onclick="toggleNextSibling(this);">(14,373)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities" onclick="toggleNextSibling(this);">29,518</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities</span><span></span></td>
        <td class="num"><a title="us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities" onclick="toggleNextSibling(this);">(80)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash provided by operating activities</a></td>
        <td class="nump"><a title="us-gaap_NetCashProvidedByUsedInOperatingActivities" onclick="toggleNextSibling(this);">77,550</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInOperatingActivities</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetCashProvidedByUsedInOperatingActivities" onclick="toggleNextSibling(this);">84,093</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInOperatingActivities</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetCashProvidedByUsedInOperatingActivities" onclick="toggleNextSibling(this);">82,062</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInOperatingActivities</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Cash flows from investing activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Purchases of property and equipment</a></td>
        <td class="num"><a title="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" onclick="toggleNextSibling(this);">(6,902)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</span><span></span></td>
        <td class="num"><a title="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" onclick="toggleNextSibling(this);">(8,726)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</span><span></span></td>
        <td class="num"><a title="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" onclick="toggleNextSibling(this);">(24,733)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</span><span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">Net cash used in investing activities</a></td>
        <td class="num"><a title="us-gaap_NetCashProvidedByUsedInInvestingActivities" onclick="toggleNextSibling(this);">(6,902)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInInvestingActivities</span><span></span></td>
        <td class="num"><a title="us-gaap_NetCashProvidedByUsedInInvestingActivities" onclick="toggleNextSibling(this);">(8,726)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInInvestingActivities</span><span></span></td>
        <td class="num"><a title="us-gaap_NetCashProvidedByUsedInInvestingActivities" onclick="toggleNextSibling(this);">(24,733)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInInvestingActivities</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Cash flows from financing activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfLongTermDebt', window );">Payments on term loan</a></td>
        <td class="num"><a title="us-gaap_RepaymentsOfLongTermDebt" onclick="toggleNextSibling(this);">(3,125)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RepaymentsOfLongTermDebt</span><span></span></td>
        <td class="num"><a title="us-gaap_RepaymentsOfLongTermDebt" onclick="toggleNextSibling(this);">(3,125)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RepaymentsOfLongTermDebt</span><span></span></td>
        <td class="num"><a title="us-gaap_RepaymentsOfLongTermDebt" onclick="toggleNextSibling(this);">(20,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RepaymentsOfLongTermDebt</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForRepurchaseOfCommonStock', window );">Repurchase of common stock</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="num"><a title="us-gaap_PaymentsForRepurchaseOfCommonStock" onclick="toggleNextSibling(this);">(24,999)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PaymentsForRepurchaseOfCommonStock</span><span></span></td>
        <td class="num"><a title="us-gaap_PaymentsForRepurchaseOfCommonStock" onclick="toggleNextSibling(this);">(25,001)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PaymentsForRepurchaseOfCommonStock</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt', window );">Proceeds from term loan</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump"><a title="us-gaap_ProceedsFromIssuanceOfLongTermDebt" onclick="toggleNextSibling(this);">47,500</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ProceedsFromIssuanceOfLongTermDebt</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfLongTermLinesOfCredit', window );">Payments on revolving credit facility</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="num"><a title="us-gaap_RepaymentsOfLongTermLinesOfCredit" onclick="toggleNextSibling(this);">(83,000)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RepaymentsOfLongTermLinesOfCredit</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromLongTermLinesOfCredit', window );">Proceeds from revolving credit facility</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump"><a title="us-gaap_ProceedsFromLongTermLinesOfCredit" onclick="toggleNextSibling(this);">63,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ProceedsFromLongTermLinesOfCredit</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsCommonStock', window );">Common dividends paid</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="num"><a title="us-gaap_PaymentsOfDividendsCommonStock" onclick="toggleNextSibling(this);">(47,328)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PaymentsOfDividendsCommonStock</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfFinancingCosts', window );">Payment of deferred financing costs</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="num"><a title="us-gaap_PaymentsOfFinancingCosts" onclick="toggleNextSibling(this);">(2,120)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PaymentsOfFinancingCosts</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net cash used in financing activities</a></td>
        <td class="num"><a title="us-gaap_NetCashProvidedByUsedInFinancingActivities" onclick="toggleNextSibling(this);">(3,125)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInFinancingActivities</span><span></span></td>
        <td class="num"><a title="us-gaap_NetCashProvidedByUsedInFinancingActivities" onclick="toggleNextSibling(this);">(28,124)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInFinancingActivities</span><span></span></td>
        <td class="num"><a title="us-gaap_NetCashProvidedByUsedInFinancingActivities" onclick="toggleNextSibling(this);">(66,949)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetCashProvidedByUsedInFinancingActivities</span><span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net (decrease) increase in cash and cash equivalents</a></td>
        <td class="nump"><a title="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" onclick="toggleNextSibling(this);">67,523</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</span><span></span></td>
        <td class="nump"><a title="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" onclick="toggleNextSibling(this);">47,243</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</span><span></span></td>
        <td class="num"><a title="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" onclick="toggleNextSibling(this);">(9,620)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents - beginning of year</a></td>
        <td class="nump"><a title="us-gaap_CashAndCashEquivalentsAtCarryingValue" onclick="toggleNextSibling(this);">94,760</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsAtCarryingValue</span><span></span></td>
        <td class="nump"><a title="us-gaap_CashAndCashEquivalentsAtCarryingValue" onclick="toggleNextSibling(this);">47,517</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsAtCarryingValue</span><span></span></td>
        <td class="nump"><a title="us-gaap_CashAndCashEquivalentsAtCarryingValue" onclick="toggleNextSibling(this);">57,137</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsAtCarryingValue</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents - end of year</a></td>
        <td class="nump"><a title="us-gaap_CashAndCashEquivalentsAtCarryingValue" onclick="toggleNextSibling(this);">162,283</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsAtCarryingValue</span><span></span></td>
        <td class="nump"><a title="us-gaap_CashAndCashEquivalentsAtCarryingValue" onclick="toggleNextSibling(this);">94,760</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsAtCarryingValue</span><span></span></td>
        <td class="nump"><a title="us-gaap_CashAndCashEquivalentsAtCarryingValue" onclick="toggleNextSibling(this);">47,517</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CashAndCashEquivalentsAtCarryingValue</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract', window );"><strong>Non-cash transactions:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueOfAssetsAcquired', window );">Purchases of property and equipment included in accounts payable</a></td>
        <td class="nump"><a title="us-gaap_FairValueOfAssetsAcquired" onclick="toggleNextSibling(this);">$ 412</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_FairValueOfAssetsAcquired</span><span></span></td>
        <td class="nump"><a title="us-gaap_FairValueOfAssetsAcquired" onclick="toggleNextSibling(this);">$ 47</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_FairValueOfAssetsAcquired</span><span></span></td>
        <td class="nump"><a title="us-gaap_FairValueOfAssetsAcquired" onclick="toggleNextSibling(this);">$ 529</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_FairValueOfAssetsAcquired</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_AmortizationOfDeferredRent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents the amortization of the deferred rent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_AmortizationOfDeferredRent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_AmortizationOfGainOnSaleOfAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amortization of gain on sale of assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_AmortizationOfGainOnSaleOfAssets</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_DeferredIncomeTaxExpenseBenefitCashFlowAdjustmentsToNetIncome">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Deferred income tax expense benefit cash flow adjustments to net income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_DeferredIncomeTaxExpenseBenefitCashFlowAdjustmentsToNetIncome</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfFinancingCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of noncash expense included in interest expense to issue debt and obtain financing associated with the related debt instruments. Alternate captions include noncash interest expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.8)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 8<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 8<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AmortizationOfFinancingCosts</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash Equivalents<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3044-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 830<br><br> -SubTopic 230<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450594&amp;loc=d3e33268-110906<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationAndAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DepreciationAndAmortization</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueOfAssetsAcquired">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The fair value of assets acquired in noncash investing or financing activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_FairValueOfAssetsAcquired</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsReceivable</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the period in the amount due for taxes based on the reporting entity's earnings or attributable to the entity's income earning process (business presence) within a given jurisdiction.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDeferredRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInDeferredRevenue</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOperatingCapitalAbstract</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in other noncurrent operating liabilities not separately disclosed in the statement of cash flows.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherOperatingAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in other assets used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets, other noncurrent assets, or a combination of other current and noncurrent assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOtherOperatingAssets</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets, or income taxes.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3574-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivities</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3574-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivities</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3521-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3536-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivities</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</td>
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                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForRepurchaseOfCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow to reacquire common stock during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3291-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PaymentsForRepurchaseOfCommonStock</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividendsCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3291-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PaymentsOfDividendsCommonStock</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfFinancingCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow for loan and debt issuance costs.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3291-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PaymentsOfFinancingCosts</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3213-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3255-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfLongTermDebt</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromLongTermLinesOfCredit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with maturities due beyond one year or the operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3255-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ProceedsFromLongTermLinesOfCredit</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfLongTermDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3291-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_RepaymentsOfLongTermDebt</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfLongTermLinesOfCredit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow for the settlement of obligation drawn from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with maturities due beyond one year or the operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3291-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_RepaymentsOfLongTermLinesOfCredit</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ShareBasedCompensation</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
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          </td>
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <title></title>
    <link rel="stylesheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0E6FAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Consolidated Balance Sheets (Parenthetical) (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementOfFinancialPositionAbstract', window );"><strong>Balance Sheets [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common stock, par value</a></td>
        <td class="nump"><a title="us-gaap_CommonStockParOrStatedValuePerShare" onclick="toggleNextSibling(this);">$ 0.01</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CommonStockParOrStatedValuePerShare</span><span></span></td>
        <td class="nump"><a title="us-gaap_CommonStockParOrStatedValuePerShare" onclick="toggleNextSibling(this);">$ 0.01</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CommonStockParOrStatedValuePerShare</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common stock, shares authorized</a></td>
        <td class="nump"><a title="us-gaap_CommonStockSharesAuthorized" onclick="toggleNextSibling(this);">20,000,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CommonStockSharesAuthorized</span><span></span></td>
        <td class="nump"><a title="us-gaap_CommonStockSharesAuthorized" onclick="toggleNextSibling(this);">20,000,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CommonStockSharesAuthorized</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock, shares issued</a></td>
        <td class="nump"><a title="us-gaap_CommonStockSharesIssued" onclick="toggleNextSibling(this);">10,903,341</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CommonStockSharesIssued</span><span></span></td>
        <td class="nump"><a title="us-gaap_CommonStockSharesIssued" onclick="toggleNextSibling(this);">10,797,464</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CommonStockSharesIssued</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, shares outstanding</a></td>
        <td class="nump"><a title="us-gaap_CommonStockSharesOutstanding" onclick="toggleNextSibling(this);">10,903,341</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CommonStockSharesOutstanding</span><span></span></td>
        <td class="nump"><a title="us-gaap_CommonStockSharesOutstanding" onclick="toggleNextSibling(this);">10,797,464</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CommonStockSharesOutstanding</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Face amount or stated value per share of common stock.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CommonStockParOrStatedValuePerShare</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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                </table>
              </div>
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          </td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorized</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td>xbrli:sharesItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Stock Repurchase Plan<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteAbstract', window );"><strong>Stock Repurchase Plan [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockTextBlock', window );">Stock Repurchase Plan</a></td>
        <td class="text"><table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="left" width="17" nowrap="nowrap"><div><font size="2" style="font-family: times new roman, times, serif;"><b>10.</b></font></div></td><td align="left" width="3">&#160;</td><td align="left" width="100%"><font size="2" style="font-family: times new roman, times, serif;"><b>Stock Repurchase Plan</b></font></td></tr></table><div>&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">As announced on November 3, 2003, the Company&#8217;s Board of Directors initially authorized the Company to repurchase up to an aggregate of $15 million in value of common stock through December 31, 2004 in open market purchases from time to time at the discretion of the Company&#8217;s management depending on market conditions and other corporate considerations. The Company&#8217;s Board of Directors amended the program on various dates, increasing the repurchase amount authorized and extending the expiration date. At December 31, 2014, approximately $70 million of the Company&#8217;s share repurchase authorization was remaining for repurchases through December 31, 2015. All of the Company&#8217;s share repurchases were effected in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. This stock repurchase plan may be modified, suspended or terminated at any time by the Company without notice.</font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;">&#160;</div><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">A summary of the Company&#8217;s stock repurchase activity for the years ended December 31, 2012, 2013, and 2014, all of which was part of a publicly announced plan, is set forth in the table below:</font></div><div align="left" style="text-indent: 20px;">&#160;</div><div align="left" style="text-indent: 20px;">&#160;</div><table style="width: 90%; margin-left: 20px;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom"><th align="center" width="100%" nowrap="nowrap"><font size="1" style="font-family: times new roman, times, serif;"></font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">Number of<br />shares<br />repurchased</font></th><th align="center"><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">Average price paid<br />per share</font></th><th align="center"><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">Amount available for<br />future repurchases<br />(in millions)</font></th></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; 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                <p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:dateItemType</td>
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                    <td>na</td>
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                    <td>duration</td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>dei:submissionTypeItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
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                <p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                <p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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                <p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Commitments and Contingencies<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Dec. 31, 2014</div>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock', window );">Commitments and Contingencies</a></td>
        <td class="text"><table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="left" width="17" nowrap="nowrap"><div><font size="2" style="font-family: times new roman, times, serif;"><b>11.</b></font></div></td><td align="left" width="3">&#160;</td><td align="left" width="100%"><font size="2" style="font-family: times new roman, times, serif;"><b>Commitments and Contingencies</b></font></td></tr></table><div>&#160;</div><p align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"></p><div align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 20px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font size="2" style="font-family: times new roman, times, serif;">The University participates in various federal student financial assistance programs which are subject to audit. Management believes that the potential effects of audit adjustments, if any, for the periods currently under audit will not have a material adverse effect, individually or in the aggregate, on the Company&#8217;s consolidated financial position, results of operations or cash flows.</font></div><p style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"></p><p align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"></p><div align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 20px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font size="2" style="font-family: times new roman, times, serif;">As of December 31, 2014, the Company had 93 long-term, non-cancelable operating leases for campuses and other administrative facilities. Rent expense was $46.5 million, $82.2 million and $35.7 million for the years ended December 31, 2012, 2013, and 2014, respectively. Rent expense for 2013 includes approximately $36.0 million in charges related to the closure of approximately 20 locations. Rent expense for 2014 includes a benefit of approximately $4.1 million to reduce the Company&#8217;s liability for losses on facilities no longer in use. The rents on the Company&#8217;s leases are subject to annual increases. The minimum rental commitments for the Company as of December 31, 2014 are as follows (in thousands):</font></div><p style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"></p><p align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"></p><div align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 20px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;">&#160;</div><p style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"></p><table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom"><th align="center" width="100%" nowrap="nowrap"><font size="1" style="font-family: times new roman, times, serif;"></font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">Minimum<br />rental<br />commitments</font></th></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="text-indent: 0px; margin-left: 0px;">2015</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">38,966</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="text-indent: 0px; margin-left: 0px;">2016</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">36,202</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="text-indent: 0px; margin-left: 0px;">2017</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">31,281</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="text-indent: 0px; margin-left: 0px;">2018</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td
 align="right"><font size="2" style="font-family: times new roman, times,
 serif;">26,624</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="text-indent: 0px; margin-left: 0px;">2019</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">21,200</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="text-indent: 0px; margin-left: 0px;">Thereafter</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2" style="font-family: times new roman, times, serif;">38,312</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="text-indent: -10px; margin-left: 20px;">Total</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 2pt; border-bottom-style: double;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right" style="border-bottom-color: windowtext; border-bottom-width: 2pt; border-bottom-style: double;"><font size="2" style="font-family: times new roman, times, serif;">192,585</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr></table><span></span></td>
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                <p>The entire disclosure for commitments and contingencies.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.25)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6449706&amp;loc=d3e16207-108621<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 460<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6398077&amp;loc=d3e12565-110249<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 450<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14435-108349<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 440<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6394976&amp;loc=d3e25287-109308<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EDIAG">
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          <div style="width: 200px;"><strong>Consolidated Statements of Income (USD $)<br>In Thousands, except Per Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
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        <th class="th">
          <div>Dec. 31, 2013</div>
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        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementAbstract', window );"><strong>Statements of Income [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueServicesNet', window );">Revenues</a></td>
        <td class="nump"><a title="us-gaap_SalesRevenueServicesNet" onclick="toggleNextSibling(this);">$ 446,041</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SalesRevenueServicesNet</span><span></span></td>
        <td class="nump"><a title="us-gaap_SalesRevenueServicesNet" onclick="toggleNextSibling(this);">$ 503,600</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SalesRevenueServicesNet</span><span></span></td>
        <td class="nump"><a title="us-gaap_SalesRevenueServicesNet" onclick="toggleNextSibling(this);">$ 561,979</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SalesRevenueServicesNet</span><span></span></td>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsAndExpensesAbstract', window );"><strong>Costs and expenses:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfServices', window );">Instruction and educational support</a></td>
        <td class="nump"><a title="us-gaap_CostOfServices" onclick="toggleNextSibling(this);">236,303</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CostOfServices</span><span></span></td>
        <td class="nump"><a title="us-gaap_CostOfServices" onclick="toggleNextSibling(this);">310,446</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CostOfServices</span><span></span></td>
        <td class="nump"><a title="us-gaap_CostOfServices" onclick="toggleNextSibling(this);">300,098</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CostOfServices</span><span></span></td>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SellingAndMarketingExpense', window );">Marketing</a></td>
        <td class="nump"><a title="us-gaap_SellingAndMarketingExpense" onclick="toggleNextSibling(this);">66,495</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SellingAndMarketingExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_SellingAndMarketingExpense" onclick="toggleNextSibling(this);">75,426</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SellingAndMarketingExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_SellingAndMarketingExpense" onclick="toggleNextSibling(this);">71,864</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_SellingAndMarketingExpense</span><span></span></td>
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      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_AdmissionsAdvisory', window );">Admissions advisory</a></td>
        <td class="nump"><a title="stra_AdmissionsAdvisory" onclick="toggleNextSibling(this);">16,661</a><span style="display:none;white-space:normal;text-align:left;">stra_AdmissionsAdvisory</span><span></span></td>
        <td class="nump"><a title="stra_AdmissionsAdvisory" onclick="toggleNextSibling(this);">20,390</a><span style="display:none;white-space:normal;text-align:left;">stra_AdmissionsAdvisory</span><span></span></td>
        <td class="nump"><a title="stra_AdmissionsAdvisory" onclick="toggleNextSibling(this);">26,374</a><span style="display:none;white-space:normal;text-align:left;">stra_AdmissionsAdvisory</span><span></span></td>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administration</a></td>
        <td class="nump"><a title="us-gaap_GeneralAndAdministrativeExpense" onclick="toggleNextSibling(this);">44,835</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_GeneralAndAdministrativeExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_GeneralAndAdministrativeExpense" onclick="toggleNextSibling(this);">64,637</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_GeneralAndAdministrativeExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_GeneralAndAdministrativeExpense" onclick="toggleNextSibling(this);">50,056</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_GeneralAndAdministrativeExpense</span><span></span></td>
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      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsAndExpenses', window );">Total costs and expenses</a></td>
        <td class="nump"><a title="us-gaap_CostsAndExpenses" onclick="toggleNextSibling(this);">364,294</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CostsAndExpenses</span><span></span></td>
        <td class="nump"><a title="us-gaap_CostsAndExpenses" onclick="toggleNextSibling(this);">470,899</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CostsAndExpenses</span><span></span></td>
        <td class="nump"><a title="us-gaap_CostsAndExpenses" onclick="toggleNextSibling(this);">448,392</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CostsAndExpenses</span><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Income from operations</a></td>
        <td class="nump"><a title="us-gaap_OperatingIncomeLoss" onclick="toggleNextSibling(this);">81,747</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingIncomeLoss" onclick="toggleNextSibling(this);">32,701</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_OperatingIncomeLoss" onclick="toggleNextSibling(this);">113,587</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingIncomeLoss</span><span></span></td>
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        <td class="nump"><a title="us-gaap_InvestmentIncomeNonoperating" onclick="toggleNextSibling(this);">117</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InvestmentIncomeNonoperating</span><span></span></td>
        <td class="nump"><a title="us-gaap_InvestmentIncomeNonoperating" onclick="toggleNextSibling(this);">2</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InvestmentIncomeNonoperating</span><span></span></td>
        <td class="nump"><a title="us-gaap_InvestmentIncomeNonoperating" onclick="toggleNextSibling(this);">4</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InvestmentIncomeNonoperating</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense</a></td>
        <td class="nump"><a title="us-gaap_InterestExpense" onclick="toggleNextSibling(this);">5,248</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_InterestExpense" onclick="toggleNextSibling(this);">5,419</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestExpense</span><span></span></td>
        <td class="nump"><a title="us-gaap_InterestExpense" onclick="toggleNextSibling(this);">4,616</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_InterestExpense</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest', window );">Income before income taxes</a></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" onclick="toggleNextSibling(this);">76,616</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" onclick="toggleNextSibling(this);">27,284</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" onclick="toggleNextSibling(this);">108,975</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Provision for income taxes</a></td>
        <td class="nump"><a title="us-gaap_IncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">30,260</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxExpenseBenefit</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">10,859</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxExpenseBenefit</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">43,045</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxExpenseBenefit</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ 46,356</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ 16,425</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ 65,930</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>Earnings per share:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Basic</a></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareBasic" onclick="toggleNextSibling(this);">$ 4.39</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasic</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareBasic" onclick="toggleNextSibling(this);">$ 1.55</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasic</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareBasic" onclick="toggleNextSibling(this);">$ 5.79</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareBasic</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareDiluted', window );">Diluted</a></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareDiluted" onclick="toggleNextSibling(this);">$ 4.35</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareDiluted</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareDiluted" onclick="toggleNextSibling(this);">$ 1.55</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareDiluted</span><span></span></td>
        <td class="nump"><a title="us-gaap_EarningsPerShareDiluted" onclick="toggleNextSibling(this);">$ 5.76</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EarningsPerShareDiluted</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract', window );"><strong>Weighted average shares outstanding:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Basic</a></td>
        <td class="nump"><a title="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" onclick="toggleNextSibling(this);">10,561</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</span><span></span></td>
        <td class="nump"><a title="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" onclick="toggleNextSibling(this);">10,584</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</span><span></span></td>
        <td class="nump"><a title="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" onclick="toggleNextSibling(this);">11,390</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Diluted</a></td>
        <td class="nump"><a title="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" onclick="toggleNextSibling(this);">10,650</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</span><span></span></td>
        <td class="nump"><a title="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" onclick="toggleNextSibling(this);">10,624</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</span><span></span></td>
        <td class="nump"><a title="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" onclick="toggleNextSibling(this);">11,440</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_AdmissionsAdvisory">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Includes salaries, benefits, and related costs of personnel engaged in admissions.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_AdmissionsAdvisory</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfServices">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total costs related to services rendered by an entity during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 2<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.2(d))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CostOfServices</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostsAndExpenses">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total costs of sales and operating expenses for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CostsAndExpenses</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostsAndExpensesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CostsAndExpensesAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EarningsPerShareAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasic">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 52<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=32703322&amp;loc=d3e4984-109258<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.21)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-04.23)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 21<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EarningsPerShareBasic</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareDiluted">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.21)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 21<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EarningsPerShareDiluted</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_GeneralAndAdministrativeExpense</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 940<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35710027&amp;loc=d3e41242-110953<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 10<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeStatementAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(h))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 08<br><br><br><br> -Paragraph h<br><br><br><br> -Article 4<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Income Tax Expense (or Benefit)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -Subparagraph (a),(b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeTaxExpenseBenefit</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of the cost of borrowed funds accounted for as interest expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 835<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-04.9)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 9<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_InterestExpense</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentIncomeNonoperating">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of income from investments (for example, dividends) not considered a component of the entity's core operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.7)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 7<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_InvestmentIncomeNonoperating</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Other Comprehensive Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Net Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net result for the period of deducting operating expenses from operating revenues.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OperatingIncomeLoss</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate revenue during the period from services rendered in the normal course of business, after deducting allowances and discounts.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.1(d))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_SalesRevenueServicesNet</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate total amount of expenses directly related to the marketing or selling of products or services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_SellingAndMarketingExpense</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 16<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1505-109256<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
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                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 10<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1448-109256<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Weighted-Average Number of Common Shares Outstanding<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6528421<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</td>
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                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Term Loan and Revolving Credit Facility<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtDisclosureAbstract', window );"><strong>Term Loan and Revolving Credit Facility [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtDisclosureTextBlock', window );">Term Loan and Revolving Credit Facility</a></td>
        <td class="text"><table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="left" width="17" nowrap="nowrap"><div><font size="2" style="font-family: times new roman, times, serif;"><b>5.</b></font></div></td><td align="left" width="3">&#160;</td><td align="left" width="100%"><font size="2" style="font-family: times new roman, times, serif;"><b>Term Loan and Revolving Credit Facility</b></font></td></tr></table><p></p><p align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"></p><div align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 20px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font size="2" style="font-family: times new roman, times, serif;">On November 8, 2012, the Company entered into a Second Amended and Restated Revolving Credit and Term Loan Agreement (the &#8220;Amended Credit Facility&#8221;), providing for a $100.0 million revolving credit facility and $125.0 million term loan facility, with an option, subject to obtaining additional loan commitments and the satisfaction of certain conditions, to increase the commitments under the Amended Credit Facility by up to $50.0 million in the future. Each of the revolving portions of the Amended Credit Facility, which includes a letter of credit subfacility of $50.0 million, and the term loan portion of the Amended Credit Facility matures on December 31, 2016, and amends and refinances the Company&#8217;s original Credit Facility. The term loan portion of the Amended Credit Facility also includes required quarterly amortization payments in the amount of $781,250 in the case of each payment made during calendar years 2013 and 2014 (0.625% of the aggregate original principal amount of the term loan facility), and $1,562,500 in the case of each payment made during calendar years 2015 and 2016 (1.25% of the aggregate original principal amount of the term loan facility). The Amended Credit Facility is guaranteed by the Company&#8217;s subsidiary and is secured by substantially all of the personal property and assets of the Company and the guarantor.</font></div><p style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"></p><p align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"></p><div align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 20px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font size="2" style="font-family: times new roman, times, serif;">Borrowings under the Amended Credit Facility bear interest at LIBOR or a base rate plus a margin ranging from 2.00% to 2.50%, depending on the Company&#8217;s leverage ratio. The Company is party to an interest rate swap arrangement that fixes its interest rate on the entire term loan facility at an effective rate ranging from 2.85% to 3.35%, depending on the Company&#8217;s leverage ratio. In addition, an unused</font></div><p style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"></p><p align="center" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"></p><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;"><br />commitment fee ranging from 0.30% to 0.40%, depending on the Company&#8217;s leverage ratio, accrues on unused amounts under the revolving portion of the Amended Credit Facility. The Amended Credit Facility contains customary affirmative and negative covenants, representations, warranties, events of default and remedies upon default, including acceleration and rights to foreclose on the collateral securing the Amended Credit Facility. In addition, the Amended Credit Facility requires that the Company satisfy certain financial maintenance covenants, including:</font></div><p></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="left" width="37" nowrap="nowrap"><div style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">&#8226;</font></div></td><td align="left" width="3">&#160;</td><td align="left" width="100%"><font size="2" style="font-family: times new roman, times, serif;">A leverage ratio of not greater than 2 to 1. 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 cash interest of $4.4 million, and the Company&#8217;s
 average annual interest rate, including non-cash charges for the amortization of debt financing costs, was 4.3%.</font></div><p></p><p align="left"></p><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">As of December 31, 2014, the Company had $118.8 million outstanding under the term loan facility and no balance outstanding under the revolving credit facility.</font></div><p></p><p align="left"></p><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">Debt and short-term borrowings consist of the following as of December 31, 2014 (in thousands):</font></div><p></p><p align="left"></p><div align="left" style="text-indent: 20px;">&#160;</div><p></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="text-indent: 0px; margin-left: 0px;">Term loan</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">118,750</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="text-indent: 0px; margin-left: 0px;">Revolving credit facility</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2" style="font-family: times new roman, times, serif;">&#8212;</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="text-indent: -10px; margin-left: 20px;">Total debt</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">118,750</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="text-indent: 0px; margin-left: 0px;">Less: Current portion of long-term debt</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2" style="font-family: times new roman, times, serif;">6,250</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="text-indent: -10px; margin-left: 20px;">Long-term debt</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 2pt; border-bottom-style: double;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right" style="border-bottom-color: windowtext; border-bottom-width: 2pt; border-bottom-style: double;"><font size="2" style="font-family: times new roman, times, serif;">112,500</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr></table><p>&#160;</p><p align="left"></p><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">Aggregate debt maturities as of December 31, 2014 are as follows (in thousands):</font></div><p></p><p align="left"></p><div align="left" style="text-indent: 20px;">&#160;</div><p></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="text-indent: 0px; margin-left: 0px;">2015</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">6,250</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="text-indent: 0px; margin-left: 0px;">2016</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2" style="font-family: times new roman, times, serif;">112,500</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left"
 width="100%"><div align="left"><div style="text-indent: 0px; margin-left: 0px;">&#160;</div></div></td><td width="3%">&#160;&#160;&#160;</td><td
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                <p>The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.</p>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Property and Equipment<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Dec. 31, 2014</div>
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        <td class="text"><table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="left" width="17" nowrap="nowrap"><div><font size="2" style="font-family: times new roman, times, serif;"><b>4.</b></font></div></td><td align="left" width="3">&#160;</td><td align="left" width="100%"><font size="2" style="font-family: times new roman, times, serif;"><b>Property and Equipment</b></font></td></tr></table><p></p><p align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"></p><div align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 20px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font size="2" style="font-family: times new roman, times, serif;">The composition of property and equipment as of December 31, 2013 and 2014 is as follows (in thousands):</font></div><p style="font: /normal 'times new roman'; 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                <p>The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.</p>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ELIAE">
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          <div style="width: 200px;"><strong>Significant Accounting Policies (Policies)<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
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          <div>Dec. 31, 2014</div>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueRecognitionSalesOfServices', window );">Revenue Recognition</a></td>
        <td class="text"><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font size="2" style="font-family: times new roman, times, serif;"><i>Revenue Recognition</i></font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">The Company&#8217;s educational programs are offered on a quarterly basis and such periods coincide with the Company&#8217;s quarterly financial reporting periods. Approximately 96% of the Company&#8217;s revenues during the year ended December 31, 2014, consisted of tuition revenue. Tuition revenue is recognized in the quarter of instruction. Tuition revenue is assessed for collectibility on a student-by-student basis throughout the quarter of instruction, and is shown net of any refunds, withdrawals, corporate discounts, scholarships and employee tuition discounts. This collectibility assessment considers available sources of funds for the student including Federal Financial Student Aid programs. The Company reassesses the collectibility of tuition revenue that it may earn based on new information and changes in the facts and circumstances relevant to a student&#8217;s ability to pay, including the timing of a student&#8217;s withdrawal from a program of study.</font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">At the start of each academic term, a liability (deferred revenue) is recorded for academic services to be provided and a tuition receivable is recorded for the portion of the tuition not paid upfront in cash. Any cash received prior to the start of an academic term is recorded as deferred revenue. The estimated value of scholarship awards which will be realized in the future is based on historical experience of students who are expected to realize scholarship awards earned as courses are successfully completed. Deferred revenue is recorded as a current or long-term liability in the consolidated balance sheets based on when the benefit is expected to be realized. Revenues also include textbook-related income, certificate revenue, certain academic fees, licensing revenue, and other income, which are recognized when earned.</font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">The Company&#8217;s refund policy typically permits students who complete less than half of a course to receive a partial refund of tuition for that course. Refunds reduce the tuition revenue that would have otherwise been recognized for that student. Since the Company&#8217;s academic terms coincide with its financial reporting periods, all refunds are processed and recorded within the same quarter as the corresponding revenue. The amount of tuition revenue refundable to students may vary based on the student&#8217;s state of residence. Unused books and related academic materials may be returned for a full refund within 21 days of the start of class; however, purchases of electronic content are not refundable if downloaded. Revenues derived from fees are not eligible for a refund.</font></div><span></span></td>
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      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_GraduationFundPolicyTextBlock', window );">Graduation Fund</a></td>
        <td class="text"><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font size="2" style="font-family: times new roman, times, serif;"><i>Graduation Fund</i></font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">In the third quarter of 2013, the Company introduced the Graduation Fund, which allows new undergraduate students to earn tuition credits that are redeemable in the final year of a student&#8217;s course of study if he or she successfully remains in the program. New students registering in credit-bearing courses in any undergraduate program for the summer 2013 term (fiscal third quarter) and subsequent terms qualify for the Graduation Fund. Students must meet all of the University&#8217;s admission requirements and not be eligible</font></div><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;"><br />for any previously offered scholarship program. The Company&#8217;s employees and their dependents are not eligible for the program. To maintain eligibility, students must be enrolled in a bachelor&#8217;s degree program, and they become ineligible to participate in the Graduation Fund if they have more than one consecutive term of non-attendance. In their final academic year, qualifying students will receive one free course for every three courses that were successfully completed.</font></div><div align="left" style="text-indent: 20px;">&#160;</div><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">Revenue from students participating in the Graduation Fund is recorded in accordance with the Revenue Recognition Topic, ASC 605-50. The Company allocates the value of benefits to be earned evenly to each of the underlying revenue transactions that result in progress by the student toward earning the benefit. The Company&#8217;s estimate of the benefits that will be earned in the future is based on its historical experience of student persistence toward completion of a course of study within this program and similar programs. Each quarter, the Company assesses its methodologies and assumptions underlying these estimates and, to date, any adjustments to the estimates have not been material.</font></div><div align="left" style="text-indent: 20px;">&#160;</div><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">The table below presents activity in the Graduation Fund for the year ended December 31, 2014 (in thousands):</font></div><div align="left" style="text-indent: 20px;">&#160;</div><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 0px; text-indent: 0px;">Balance at December 31, 2013</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">1,898</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 0px; text-indent: 0px;">Revenue deferred</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">8,507</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 0px; text-indent: 0px;">Benefit redeemed</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">(699</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">)&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 0px; text-indent: 0px;">Balance at December 31, 2014</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">9,706</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr></table><div>&#160;</div><span></span></td>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPolicyTextBlock', window );">Cash and Cash Equivalents</a></td>
        <td class="text"><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font size="2" style="font-family: times new roman, times, serif;"><i>Cash and Cash Equivalents</i></font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">Cash and cash equivalents consist of cash maintained in mostly FDIC-insured bank accounts and cash invested in bank overnight deposits and money market mutual funds. The Company places its cash and temporary cash investments with various financial institutions. The Company considers all highly liquid instruments purchased with a maturity of three months or less at the date of purchase to be cash equivalents.</font></div><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskCreditRisk', window );">Concentration of Credit Risk</a></td>
        <td class="text"><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font size="2" style="font-family: times new roman, times, serif;"><i>Concentration of Credit Risk</i></font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">The Company places its cash and temporary cash investments in bank overnight deposits and money market mutual funds with various financial institutions. Cash and cash equivalent balances are in excess of the FDIC insurance limit. The Company has not experienced any losses on its cash and cash equivalents.</font></div><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy', window );">Restricted Cash</a></td>
        <td class="text"><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font size="2" style="font-family: times new roman, times, serif;"><i>Restricted Cash</i></font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">A significant portion of the Company&#8217;s revenues are funded by various federal and state government programs. The Company generally does not receive funds from these programs prior to the start of the corresponding academic term. The Company may be required to return certain funds for students who withdraw from the University during the academic term. At December 31, 2014, the Company had approximately $0.2 million of these unpaid obligations, which are recorded as restricted cash and included in other current assets in the consolidated balance sheet. There was no amount payable for these obligations at December 31, 2013.</font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">As part of commencing operations in Pennsylvania in 2003, the Company was required to maintain a &#8220;minimum protective endowment&#8221; of at least $0.5 million in an interest-bearing account. These funds are required as long as the Company operates its campuses in the state. The Company holds these funds in an interest-bearing account which is included in other assets.</font></div><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy', window );">Tuition Receivable and Allowance for Doubtful Accounts</a></td>
        <td class="text"><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font size="2" style="font-family: times new roman, times, serif;"><i>Tuition Receivable and Allowance for Doubtful Accounts</i></font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">The Company records tuition receivable and deferred revenue for its students upon the start of the academic term. Therefore, at the end of the quarter (and academic term), tuition receivable represents amounts due from students for educational services already provided and deferred revenue represents advance payments from students for academic services to be provided in the future. Tuition receivables are not collateralized; however, credit risk is minimized as a result of the diverse nature of the University&#8217;s student base. The University establishes an allowance for doubtful accounts primarily based upon historical collection rates by age of receivable, net of recoveries. These collection rates incorporate historical performance based on a student&#8217;s current enrollment status and likelihood of future enrollment. The Company periodically assesses its methodologies for estimating bad debts in consideration of actual experience.</font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">The Company&#8217;s tuition receivable and allowance for doubtful accounts were as follows:</font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;">&#160;</div><table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom"><th align="center" width="100%" nowrap="nowrap"><font size="1" style="font-family: times new roman, times, serif;"></font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="7"><font size="1" style="font-family: times new roman, times, serif;">December 31,</font></th><th align="center"><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th></tr><tr valign="bottom"><th align="left" width="100%" nowrap="nowrap"><font size="1" style="font-family: times new roman, times, serif;"><i>($ in thousands)</i><b><br /></b></font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">2013</font></th><th align="center"><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">2014</font></th></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">Tuition receivable</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">26,145</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">25,777</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">Allowance for doubtful accounts</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times,
 serif;">(10,303</font></td><td
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border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">15,842</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">16,942</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr></table><div>&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">Approximately $3.4 million and $1.6 million of tuition receivable is included in &#8220;Other assets&#8221; in the accompanying Consolidated Balance Sheets as of December 31, 2013 and 2014, respectively, because these amounts are expected to be collected after 12 months.</font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">The following table illustrates changes in the Company&#8217;s allowance for doubtful accounts for each of the past three years:</font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;">&#160;</div><table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom"><th align="center" width="100%" nowrap="nowrap"><font size="1" style="font-family: times new roman, times, serif;"></font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="11"><font size="1" style="font-family: times new roman, times, serif;">Year Ended December 31,</font></th><th align="center"><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th></tr><tr valign="bottom"><th align="left" width="100%" nowrap="nowrap"><font size="1" style="font-family: times new roman, times, serif;"><i>($ in thousands)</i><b><br /></b></font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">2012</font></th><th align="center"><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">2013</font></th><th align="center"><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">2014</font></th></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">Beginning allowance for doubtful accounts</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">7,279</font></td><td align="left" width="5%" nowrap="nowrap"><font
 size="2" style="font-family: times new roman, times,
 serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">6,596</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">10,303</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">Additions charged to expense</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">23,728</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">22,225</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">16,947</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">Write-offs, net of recoveries</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">(24,411</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">)&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">(18,518</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">)&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">(18,415</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">)&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 20px; text-indent: -10px;">Ending allowance for doubtful accounts</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">6,596</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">10,303</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">8,835</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr></table><div>&#160;</div><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock', window );">Property and Equipment</a></td>
        <td class="text"><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font size="2" style="font-family: times new roman, times, serif;"><i>Property and Equipment</i></font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">Property and equipment are stated at cost less accumulated depreciation and amortization. In accordance with the Property, Plant and Equipment Topic, ASC 360, the carrying values of the Company&#8217;s assets are re-evaluated when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If it is determined that an impairment loss has occurred based on expected undiscounted future cash flows, then a loss is recognized using a fair-value based model. Through 2014, no such impairment loss had occurred. Depreciation and amortization of property and equipment is calculated using the straight-line method over the estimated useful lives ranging from 3 to 40 years. Depreciation and amortization amounted to $24.0 million, $35.6 and $20.6 million for the years ended December 31, 2012, 2013, and 2014, respectively.</font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">Construction in progress includes costs of computer software developed for internal use, which is accounted for in accordance with the Internal-Use Software Topic, ASC 350-40. Computer software development costs that are incurred in the preliminary project stage are expensed as incurred. During the development stage direct consulting costs, payroll and payroll-related costs for employees that are directly associated with the project are capitalized and will be amortized over the estimated useful life of the software once placed into operation. Purchases of property and equipment and changes in accounts payable for each of the three years in the period ended December 31, 2014 in the Consolidated Statements of Cash Flows have been adjusted to exclude non-cash purchases of property and equipment transactions during that period.</font></div><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueOfFinancialInstrumentsPolicy', window );">Fair Value</a></td>
        <td class="text"><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font size="2" style="font-family: times new roman, times, serif;"><i>Fair Value</i></font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">The Fair Value Measurement Topic, ASC 820-10 (&#8220;ASC 820-10&#8221;), establishes a framework for measuring fair value, establishes a fair value hierarchy based upon the observability of inputs used to measure fair value, and expands disclosures about fair value measurements. Assets and liabilities are classified in their entirety within the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Under ASC 820-10, fair value of an investment is the price that would be received to sell an asset or to transfer a liability to an entity in an orderly transaction between market participants at the measurement date. The hierarchy gives the highest priority to assets and liabilities with readily available quoted prices in an active market and lowest priority to unobservable inputs which require a higher degree of judgment when measuring fair value, as follows:</font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;">&#160;</div><table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="left" width="37" nowrap="nowrap"><div style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">&#8226;</font></div></td><td align="left" width="3">&#160;</td><td align="left" width="100%"><font size="2" style="font-family: times new roman, times, serif;">Level 1 assets or liabilities use quoted prices in active markets for identical assets or liabilities as of the measurement date;</font></td></tr></table><div>&#160;</div><table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="left" width="37" nowrap="nowrap"><div style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">&#8226;</font></div></td><td align="left" width="3">&#160;</td><td align="left" width="100%"><font size="2" style="font-family: times new roman, times, serif;">Level 2 assets or liabilities use observable inputs, other than quoted market prices, that are either directly or indirectly observable in the marketplace for identical or similar assets and liabilities; and</font></td></tr></table><div>&#160;</div><table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="left" width="37" nowrap="nowrap"><div style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">&#8226;</font></div></td><td align="left" width="3">&#160;</td><td align="left" width="100%"><font size="2" style="font-family: times new roman, times, serif;">Level 3 assets or liabilities use unobservable inputs that are supported by little or no market activity.</font></td></tr></table><div>&#160;</div><div>&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">The Company&#8217;s assets and liabilities that are subject to fair value measurement are categorized in one of the three levels above. Fair values are based on the inputs available at the measurement dates, and may rely on certain assumptions that may affect the valuation of fair value for certain assets or liabilities.</font></div><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock', window );">Goodwill and Indefinite-Lived Intangible Assets</a></td>
        <td class="text"><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font size="2" style="font-family: times new roman, times, serif;"><i>Goodwill and Indefinite-Lived Intangible Assets</i></font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">Goodwill represents the excess of the purchase price of an acquired business over the amount assigned to the assets acquired and liabilities assumed. Indefinite-lived intangible assets, which include a trade name, are recorded at fair market value on their acquisition date. An indefinite life was assigned to the trade name because it has the continued ability to generate cash flows indefinitely.</font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">Goodwill and the indefinite-lived intangible asset are assessed at least annually for impairment during the three-month period ending September 30, or more frequently if events occur or circumstances change between annual tests that would more likely than not reduce the fair value of the respective reporting unit below its carrying amount. Under Accounting Standards Update No. 2011-08,&#160;<i>Intangibles-Goodwill and Other (Topic 350): Testing Goodwill for Impairment</i>, the Company is permitted, but not required, to first assess qualitative factors to determine whether it is necessary to perform the more thorough quantitative goodwill impairment test. Following its qualitative assessment, the Company determined it was not more likely than not that the fair value of its goodwill was less than the carrying amount and, accordingly, no impairment existed in 2014.</font></div><span></span></td>
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        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_LongTermLiabilitiesPolicyTextBlock', window );">Long-Term Liabilities</a></td>
        <td class="text"><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font size="2" style="font-family: times new roman, times, serif;"><i>Long-Term Liabilities</i></font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">Included in the Company&#8217;s long-term liabilities are the non-current portion of the Company&#8217;s borrowings under its term loan and revolving credit facility, liabilities related to the Company&#8217;s operating leases, deferred payments related to an acquisition, fair value of the Company&#8217;s interest rate swap, and the non-current portion of unearned tuition. In conjunction with the opening of some campuses and other facilities, the Company was reimbursed by the lessors for improvements made to those leased properties. In accordance with the Operating Leases Subtopic, ASC 840-20 (&#8220;ASC 840-20&#8221;), these underlying assets were capitalized as leasehold improvements and a liability was established for the reimbursements. The leasehold improvements and the liability are amortized on a straight-line basis over the corresponding lease terms, which generally range from five to ten years. In accordance with ASC 840-20, the Company records rent expense on a straight-line basis over the initial term of a lease. The cumulative difference between the rent payment and the straight-line rent expense is recorded as a liability. The Company also records the non-current portion of the gain related to the sale and lease back of a campus facility as a long-term liability.</font></div><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativesMethodsOfAccountingHedgingDerivatives', window );">Accounting for Derivative Instruments and Hedging Activities</a></td>
        <td class="text"><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font size="2" style="font-family: times new roman, times, serif;"><i>Accounting for Derivative Instruments and Hedging Activities</i></font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">On the date that the Company enters into a derivative contract, it designates the derivative as a hedge of (a) a forecasted transaction or (b) the variability of cash flows that are to be received or paid in connection with a recognized asset or liability (a cash flow hedge). All derivatives are recognized in the balance sheet at their fair value.</font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">Changes in the fair value of a derivative that is highly effective and that is designated and qualifies as a cash flow hedge, to the extent that the hedge is effective, are recorded, net of income tax, in other comprehensive income, until earnings are affected by the variability of cash flows of the hedged transaction (e.g., until periodic settlements of a variable-rate asset or liability are recorded in earnings). Any hedge ineffectiveness (which represents the amount by which the changes in the fair value of the derivative exceed the variability in the cash flows of the forecasted transaction) is recorded in current-period earnings.</font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. The Company also formally assesses (both at the hedge&#8217;s inception and on an ongoing basis) whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in the fair value or cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. When it is determined that a derivative is not (or has ceased to be) highly effective as a hedge, the Company discontinues hedge accounting prospectively.</font></div><span></span></td>
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        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_AuthorizedStockPolicyTextBlock', window );">Authorized Stock</a></td>
        <td class="text"><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font size="2" style="font-family: times new roman, times, serif;"><i>Authorized Stock</i></font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">The Company has authorized 20,000,000 shares of common stock, par value $.01, of which 10,797,464 and 10,903,341 shares were issued and outstanding as of December 31, 2013 and 2014, respectively. The Company also has authorized 8,000,000 shares of preferred stock, none of which has been issued or outstanding since 2004. Before any preferred stock may be issued in the future, the Board of Directors would need to establish the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications, and the terms or conditions of the redemption of the preferred stock.</font></div><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdvertisingCostsPolicyTextBlock', window );">Advertising Costs</a></td>
        <td class="text"><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font size="2" style="font-family: times new roman, times, serif;"><i>Advertising Costs</i></font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">The Company expenses advertising costs in the quarter incurred, except for costs associated with the production of media commercials which are expensed when the commercial is first aired.</font></div><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy', window );">Stock-Based Compensation</a></td>
        <td class="text"><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font size="2" style="font-family: times new roman, times, serif;"><i>Stock-Based Compensation</i></font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">As required by the Stock Compensation Topic, ASC 718, the Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors, including employee stock options, restricted stock, restricted stock units, and employee stock purchases related to the Company&#8217;s Employee Stock Purchase Plan, based on estimated fair values. Stock-based compensation expense recognized in the Consolidated Statements of Income for each of the three years in the period ended December 31, 2014, is based on awards ultimately expected to vest and, therefore, has been adjusted for estimated forfeitures. The Company is required to estimate forfeitures at the time of grant and revise, if necessary, the estimate in subsequent periods if actual forfeitures differ from those estimates. The forfeiture rate used is based on historical experience. The Company also assesses the likelihood that performance criteria associated with performance-based awards will be met. If it is determined that it is more likely than not that performance criteria will not be achieved, the Company revises its estimate of the number of shares it believes will ultimately vest.</font></div><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerSharePolicyTextBlock', window );">Net Income Per Share</a></td>
        <td class="text"><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font size="2" style="font-family: times new roman, times, serif;"><i>Net Income Per Share</i></font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the periods. Diluted earnings per share reflects the potential dilution that could occur assuming conversion or exercise of all dilutive unexercised stock options, restricted stock and restricted stock units. The dilutive effect of stock awards was determined using the treasury stock method. Under the treasury stock method, all of the following are assumed to be used to repurchase shares of the Company&#8217;s common stock: (1) the proceeds received from the exercise of stock options, (2) the amount of compensation cost associated with the stock awards for future service not yet recognized by the Company, and (3) the amount of tax benefits that would be recorded in additional paid-in capital when the stock awards become deductible for income tax purposes. Stock options are not included in the computation of diluted earnings per share when the stock option exercise price of an individual grant exceeds the average market price for the period. 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 align="left"><div
 style="margin-left: 10px; text-indent: -10px;">Incremental shares issuable upon the assumed exercise of stock options</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#8212;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#8212;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">6</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">Unvested restricted stock and restricted stock units</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">50</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">40</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">83</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">Shares used to compute diluted earnings per share</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">11,440</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">10,624</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">10,650</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr></table><div>&#160;</div><span></span></td>
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      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxPolicyTextBlock', window );">Income Taxes</a></td>
        <td class="text"><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font size="2" style="font-family: times new roman, times, serif;"><i>Income Taxes</i></font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">The Company provides for deferred income taxes based on temporary differences between financial statement and income tax bases of assets and liabilities using enacted tax rates in effect in the year in which the differences are expected to reverse.</font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">The Income Taxes Topic, ASC 740, requires the Company to determine whether uncertain tax positions should be recognized within the Company&#8217;s financial statements. The Company recognizes interest and penalties, if any, related to uncertain tax positions in income tax expense. Uncertain tax positions are recognized when a tax position, based solely on its technical merits, is determined to be more likely than not to be sustained upon examination. Upon determination, uncertain tax positions are measured to determine the amount of benefit that is greater than 50% likely to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. A tax position is derecognized if it no longer meets the more likely than not threshold of being sustained.</font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">The tax years 2012-2014 remain open for Federal tax examination and the tax years 2010-2014 remain open to examination by state and local taxing jurisdictions in which the Company is subject.</font></div><span></span></td>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UseOfEstimates', window );">Use of Estimates</a></td>
        <td class="text"><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font size="2" style="font-family: times new roman, times, serif;"><i>Use of Estimates</i></font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the period reported. The most significant management estimates included allowances for doubtful accounts, the useful lives of property and equipment, fair value of future contractual operating lease obligations, potential sublease income and vacancy periods, accrued expenses, forfeiture rates and the likelihood of achieving performance criteria for stock-based awards, value of free courses earned by students</font></div><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;"><br />that will be redeemed in the future, valuation of goodwill, intangible assets and the interest rate swap arrangement, and the provision for income taxes. Actual results could differ from those estimates.</font></div><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomePolicyPolicyTextBlock', window );">Comprehensive Income</a></td>
        <td class="text"><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font size="2" style="font-family: times new roman, times, serif;"><i>Comprehensive Income</i></font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">Comprehensive income consists of net income and the change in the fair value of the Company&#8217;s interest rate swap, net of income taxes.</font></div><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock', window );">Recent Accounting Pronouncements</a></td>
        <td class="text"><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font size="2" style="font-family: times new roman, times, serif;"><i>Recent Accounting Pronouncements</i></font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">In May 2014, the FASB issued ASU No. 2014-09, &#8220;Revenue from Contracts with Customers (Topic 606)&#8221; (&#8220;ASU 2014-09&#8221;). The standard establishes a new recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. ASU 2014-09 is effective for fiscal years beginning after December 15, 2016, and early adoption is not permitted. The Company currently is evaluating the impact that the standard will have on its financial condition, results of operations, and disclosures.</font></div><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for authorized stock. Discloses the type and amount of stock that is issued and outstanding.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy regarding graduation fund.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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        <tr>
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        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for long-term liabilities which includes the major components of the long-term liabilities caption in the financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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                    <td><strong> Data Type:</strong></td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
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        </tr>
      </table>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for advertising costs. For those costs that cannot be capitalized, discloses whether such costs are expensed as incurred or the first period in which the advertising takes place. For direct response advertising costs that are capitalized, describes those assets and the accounting policy used, including a description of the qualifying activity, the types of costs capitalized and the related amortization period. An entity also may disclose its accounting policy for cooperative advertising arrangements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 340<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=32704220&amp;loc=d3e8275-108329<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 340<br><br> -SubTopic 20<br><br> -Section 55<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6387522&amp;loc=d3e8384-108330<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AdvertisingCostsPolicyTextBlock</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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                  <tr>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPolicyTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash Equivalents<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4273-108586<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 305<br><br> -SubTopic 10<br><br> -Section 05<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6375392&amp;loc=d3e26790-107797<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Financial Reporting Release (FRR)<br><br> -Number 203<br><br> -Paragraph 02-03<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsPolicyTextBlock</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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                    <td><strong> Period Type:</strong></td>
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          </td>
        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Entity's cash and cash equivalents accounting policy with respect to restricted balances.  Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4273-108586<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 305<br><br> -SubTopic 10<br><br> -Section 05<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6375392&amp;loc=d3e26790-107797<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Financial Reporting Release (FRR)<br><br> -Number 203<br><br> -Paragraph 02-03<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.1(a))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 1<br><br> -Subparagraph a<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ComprehensiveIncomePolicyPolicyTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for comprehensive income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ComprehensiveIncomePolicyPolicyTextBlock</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskCreditRisk">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for credit risk.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 825<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28088331&amp;loc=SL29635902-196195<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35750535&amp;loc=d3e13531-108611<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 21<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35750535&amp;loc=d3e13537-108611<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6875567&amp;loc=d3e14489-108613<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 825<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6480020&amp;loc=d3e61082-112788<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 825<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6480020&amp;loc=d3e61044-112788<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ConcentrationRiskCreditRisk</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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              </div>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConsolidationPolicyTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting.  The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=d3e5614-111684<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.3A-02)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27015204&amp;loc=d3e355033-122828<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph k<br><br> -Article 1<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02, 03<br><br> -Article 3A<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ConsolidationPolicyTextBlock</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativesMethodsOfAccountingHedgingDerivatives">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for derivatives used in hedging relationships, which may include how gains or losses are recognized and presented in the financial statements, and amortization policies for deferred amounts.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DerivativesMethodsOfAccountingHedgingDerivatives</td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3630-109257<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for determining the fair value of financial instruments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35750535&amp;loc=d3e13279-108611<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 60<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7493716&amp;loc=d3e21868-110260<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for goodwill and intangible assets. This accounting policy also may address how an entity assesses and measures impairment of goodwill and intangible assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16265-109275<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock</td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32840-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 30<br><br> -Section 05<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6423966&amp;loc=d3e40913-109327<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 954<br><br> -SubTopic 740<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6491622&amp;loc=d3e9504-115650<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 17<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32809-109319<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e32247-109318<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e32280-109318<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, basis of assets, depreciation and depletion methods used, including composite deprecation, estimated useful lives, capitalization policy, accounting treatment for costs incurred for repairs and maintenance, capitalized interest and the method it is calculated, disposals and impairments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.13(a))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 13<br><br> -Subparagraph a<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for determining the allowance for doubtful accounts for trade and other accounts receivable balances, and when impairments, charge-offs or recoveries are recognized.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 4<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35738203&amp;loc=d3e5144-111524<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>Disclosure of accounting policy for revenue recognition for sales of a service. The entity also may disclose how it recognizes cost of sales for such a service transaction and its treatment of any unearned or deferred revenue that arises from the transaction.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 13<br><br> -Section B<br><br> -Paragraph Question 1<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 605<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 13.B.Q1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012821&amp;loc=d3e214044-122780<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 605<br><br> -SubTopic 20<br><br> -Section 05<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6742685&amp;loc=d3e47769-111627<br><br><br><br></p>
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                <p>Disclosure of accounting policy for stock option and stock incentive plans. This disclosure may include (1) the types of stock option or incentive plans sponsored by the entity (2) the groups that participate in (or are covered by) each plan (3) significant plan provisions and (4) how stock compensation is measured, and the methodologies and significant assumptions used to determine that measurement.</p>
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                <p>Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6143-108592<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6132-108592<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6061-108592<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Income Taxes<br></strong></div>
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          <div>Dec. 31, 2014</div>
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border-bottom-color: windowtext;
 border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">(1,726</font></td><td align="left" width="5%" nowrap="nowrap"
 style="padding-bottom: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">)&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">344</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">Total deferred</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">(1,316</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">)&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">(20,113</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">)&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">485</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 20px; text-indent: -10px;">Total provision for income taxes</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right" style="border-bottom-style: double; 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border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">30,260</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr></table><div>&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">The tax effects of the principal temporary differences that give rise to the Company&#8217;s deferred tax assets are as follows as of December 31, 2013 and 2014 (in thousands):</font></div><div align="left" style="color: #000000; 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 nowrap="nowrap"><font size="1" style="font-family: times new roman, times, serif;"></font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1"
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border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">6,167</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">Stock-based compensation</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">13,871</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2"
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          <div style="width: 200px;"><strong>Other Long-Term Liabilities<br></strong></div>
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word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman,times;">The Company records a liability for lease costs of campuses and non-campus facilities that are not currently in use (see Note 3). 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The Company also has licensed certain of its non-credit bearing course content to a third party. 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In addition, one of the sellers contributed $2.8 million to the Company representing the seller&#8217;s continuing interest in the assets acquired.</font></div><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman,times;"></font>&#160;</div><div align="left" style="text-indent: 20px;">&#160;</div><div align="left"><font size="2" style="font-family: times new roman,times;"><i>Lease Incentives</i></font></div><div align="left"><font size="2" style="font-family: times new roman,times;"><i></i></font>&#160;</div><div align="left">&#160;</div><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman,times;">In conjunction with the opening of new campuses or renovating existing ones, the Company, in some instances, was reimbursed by the lessors for improvements made to the leased properties. In accordance with ASC 840-20, the underlying assets were capitalized as leasehold improvements and a liability was established for the reimbursements. The leasehold improvements and the liability are amortized on a straight-line basis over the corresponding lease terms, which generally range from five to 10 years.</font></div><div align="left"><font size="2" style="font-family: times new roman,times;"><i></i></font>&#160;</div><div align="left"><font size="2" style="font-family: times new roman,times;"><i>Deferred Gain on Sale of Campus Building</i></font></div><div align="left"><font size="2" style="font-family: times new roman,times;"><i></i></font>&#160;</div><div align="left">&#160;</div><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman,times;">In June 2007, the Company sold one of its campus buildings for $5.8 million. The Company is leasing back most of the campus building over a 10-year period. In conjunction with this sale and lease back transaction, the Company realized a gain of $2.8 million before tax, which is deferred and recognized over the 10-year lease term.</font></div><span></span></td>
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                <p>The entire disclosure for other non-current liabilities.</p>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EAAAE">
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        <td class="nump"><a title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased[us-gaap_AwardTypeAxis=us-gaap_EmployeeStockMember]" onclick="toggleNextSibling(this);">$ 42.27</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased<br>/ us-gaap_AwardTypeAxis<br>= us-gaap_EmployeeStockMember</span><span></span></td>
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                <p>The weighted average of per share prices paid for shares purchased on the open market for issuance to employees under the plan.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br><br><br></p>
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                <p>The number of shares purchased on the open market during the period for issuance to employees under the plan.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresAbstract', window );"><strong>Fair Value Measurement [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresTextBlock', window );">Fair Value Measurement</a></td>
        <td class="text"><table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="left" width="17" nowrap="nowrap"><div><font size="2" style="font-family: times new roman, times, serif;"><b>6.</b></font></div></td><td align="left" width="3">&#160;</td><td align="left" width="100%"><font size="2" style="font-family: times new roman, times, serif;"><b>Fair Value Measurement</b></font></td></tr></table><div>&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">Assets and liabilities measured at fair value on a recurring basis consist of the following as of December 31, 2014 (in thousands):</font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;">&#160;</div><table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom"><th align="center" width="100%" nowrap="nowrap"><font size="1" style="font-family: times new roman, times, serif;"></font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;"></font></th><th align="center"><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="11"><font size="1" style="font-family: times new roman, times, serif;">Fair Value Measurements at Reporting Date Using</font></th><th align="center"><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th></tr><tr valign="bottom"><th align="center" width="100%" nowrap="nowrap"><font size="1" style="font-family: times new roman, times, serif;"></font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">December 31,<br />2014</font></th><th align="center"><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">Quoted Prices in<br />Active Markets for<br />Identical Assets/<br />Liabilities<br />(Level 1)</font></th><th align="center"><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">Significant<br />Other<br />Observable<br />Inputs<br />(Level 2)</font></th><th align="center"><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">Significant<br />Unobservable<br />Inputs<br />(Level 3)</font></th></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; 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text-indent: -10px;">Money market funds</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">8,275</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">8,275</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#8212;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#8212;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 20px; 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border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">143</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#8212;</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; 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text-indent: -10px;">Other long-term liabilities:</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#160;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#160;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#160;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#160;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 20px; 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                <p>The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.</p>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Stock Options, Restricted Stock and Restricted Stock Units<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract', window );"><strong>Stock Options, Restricted Stock and Restricted Stock Units [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock', window );">Stock Options, Restricted Stock and Restricted Stock Units</a></td>
        <td class="text"><table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="left" width="17" nowrap="nowrap"><div><font size="2" style="font-family: times new roman, times, serif;"><b>7.</b></font></div></td><td align="left" width="3">&#160;</td><td align="left" width="100%"><font size="2" style="font-family: times new roman, times, serif;"><b>Stock Options, Restricted Stock and Restricted Stock Units</b></font></td></tr></table><div>&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">In April 2011, the Company&#8217;s stockholders approved the Strayer Education, Inc. 2011 Equity Compensation Plan (the &#8220;Plan&#8221;), which provides for the granting of restricted stock, restricted stock units, stock options intended to qualify as incentive stock options, options that do not qualify as incentive stock options, and other forms of equity compensation and performance-based awards to employees, officers and directors of the Company, or to a consultant or advisor to the Company, at the discretion of the Board of Directors. Vesting provisions are at the discretion of the Board of Directors. Options may be granted at option prices based at or above the fair market value of the shares at the date of grant. The maximum term of the awards granted under the Plan is ten years.</font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">In February 2014, the Company&#8217;s Board of Directors approved grants of 46,064 shares of restricted stock to certain individuals. 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These shares, which vest over a three-year period, were awarded to non-employee members of the Company&#8217;s Board of Directors, as part of the Company&#8217;s annual director compensation program. 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 width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times,
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border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">140.30</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">Balance, December 31, 2013</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">487,773</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">131.51</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 20px; 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text-indent: -10px;">Forfeitures</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">(2,729</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">)&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: solid; border-bottom-color: windowtext; border-bottom-width: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-style: solid; 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 serif;">&#160;&#160;</font></td></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 20px; text-indent: -10px;">Stock-based compensation expense included in operating expense</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">5,464</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">9,291</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">9,453</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; 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text-indent: -10px;">Stock-based compensation expense, net of tax</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">3,306</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-style: double; border-bottom-color: windowtext; border-bottom-width: 2pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right" style="border-bottom-style: double; 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text-indent: -10px;">Proceeds from stock options exercised</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#8212;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#8212;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#8212;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; 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text-indent: -10px;">Intrinsic value of stock options exercised</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#8212;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#8212;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#8212;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td></tr></table><div>&#160;</div><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 50<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6406099&amp;loc=d3e25284-112666<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 40<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6418621&amp;loc=d3e17540-113929<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5444-113901<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 14<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Other Employee Benefit Plans<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
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          <div>Dec. 31, 2014</div>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock', window );">Other Employee Benefit Plans</a></td>
        <td class="text"><table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="left" width="17" nowrap="nowrap"><div><font size="2" style="font-family: times new roman, times, serif;"><b>9.</b></font></div></td><td align="left" width="3">&#160;</td><td align="left" width="100%"><font size="2" style="font-family: times new roman, times, serif;"><b>Other Employee Benefit Plans</b></font></td></tr></table><div>&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">The Company has a 401(k) plan covering all eligible employees of the Company. Effective January 1, 2015, participants may contribute up to $18,000 of their base compensation annually. Employee contributions are voluntary. Discretionary contributions were made by the Company matching 50% of employee deferrals up to a maximum of 3% of the employee&#8217;s annual salary. The Company&#8217;s contributions, which vest immediately, totaled $2.9 million, $1.1 million and $0.9 million for the years ended December 31, 2012, 2013, and 2014, respectively.</font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;">&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;">In May 1998, the Company adopted the Strayer Education, Inc. Employee Stock Purchase Plan (&#8220;ESPP&#8221;). Under the ESPP, eligible employees may purchase shares of the Company&#8217;s common stock, subject to certain limitations, at 90% of its market value at the date of purchase. Purchases are limited to 10% of an employee&#8217;s eligible compensation. The aggregate number of shares of common stock that may be made available for purchase by participating employees under the ESPP is 2,500,000 shares. Shares purchased in the open market for employees for the years ended December 31, 2012, 2013, and 2014 were as follows:</font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;">&#160;</div><table style="width: 90%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; margin-left: 20px; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom"><th align="center" width="100%" nowrap="nowrap"><font size="1" style="font-family: times new roman, times, serif;"></font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">Shares<br />purchased</font></th><th align="center"><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">Average price<br />per share</font></th></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">2012</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">6,549</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">71.14</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">2013</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">8,911</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">42.27</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="margin-left: 10px; text-indent: -10px;">2014</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times,
 serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2"
 style="font-family: times new roman, times, serif;">5,872</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">44.55</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr></table><div>&#160;</div><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for pension and other postretirement benefits.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 715<br><br> -SubTopic 70<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6414718&amp;loc=d3e28014-114942<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 715<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35743120&amp;loc=d3e2410-114920<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 715<br><br> -SubTopic 80<br><br> -Section 50<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35742057&amp;loc=SL14450702-114947<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 715<br><br> -SubTopic 60<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6414199&amp;loc=d3e39622-114963<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 715<br><br> -SubTopic 60<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6414203&amp;loc=d3e39675-114964<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EOFAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Commitments and Contingencies (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract', window );"><strong>Schedule of minimum rental commitments</strong></a></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent', window );">2015</a></td>
        <td class="nump"><a title="us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" onclick="toggleNextSibling(this);">$ 38,966</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent</span><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears', window );">2016</a></td>
        <td class="nump"><a title="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" onclick="toggleNextSibling(this);">36,202</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears</span><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears', window );">2017</a></td>
        <td class="nump"><a title="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" onclick="toggleNextSibling(this);">31,281</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears</span><span></span></td>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears', window );">2018</a></td>
        <td class="nump"><a title="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears" onclick="toggleNextSibling(this);">26,624</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears</span><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears', window );">2019</a></td>
        <td class="nump"><a title="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears" onclick="toggleNextSibling(this);">21,200</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears</span><span></span></td>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter', window );">Thereafter</a></td>
        <td class="nump"><a title="us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" onclick="toggleNextSibling(this);">38,312</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter</span><span></span></td>
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      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDue', window );">Total</a></td>
        <td class="nump"><a title="us-gaap_OperatingLeasesFutureMinimumPaymentsDue" onclick="toggleNextSibling(this);">$ 192,585</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OperatingLeasesFutureMinimumPaymentsDue</span><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of required minimum rental payments for leases having an initial or remaining non-cancelable letter-terms in excess of one year.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 40<br><br> -Subparagraph (Note 3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 40<br><br> -Subparagraph (Note 3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 40<br><br> -Subparagraph (Note 3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 40<br><br> -Subparagraph (Note 3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 40<br><br> -Subparagraph (Note 3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 40<br><br> -Subparagraph (Note 3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due after the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 40<br><br> -Subparagraph (Note 3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <title></title>
    <link rel="stylesheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EODAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Income Taxes (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract', window );"><strong>Current:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CurrentFederalTaxExpenseBenefit', window );">Federal</a></td>
        <td class="nump"><a title="us-gaap_CurrentFederalTaxExpenseBenefit" onclick="toggleNextSibling(this);">$ 25,285</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CurrentFederalTaxExpenseBenefit</span><span></span></td>
        <td class="nump"><a title="us-gaap_CurrentFederalTaxExpenseBenefit" onclick="toggleNextSibling(this);">$ 26,390</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CurrentFederalTaxExpenseBenefit</span><span></span></td>
        <td class="nump"><a title="us-gaap_CurrentFederalTaxExpenseBenefit" onclick="toggleNextSibling(this);">$ 36,028</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CurrentFederalTaxExpenseBenefit</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CurrentStateAndLocalTaxExpenseBenefit', window );">State</a></td>
        <td class="nump"><a title="us-gaap_CurrentStateAndLocalTaxExpenseBenefit" onclick="toggleNextSibling(this);">4,490</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CurrentStateAndLocalTaxExpenseBenefit</span><span></span></td>
        <td class="nump"><a title="us-gaap_CurrentStateAndLocalTaxExpenseBenefit" onclick="toggleNextSibling(this);">4,582</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CurrentStateAndLocalTaxExpenseBenefit</span><span></span></td>
        <td class="nump"><a title="us-gaap_CurrentStateAndLocalTaxExpenseBenefit" onclick="toggleNextSibling(this);">8,333</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CurrentStateAndLocalTaxExpenseBenefit</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CurrentIncomeTaxExpenseBenefit', window );">Total current</a></td>
        <td class="nump"><a title="us-gaap_CurrentIncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">29,775</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CurrentIncomeTaxExpenseBenefit</span><span></span></td>
        <td class="nump"><a title="us-gaap_CurrentIncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">30,972</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CurrentIncomeTaxExpenseBenefit</span><span></span></td>
        <td class="nump"><a title="us-gaap_CurrentIncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">44,361</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CurrentIncomeTaxExpenseBenefit</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract', window );"><strong>Deferred:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredFederalIncomeTaxExpenseBenefit', window );">Federal</a></td>
        <td class="nump"><a title="us-gaap_DeferredFederalIncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">141</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredFederalIncomeTaxExpenseBenefit</span><span></span></td>
        <td class="num"><a title="us-gaap_DeferredFederalIncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">(18,387)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredFederalIncomeTaxExpenseBenefit</span><span></span></td>
        <td class="num"><a title="us-gaap_DeferredFederalIncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">(608)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredFederalIncomeTaxExpenseBenefit</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit', window );">State</a></td>
        <td class="nump"><a title="us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">344</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit</span><span></span></td>
        <td class="num"><a title="us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">(1,726)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit</span><span></span></td>
        <td class="num"><a title="us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">(708)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit</span><span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredIncomeTaxExpenseBenefit', window );">Total deferred</a></td>
        <td class="nump"><a title="us-gaap_DeferredIncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">485</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredIncomeTaxExpenseBenefit</span><span></span></td>
        <td class="num"><a title="us-gaap_DeferredIncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">(20,113)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredIncomeTaxExpenseBenefit</span><span></span></td>
        <td class="num"><a title="us-gaap_DeferredIncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">(1,316)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredIncomeTaxExpenseBenefit</span><span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Total provision for income taxes</a></td>
        <td class="nump"><a title="us-gaap_IncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">$ 30,260</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxExpenseBenefit</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">$ 10,859</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxExpenseBenefit</span><span></span></td>
        <td class="nump"><a title="us-gaap_IncomeTaxExpenseBenefit" onclick="toggleNextSibling(this);">$ 43,045</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IncomeTaxExpenseBenefit</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CurrentFederalTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of current federal tax expense (benefit) pertaining to income (loss) from continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 6.I.7)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Current Tax Expense (or Benefit)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509736<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 6<br><br> -Section I<br><br> -Paragraph Question 1-7<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CurrentFederalTaxExpenseBenefit</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CurrentIncomeTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 6.I.7)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Current Tax Expense (or Benefit)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509736<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 6<br><br> -Section I<br><br> -Subsection 7<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CurrentIncomeTaxExpenseBenefit</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CurrentStateAndLocalTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of current state and local tax expense (benefit) pertaining to income (loss) from continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 6.I.7)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Current Tax Expense (or Benefit)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509736<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 6<br><br> -Section I<br><br> -Subsection 7<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CurrentStateAndLocalTaxExpenseBenefit</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredFederalIncomeTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of deferred federal income tax expense (benefit) pertaining to income (loss) from continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 6.I.7)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 6<br><br> -Section I<br><br> -Subsection 7<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Deferred Tax Expense (or Benefit)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6510177<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredFederalIncomeTaxExpenseBenefit</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredIncomeTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 6.I.7)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 6<br><br> -Section I<br><br> -Subsection 7<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Deferred Tax Expense (or Benefit)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6510177<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredIncomeTaxExpenseBenefit</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of deferred state and local tax expense (benefit) pertaining to income (loss) from continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 6.I.7)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 6<br><br> -Section I<br><br> -Subsection 7<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Deferred Tax Expense (or Benefit)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6510177<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br></p>
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                <p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Income Tax Expense (or Benefit)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (a),(b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br></p>
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                <p>Amount of stock repurchase plan authorized.</p>
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                <p>No definition available.</p>
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                <p>Amount remaining of a stock repurchase plan authorized.</p>
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                <p>No definition available.</p>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0E1AAC">
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          <div style="width: 200px;"><strong>Income Taxes (Tables)<br></strong></div>
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          <div>Dec. 31, 2014</div>
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font-size: 10pt;">&#160;</td><td style="text-align: left; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">&#160;</td><td style="text-align: right; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"><font size="2" style="font-family: times new roman,times;">344</font></td><td style="text-align: left; padding-bottom: 1.5pt; font-size: 10pt;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -29.7pt; padding-bottom: 1.5pt; padding-left: 29.7pt; font-size: 10pt;"><font size="2" style="font-family: times new roman,times;">Total deferred</font></td><td style="padding-bottom: 1.5pt; font-size: 10pt;">&#160;</td><td style="text-align: left; font-size: 10pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">&#160;</td><td style="text-align: right; font-size: 10pt; border-bottom-color: black; 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 style="text-align: left; padding-bottom: 4pt; font-size: 10pt;">&#160;</td><td style="padding-bottom: 4pt; font-size: 10pt;">&#160;</td><td style="text-align: left; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font size="2" style="font-family: times new roman,times;">$</font></td><td style="text-align: right; font-size: 10pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"><font size="2" style="font-family: times new roman,times;">30,260</font></td><td style="text-align: left; padding-bottom: 4pt; font-size: 10pt;"></td></tr></table></div><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock', window );">Schedule of tax effects of principal temporary differences that give rise to deferred tax assets</a></td>
        <td class="text"><div>&#160;</div><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="font-size: 10pt;">&#160;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt;">&#160;</td><td style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2013</td><td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;">&#160;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt;">&#160;</td><td style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2014</td><td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1151.40625px; font-size: 10pt; text-align: left; text-indent: -29.7pt; padding-left: 29.7pt;">Tuition receivable</td><td style="width: 16px; font-size: 10pt;">&#160;</td><td style="width: 16px; font-size: 10pt; text-align: left;">$</td><td style="width: 142px; font-size: 10pt; text-align: right;">4,021</td><td style="width: 16px; font-size: 10pt; text-align: left;">&#160;</td><td style="width: 15px; font-size: 10pt;">&#160;</td><td style="width: 15px; font-size: 10pt; text-align: left;">$</td><td style="width: 141px; font-size: 10pt; text-align: right;">3,439</td><td style="width: 15px; font-size: 10pt; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-size: 10pt; text-align: left; text-indent: -29.7pt; padding-left: 29.7pt;">Other facility-related costs</td><td style="font-size: 10pt;">&#160;</td><td style="font-size: 10pt; 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padding-bottom: 1.5pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 10pt; text-align: left;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 10pt; text-align: right;">(96</td><td style="padding-bottom: 1.5pt; font-size: 10pt; text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-size: 10pt; text-align: left; padding-bottom: 1.5pt; text-indent: -29.7pt; padding-left: 0.55in;">Current net deferred tax asset</td><td style="font-size: 10pt; padding-bottom: 1.5pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 10pt; text-align: left;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 10pt; text-align: right;">7,849</td><td style="padding-bottom: 1.5pt; font-size: 10pt; 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text-align: left;">&#160;</td><td style="font-size: 10pt;">&#160;</td><td style="font-size: 10pt; text-align: left;">&#160;</td><td style="font-size: 10pt; text-align: right;">8,903</td><td style="font-size: 10pt; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-size: 10pt; text-align: left; text-indent: -29.7pt; padding-left: 29.7pt;">Deferred revenue</td><td style="font-size: 10pt;">&#160;</td><td style="font-size: 10pt; text-align: left;">&#160;</td><td style="font-size: 10pt; text-align: right;">-</td><td style="font-size: 10pt; text-align: left;">&#160;</td><td style="font-size: 10pt;">&#160;</td><td style="font-size: 10pt; text-align: left;">&#160;</td><td style="font-size: 10pt; text-align: right;">3,758</td><td style="font-size: 10pt; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font-size:
 10pt; text-align: left; text-indent: -29.7pt; padding-left: 29.7pt;">Deferred leasing costs</td><td style="font-size: 10pt;">&#160;</td><td style="font-size: 10pt; text-align: left;">&#160;</td><td style="font-size: 10pt; text-align: right;">3,082</td><td style="font-size: 10pt; text-align: left;">&#160;</td><td style="font-size: 10pt;">&#160;</td><td style="font-size: 10pt; text-align: left;">&#160;</td><td style="font-size: 10pt; text-align: right;">2,797</td><td style="font-size: 10pt; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-size: 10pt; text-align: left; text-indent: -29.7pt; padding-left: 29.7pt;">Interest rate swap</td><td style="font-size: 10pt;">&#160;</td><td style="font-size: 10pt; text-align: left;">&#160;</td><td style="font-size: 10pt; text-align: right;">(18</td><td style="font-size: 10pt; text-align: left;">)</td><td style="font-size: 10pt;">&#160;</td><td style="font-size: 10pt; text-align: left;">&#160;</td><td style="font-size: 10pt; text-align: right;">(56</td><td style="font-size: 10pt; text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font-size: 10pt; padding-bottom: 1.5pt; text-indent: -29.7pt; padding-left: 29.7pt;">Other</td><td style="font-size: 10pt; padding-bottom: 1.5pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 10pt; text-align: left;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 10pt; text-align: right;">(411</td><td style="padding-bottom: 1.5pt; font-size: 10pt; text-align: left;">)</td><td style="font-size: 10pt; padding-bottom: 1.5pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 10pt; text-align: left;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 10pt; text-align: right;">(533</td><td style="padding-bottom: 1.5pt; font-size: 10pt; text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-size: 10pt; text-align: left; padding-bottom: 1.5pt; text-indent: -29.7pt; padding-left: 0.55in;">Long-term net deferred tax asset</td><td style="font-size: 10pt; padding-bottom: 1.5pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 10pt; text-align: left;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 10pt; text-align: right;">17,129</td><td style="padding-bottom: 1.5pt; font-size: 10pt; text-align: left;">&#160;</td><td style="font-size: 10pt; padding-bottom: 1.5pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 10pt; text-align: left;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-size: 10pt; text-align: right;">16,241</td><td style="padding-bottom: 1.5pt; font-size: 10pt; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font-size: 10pt; text-align: left; padding-bottom: 4pt; text-indent: -29.7pt; padding-left: 49.5pt;">Net deferred tax asset</td><td style="font-size: 10pt; padding-bottom: 4pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size: 10pt; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size: 10pt; text-align: right;">24,978</td><td style="padding-bottom: 4pt; font-size: 10pt; text-align: left;">&#160;</td><td style="font-size: 10pt; padding-bottom: 4pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size: 10pt; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-size: 10pt; text-align: right;">22,408</td><td style="padding-bottom: 4pt; font-size: 10pt; text-align: left;">&#160;</td></tr></table><div>&#160;</div><span></span></td>
      </tr>
      <tr class="ro">
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margin-left: 10px;">Gross reductions for tax positions taken in prior years</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#8212;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">(565</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">)&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="text-indent: -10px; 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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br></p>
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                <p>Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.</p>
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                <p>Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32718-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EOCAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Fair Value Measurement (Details Textual) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
        <th class="th" colspan="1"></th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014

</div>
          <div>Sellers</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_FairValueMeasurementTextualAbstract', window );"><strong>Fair Value Measurement (Textual)</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_DerivativeNotionalAmount', window );">Interest rate swap, notional amount</a></td>
        <td class="nump"><a title="invest_DerivativeNotionalAmount" onclick="toggleNextSibling(this);">$ 118,750,000</a><span style="display:none;white-space:normal;text-align:left;">invest_DerivativeNotionalAmount</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Carrying value of the debt</a></td>
        <td class="nump"><a title="us-gaap_LongTermDebt" onclick="toggleNextSibling(this);">118,750,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LongTermDebt</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_DeferredPaymentArrangementNumberOfSellers', window );">Deferred payment arrangement number of sellers</a></td>
        <td class="nump"><a title="stra_DeferredPaymentArrangementNumberOfSellers" onclick="toggleNextSibling(this);">1</a><span style="display:none;white-space:normal;text-align:left;">stra_DeferredPaymentArrangementNumberOfSellers</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_FairValueAssetsAndLiabilitiesHierarchyLevelTransfersAmount', window );">Fair value assets and liabilities hierarchy level transfers amount</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsNonrecurringMember', window );">Fair Value, Measurements, Nonrecurring [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_FairValueMeasurementTextualAbstract', window );"><strong>Fair Value Measurement (Textual)</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillFairValueDisclosure', window );">Assets measured at fair value on a non-recurring basis, goodwill</a></td>
        <td class="nump"><a title="us-gaap_GoodwillFairValueDisclosure[us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsNonrecurringMember]" onclick="toggleNextSibling(this);">6,800,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_GoodwillFairValueDisclosure<br>/ us-gaap_FairValueByMeasurementFrequencyAxis<br>= us-gaap_FairValueMeasurementsNonrecurringMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_GoodwillFairValueDisclosure[us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsNonrecurringMember]" onclick="toggleNextSibling(this);">6,800,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_GoodwillFairValueDisclosure<br>/ us-gaap_FairValueByMeasurementFrequencyAxis<br>= us-gaap_FairValueMeasurementsNonrecurringMember</span><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IndefiniteLivedIntangibleAssetsExcludingGoodwillFairValueDisclosure', window );">Assets measured at fair value on a non-recurring basis, other indefinite-lived intangible assets</a></td>
        <td class="nump"><a title="us-gaap_IndefiniteLivedIntangibleAssetsExcludingGoodwillFairValueDisclosure[us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsNonrecurringMember]" onclick="toggleNextSibling(this);">$ 1,600,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IndefiniteLivedIntangibleAssetsExcludingGoodwillFairValueDisclosure<br>/ us-gaap_FairValueByMeasurementFrequencyAxis<br>= us-gaap_FairValueMeasurementsNonrecurringMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_IndefiniteLivedIntangibleAssetsExcludingGoodwillFairValueDisclosure[us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsNonrecurringMember]" onclick="toggleNextSibling(this);">$ 1,600,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_IndefiniteLivedIntangibleAssetsExcludingGoodwillFairValueDisclosure<br>/ us-gaap_FairValueByMeasurementFrequencyAxis<br>= us-gaap_FairValueMeasurementsNonrecurringMember</span><span></span></td>
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    <div style="display: none;">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate notional amount specified by the derivative(s). Expressed as an absolute value.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 12<br><br> -Section 13<br><br> -Sentence Column B<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents the number of sellers with which the entity has entered into deferred payment arrangements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents the amount of assets and liabilities transered between levels of the fair value hierarchy during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
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                    <td>xbrli:stringItemType</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GoodwillFairValueDisclosure">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fair value portion of asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=36462937&amp;loc=d3e19190-110258<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_GoodwillFairValueDisclosure</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fair value portion of assets, excluding financial assets and goodwill, that lack physical substance, having a projected indefinite period of benefit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=36462937&amp;loc=d3e19190-110258<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 16<br><br> -Article 7<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 16<br><br> -Article 9<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 20, 22<br><br> -Article 5<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LongTermDebt</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Litigation<br></strong></div>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for legal proceedings, legal contingencies, litigation, regulatory and environmental matters and other contingencies.</p>
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<TEXT>
<html>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Property and Equipment (Tables)<br></strong></div>
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margin-left: 10px;">Land</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">7,138</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">7,138</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">&#8212;</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="text-indent: -10px; 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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.13)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 13<br><br> -Subparagraph b<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentTextBlock</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EWEBI">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Fair Value Measurement (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_CashEquivalentsFairValueAbstract', window );"><strong>Cash equivalents:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureRecurring', window );">Total assets at fair value on a recurring basis</a></td>
        <td class="nump"><a title="us-gaap_AssetsFairValueDisclosureRecurring" onclick="toggleNextSibling(this);">$ 8,418</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AssetsFairValueDisclosureRecurring</span><span></span></td>
        <td class="nump"><a title="us-gaap_AssetsFairValueDisclosureRecurring" onclick="toggleNextSibling(this);">$ 8,427</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AssetsFairValueDisclosureRecurring</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_OtherLiabilitiesFairValueAbstract', window );"><strong>Other long-term liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosureRecurring', window );">Total liabilities at fair value on a recurring basis</a></td>
        <td class="nump"><a title="us-gaap_LiabilitiesFairValueDisclosureRecurring" onclick="toggleNextSibling(this);">2,398</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesFairValueDisclosureRecurring</span><span></span></td>
        <td class="nump"><a title="us-gaap_LiabilitiesFairValueDisclosureRecurring" onclick="toggleNextSibling(this);">2,115</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesFairValueDisclosureRecurring</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=us-gaap_MoneyMarketFundsMember', window );">Money Market Funds [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_CashEquivalentsFairValueAbstract', window );"><strong>Cash equivalents:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureRecurring', window );">Total assets at fair value on a recurring basis</a></td>
        <td class="nump"><a title="us-gaap_AssetsFairValueDisclosureRecurring[us-gaap_FinancialInstrumentAxis=us-gaap_MoneyMarketFundsMember]" onclick="toggleNextSibling(this);">8,275</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AssetsFairValueDisclosureRecurring<br>/ us-gaap_FinancialInstrumentAxis<br>= us-gaap_MoneyMarketFundsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_AssetsFairValueDisclosureRecurring[us-gaap_FinancialInstrumentAxis=us-gaap_MoneyMarketFundsMember]" onclick="toggleNextSibling(this);">8,382</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AssetsFairValueDisclosureRecurring<br>/ us-gaap_FinancialInstrumentAxis<br>= us-gaap_MoneyMarketFundsMember</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=stra_DeferredPaymentsMember', window );">Deferred Payments [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_OtherLiabilitiesFairValueAbstract', window );"><strong>Other long-term liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosureRecurring', window );">Total liabilities at fair value on a recurring basis</a></td>
        <td class="nump"><a title="us-gaap_LiabilitiesFairValueDisclosureRecurring[us-gaap_FinancialInstrumentAxis=stra_DeferredPaymentsMember]" onclick="toggleNextSibling(this);">2,398</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesFairValueDisclosureRecurring<br>/ us-gaap_FinancialInstrumentAxis<br>= stra_DeferredPaymentsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_LiabilitiesFairValueDisclosureRecurring[us-gaap_FinancialInstrumentAxis=stra_DeferredPaymentsMember]" onclick="toggleNextSibling(this);">2,115</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesFairValueDisclosureRecurring<br>/ us-gaap_FinancialInstrumentAxis<br>= stra_DeferredPaymentsMember</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentAxis=us-gaap_InterestRateSwapMember', window );">Interest Rate Swaps [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_CashEquivalentsFairValueAbstract', window );"><strong>Cash equivalents:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureRecurring', window );">Total assets at fair value on a recurring basis</a></td>
        <td class="nump"><a title="us-gaap_AssetsFairValueDisclosureRecurring[us-gaap_FinancialInstrumentAxis=us-gaap_InterestRateSwapMember]" onclick="toggleNextSibling(this);">143</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AssetsFairValueDisclosureRecurring<br>/ us-gaap_FinancialInstrumentAxis<br>= us-gaap_InterestRateSwapMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_AssetsFairValueDisclosureRecurring[us-gaap_FinancialInstrumentAxis=us-gaap_InterestRateSwapMember]" onclick="toggleNextSibling(this);">45</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AssetsFairValueDisclosureRecurring<br>/ us-gaap_FinancialInstrumentAxis<br>= us-gaap_InterestRateSwapMember</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member', window );">Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_CashEquivalentsFairValueAbstract', window );"><strong>Cash equivalents:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureRecurring', window );">Total assets at fair value on a recurring basis</a></td>
        <td class="nump"><a title="us-gaap_AssetsFairValueDisclosureRecurring[us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member]" onclick="toggleNextSibling(this);">8,275</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AssetsFairValueDisclosureRecurring<br>/ us-gaap_FairValueByFairValueHierarchyLevelAxis<br>= us-gaap_FairValueInputsLevel1Member</span><span></span></td>
        <td class="nump"><a title="us-gaap_AssetsFairValueDisclosureRecurring[us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member]" onclick="toggleNextSibling(this);">8,382</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AssetsFairValueDisclosureRecurring<br>/ us-gaap_FairValueByFairValueHierarchyLevelAxis<br>= us-gaap_FairValueInputsLevel1Member</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_OtherLiabilitiesFairValueAbstract', window );"><strong>Other long-term liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosureRecurring', window );">Total liabilities at fair value on a recurring basis</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member', window );">Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Money Market Funds [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_CashEquivalentsFairValueAbstract', window );"><strong>Cash equivalents:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureRecurring', window );">Total assets at fair value on a recurring basis</a></td>
        <td class="nump"><a title="us-gaap_AssetsFairValueDisclosureRecurring[us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member;us-gaap_FinancialInstrumentAxis=us-gaap_MoneyMarketFundsMember]" onclick="toggleNextSibling(this);">8,275</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AssetsFairValueDisclosureRecurring<br>/ us-gaap_FairValueByFairValueHierarchyLevelAxis<br>= us-gaap_FairValueInputsLevel1Member<br>/ us-gaap_FinancialInstrumentAxis<br>= us-gaap_MoneyMarketFundsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_AssetsFairValueDisclosureRecurring[us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member;us-gaap_FinancialInstrumentAxis=us-gaap_MoneyMarketFundsMember]" onclick="toggleNextSibling(this);">8,382</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AssetsFairValueDisclosureRecurring<br>/ us-gaap_FairValueByFairValueHierarchyLevelAxis<br>= us-gaap_FairValueInputsLevel1Member<br>/ us-gaap_FinancialInstrumentAxis<br>= us-gaap_MoneyMarketFundsMember</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member', window );">Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Deferred Payments [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_OtherLiabilitiesFairValueAbstract', window );"><strong>Other long-term liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosureRecurring', window );">Total liabilities at fair value on a recurring basis</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member', window );">Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Interest Rate Swaps [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_CashEquivalentsFairValueAbstract', window );"><strong>Cash equivalents:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureRecurring', window );">Total assets at fair value on a recurring basis</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member', window );">Significant Other Observable Inputs (Level 2) [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_CashEquivalentsFairValueAbstract', window );"><strong>Cash equivalents:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureRecurring', window );">Total assets at fair value on a recurring basis</a></td>
        <td class="nump"><a title="us-gaap_AssetsFairValueDisclosureRecurring[us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member]" onclick="toggleNextSibling(this);">143</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AssetsFairValueDisclosureRecurring<br>/ us-gaap_FairValueByFairValueHierarchyLevelAxis<br>= us-gaap_FairValueInputsLevel2Member</span><span></span></td>
        <td class="nump"><a title="us-gaap_AssetsFairValueDisclosureRecurring[us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member]" onclick="toggleNextSibling(this);">45</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AssetsFairValueDisclosureRecurring<br>/ us-gaap_FairValueByFairValueHierarchyLevelAxis<br>= us-gaap_FairValueInputsLevel2Member</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_OtherLiabilitiesFairValueAbstract', window );"><strong>Other long-term liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosureRecurring', window );">Total liabilities at fair value on a recurring basis</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member', window );">Significant Other Observable Inputs (Level 2) [Member] | Money Market Funds [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_CashEquivalentsFairValueAbstract', window );"><strong>Cash equivalents:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureRecurring', window );">Total assets at fair value on a recurring basis</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member', window );">Significant Other Observable Inputs (Level 2) [Member] | Deferred Payments [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_OtherLiabilitiesFairValueAbstract', window );"><strong>Other long-term liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosureRecurring', window );">Total liabilities at fair value on a recurring basis</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member', window );">Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Swaps [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_CashEquivalentsFairValueAbstract', window );"><strong>Cash equivalents:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureRecurring', window );">Total assets at fair value on a recurring basis</a></td>
        <td class="nump"><a title="us-gaap_AssetsFairValueDisclosureRecurring[us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member;us-gaap_FinancialInstrumentAxis=us-gaap_InterestRateSwapMember]" onclick="toggleNextSibling(this);">143</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AssetsFairValueDisclosureRecurring<br>/ us-gaap_FairValueByFairValueHierarchyLevelAxis<br>= us-gaap_FairValueInputsLevel2Member<br>/ us-gaap_FinancialInstrumentAxis<br>= us-gaap_InterestRateSwapMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_AssetsFairValueDisclosureRecurring[us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member;us-gaap_FinancialInstrumentAxis=us-gaap_InterestRateSwapMember]" onclick="toggleNextSibling(this);">45</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AssetsFairValueDisclosureRecurring<br>/ us-gaap_FairValueByFairValueHierarchyLevelAxis<br>= us-gaap_FairValueInputsLevel2Member<br>/ us-gaap_FinancialInstrumentAxis<br>= us-gaap_InterestRateSwapMember</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member', window );">Significant Unobservable Inputs (Level 3) [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_CashEquivalentsFairValueAbstract', window );"><strong>Cash equivalents:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureRecurring', window );">Total assets at fair value on a recurring basis</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_OtherLiabilitiesFairValueAbstract', window );"><strong>Other long-term liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosureRecurring', window );">Total liabilities at fair value on a recurring basis</a></td>
        <td class="nump"><a title="us-gaap_LiabilitiesFairValueDisclosureRecurring[us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member]" onclick="toggleNextSibling(this);">2,398</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesFairValueDisclosureRecurring<br>/ us-gaap_FairValueByFairValueHierarchyLevelAxis<br>= us-gaap_FairValueInputsLevel3Member</span><span></span></td>
        <td class="nump"><a title="us-gaap_LiabilitiesFairValueDisclosureRecurring[us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member]" onclick="toggleNextSibling(this);">2,115</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesFairValueDisclosureRecurring<br>/ us-gaap_FairValueByFairValueHierarchyLevelAxis<br>= us-gaap_FairValueInputsLevel3Member</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member', window );">Significant Unobservable Inputs (Level 3) [Member] | Money Market Funds [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_CashEquivalentsFairValueAbstract', window );"><strong>Cash equivalents:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureRecurring', window );">Total assets at fair value on a recurring basis</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member', window );">Significant Unobservable Inputs (Level 3) [Member] | Deferred Payments [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_OtherLiabilitiesFairValueAbstract', window );"><strong>Other long-term liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosureRecurring', window );">Total liabilities at fair value on a recurring basis</a></td>
        <td class="nump"><a title="us-gaap_LiabilitiesFairValueDisclosureRecurring[us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member;us-gaap_FinancialInstrumentAxis=stra_DeferredPaymentsMember]" onclick="toggleNextSibling(this);">2,398</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesFairValueDisclosureRecurring<br>/ us-gaap_FairValueByFairValueHierarchyLevelAxis<br>= us-gaap_FairValueInputsLevel3Member<br>/ us-gaap_FinancialInstrumentAxis<br>= stra_DeferredPaymentsMember</span><span></span></td>
        <td class="nump"><a title="us-gaap_LiabilitiesFairValueDisclosureRecurring[us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member;us-gaap_FinancialInstrumentAxis=stra_DeferredPaymentsMember]" onclick="toggleNextSibling(this);">2,115</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesFairValueDisclosureRecurring<br>/ us-gaap_FairValueByFairValueHierarchyLevelAxis<br>= us-gaap_FairValueInputsLevel3Member<br>/ us-gaap_FinancialInstrumentAxis<br>= stra_DeferredPaymentsMember</span><span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member', window );">Significant Unobservable Inputs (Level 3) [Member] | Interest Rate Swaps [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_CashEquivalentsFairValueAbstract', window );"><strong>Cash equivalents:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureRecurring', window );">Total assets at fair value on a recurring basis</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_CashEquivalentsFairValueAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_CashEquivalentsFairValueAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_OtherLiabilitiesFairValueAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_OtherLiabilitiesFairValueAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsFairValueDisclosureRecurring">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the aggregate of the assets reported on the balance sheet at period end measured at fair value on a recurring basis by the entity. This element is intended to be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AssetsFairValueDisclosureRecurring</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesFairValueDisclosureRecurring">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregation of the liabilities reported on the balance sheet measured at fair value on a recurring basis by the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LiabilitiesFairValueDisclosureRecurring</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td></td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td></td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td></td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=stra_DeferredPaymentsMember">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=stra_DeferredPaymentsMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td></td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=us-gaap_InterestRateSwapMember">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=us-gaap_InterestRateSwapMember</td>
                  </tr>
                  <tr>
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                    <td>na</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_FinancialInstrumentAxis=us-gaap_MoneyMarketFundsMember</td>
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                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>84
<FILENAME>R41.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ETRAG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Significant Accounting Policies (Details Textual) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_SignificantAccountingPoliciesTextualAbstract', window );"><strong>Significant Accounting Policies (Textual)</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_PercentageOfTuitionRevenueInRevenue', window );">Percentage of tuition revenue in total revenue</a></td>
        <td class="nump"><a title="stra_PercentageOfTuitionRevenueInRevenue" onclick="toggleNextSibling(this);">96.00%</a><span style="display:none;white-space:normal;text-align:left;">stra_PercentageOfTuitionRevenueInRevenue</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_UnusedBooksAndAcademicMeterialRefunadablePeriod', window );">Unused books and academic meterial refunadable period</a></td>
        <td class="text">21 days<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue', window );">Restricted cash</a></td>
        <td class="nump"><a title="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" onclick="toggleNextSibling(this);">$ 200,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetNoncurrent', window );">Tuition receivable included in other assets</a></td>
        <td class="nump"><a title="us-gaap_AccountsReceivableNetNoncurrent" onclick="toggleNextSibling(this);">1,600,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccountsReceivableNetNoncurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_AccountsReceivableNetNoncurrent" onclick="toggleNextSibling(this);">3,400,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccountsReceivableNetNoncurrent</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_ExpectedCollectionPeriodOfTuitionReceivable', window );">Expected collection period of tuition receivable</a></td>
        <td class="text">After 12 months.<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndCashEquivalentsNoncurrent', window );">Minimum protective endowment</a></td>
        <td class="nump"><a title="us-gaap_RestrictedCashAndCashEquivalentsNoncurrent" onclick="toggleNextSibling(this);">500,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_RestrictedCashAndCashEquivalentsNoncurrent</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common stock, shares authorized</a></td>
        <td class="nump"><a title="us-gaap_CommonStockSharesAuthorized" onclick="toggleNextSibling(this);">20,000,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CommonStockSharesAuthorized</span><span></span></td>
        <td class="nump"><a title="us-gaap_CommonStockSharesAuthorized" onclick="toggleNextSibling(this);">20,000,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CommonStockSharesAuthorized</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common stock, par value</a></td>
        <td class="nump"><a title="us-gaap_CommonStockParOrStatedValuePerShare" onclick="toggleNextSibling(this);">$ 0.01</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CommonStockParOrStatedValuePerShare</span><span></span></td>
        <td class="nump"><a title="us-gaap_CommonStockParOrStatedValuePerShare" onclick="toggleNextSibling(this);">$ 0.01</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CommonStockParOrStatedValuePerShare</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock, shares issued</a></td>
        <td class="nump"><a title="us-gaap_CommonStockSharesIssued" onclick="toggleNextSibling(this);">10,903,341</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CommonStockSharesIssued</span><span></span></td>
        <td class="nump"><a title="us-gaap_CommonStockSharesIssued" onclick="toggleNextSibling(this);">10,797,464</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CommonStockSharesIssued</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, shares outstanding</a></td>
        <td class="nump"><a title="us-gaap_CommonStockSharesOutstanding" onclick="toggleNextSibling(this);">10,903,341</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CommonStockSharesOutstanding</span><span></span></td>
        <td class="nump"><a title="us-gaap_CommonStockSharesOutstanding" onclick="toggleNextSibling(this);">10,797,464</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_CommonStockSharesOutstanding</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Preferred stock, shares authorized</a></td>
        <td class="nump"><a title="us-gaap_PreferredStockSharesAuthorized" onclick="toggleNextSibling(this);">8,000,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_PreferredStockSharesAuthorized</span><span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesIssued', window );">Preferred stock, shares issued</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Preferred stock, shares outstanding</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExaminationDescription', window );">Income tax description</a></td>
        <td class="text">Upon determination, uncertain tax positions are measured to determine the amount of benefit that is greater than 50% likely to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. A tax position is derecognized if it no longer meets the more likely than not threshold of being sustained.<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation and amortization</a></td>
        <td class="nump"><a title="us-gaap_DepreciationAndAmortization" onclick="toggleNextSibling(this);">20,630,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationAndAmortization</span><span></span></td>
        <td class="nump"><a title="us-gaap_DepreciationAndAmortization" onclick="toggleNextSibling(this);">35,563,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationAndAmortization</span><span></span></td>
        <td class="nump"><a title="us-gaap_DepreciationAndAmortization" onclick="toggleNextSibling(this);">23,973,000</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DepreciationAndAmortization</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill', window );">Impairment loss</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MaximumMember', window );">Maximum [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_SignificantAccountingPoliciesTextualAbstract', window );"><strong>Significant Accounting Policies (Textual)</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Estimated useful life of property and equipment</a></td>
        <td class="text">40 years<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MinimumMember', window );">Minimum [Member]</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_SignificantAccountingPoliciesTextualAbstract', window );"><strong>Significant Accounting Policies (Textual)</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Estimated useful life of property and equipment</a></td>
        <td class="text">3 years<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_ExpectedCollectionPeriodOfTuitionReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Expected collection period of tuition receivable.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_ExpectedCollectionPeriodOfTuitionReceivable</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_PercentageOfTuitionRevenueInRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Percentage of tuition revenue in total revenue.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_PercentageOfTuitionRevenueInRevenue</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_SignificantAccountingPoliciesTextualAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_SignificantAccountingPoliciesTextualAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_stra_UnusedBooksAndAcademicMeterialRefunadablePeriod">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The period to return unused books and related academic materials in order to receive a full refund.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">stra_UnusedBooksAndAcademicMeterialRefunadablePeriod</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>stra_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:durationItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount due from customers or clients, more than one year from the balance sheet date, for goods or services that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.17)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 3<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_AccountsReceivableNetNoncurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Face amount or stated value per share of common stock.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CommonStockParOrStatedValuePerShare</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorized</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_CommonStockSharesOutstanding</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationAndAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DepreciationAndAmortization</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of impairment loss resulting from write-down of assets, excluding financial assets and goodwill, lacking physical substance and having a projected indefinite period of benefit to fair value.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 3<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16373-109275<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExaminationDescription">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A brief description of status of the tax examination, significant findings to date, and the entity's position with respect to the findings.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 15<br><br> -Subparagraph (d)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32718-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_IncomeTaxExaminationDescription</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesAuthorized">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PreferredStockSharesAuthorized</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PreferredStockSharesIssued</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PreferredStockSharesOutstanding</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentUsefulLife">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentUsefulLife</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:durationItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. For a classified balance sheet represents the current portion only (the noncurrent portion has a separate concept); there is a separate and distinct element for unclassified presentations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashAndCashEquivalentsNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Cash and equivalents whose use in whole or in part is restricted for the long-term, generally by contractual agreements or regulatory requirements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_RestrictedCashAndCashEquivalentsNoncurrent</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MaximumMember">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MaximumMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td></td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MinimumMember">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MinimumMember</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td></td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td></td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
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  <head>
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    <title></title>
    <link rel="stylesheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EULAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Consolidated Statements of Comprehensive Income (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract', window );"><strong>Statements of Comprehensive Income [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ 46,356</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ 16,425</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
        <td class="nump"><a title="us-gaap_NetIncomeLoss" onclick="toggleNextSibling(this);">$ 65,930</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_NetIncomeLoss</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract', window );"><strong>Other comprehensive income:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax', window );">Change in fair value of derivative instrument, net of income tax</a></td>
        <td class="nump"><a title="us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax" onclick="toggleNextSibling(this);">60</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax</span><span></span></td>
        <td class="nump"><a title="us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax" onclick="toggleNextSibling(this);">764</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax</span><span></span></td>
        <td class="num"><a title="us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax" onclick="toggleNextSibling(this);">(125)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax</span><span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTax', window );">Comprehensive income</a></td>
        <td class="nump"><a title="us-gaap_ComprehensiveIncomeNetOfTax" onclick="toggleNextSibling(this);">$ 46,416</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ComprehensiveIncomeNetOfTax</span><span></span></td>
        <td class="nump"><a title="us-gaap_ComprehensiveIncomeNetOfTax" onclick="toggleNextSibling(this);">$ 17,189</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ComprehensiveIncomeNetOfTax</span><span></span></td>
        <td class="nump"><a title="us-gaap_ComprehensiveIncomeNetOfTax" onclick="toggleNextSibling(this);">$ 65,805</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_ComprehensiveIncomeNetOfTax</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ComprehensiveIncomeNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Other Comprehensive Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Comprehensive Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35737396<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e557-108580<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Net Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_ComprehensiveIncomeNetOfTax</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=31042434&amp;loc=d3e3602-108585<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Other Comprehensive Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Net Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br></p>
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          <div style="width: 200px;"><strong>Restructuring and Related Charges<br></strong></div>
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This restructuring, which occurred primarily in the fourth quarter of 2013, included the closing of approximately 20 physical locations and reductions in the number of campus-based and corporate employees.</font></div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;"></font>&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;">&#160;</div><div align="left" style="color: #000000; 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text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="left" width="37" nowrap="nowrap"><div style="margin-left: 20px; text-indent: -20px;"><font size="2" style="font-family: times new roman, times, serif;">(1)</font></div></td><td align="left" width="3">&#160;</td><td align="left" width="100%"><font size="2" style="font-family: times new roman, times, serif;">The current portion of restructuring liabilities was $10.4 million and $6.0 million as of December 31, 2013 and December 31, 2014, respectively, which are included in Accounts payable and accrued expenses. The long-term portion is included in Other long-term liabilities.</font></td></tr></table><div>&#160;</div><table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="left" width="37" nowrap="nowrap"><div style="margin-left: 20px; text-indent: -20px;"><font size="2" style="font-family: times new roman, times, serif;">(2)</font></div></td><td align="left" width="3">&#160;</td><td align="left" width="100%"><font size="2"
 style="font-family: times new roman, times, serif;">Adjustments for lease and related costs during the year ended December 31,
 2014 primarily result from changes in the timing and expected income from settlements and executed sublease agreements signed during the period, which amounted to $4.1 million, partly offset by the accretion of interest on lease costs of approximately $1.3 million. Adjustments for severance and other employee separation costs primarily related to employees who were re-hired to other roles within the Company and were not paid severance.</font></td></tr></table><div>&#160;</div><div align="left" style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;"><b><i>Lease and Related Costs, Net</i></b>&#160;&#8212; During the fourth quarter of 2013, the University implemented a plan to close approximately 20 of its campus locations. The Company recorded approximately $36.0 million of aggregate charges representing the estimated fair value of future contractual operating lease obligations, which were recorded in the periods the Company ceased using the respective facilities. Lease obligations, some of which continue through 2022, are measured at fair value using a discounted cash flow approach encompassing significant unobservable inputs (Level 3). The estimation of future cash flows includes non-cancelable contractual lease costs over the remaining terms of the leases discounted at the Company&#8217;s marginal borrowing rate of 4.5%, partially offset by estimated future sublease rental income discounted at credit-adjusted rates. The Company&#8217;s estimate of the amount and timing of sublease rental income considers</font></div><p style="color: #000000; font-family: 'times new roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font size="2" style="font-family: times new roman, times, serif;">subleases that have been executed and subleases expected to be executed, based on current commercial real estate market data and conditions, and other qualitative factors specific to the facilities. The estimates are adjusted as market conditions change or as new information becomes available. Through December 31, 2014, adjustments to these reserves have related to settlements of leases with the landlords, execution of sublease agreements and accretion of interest.</font></p><div align="left" style="text-indent: 20px;"><font size="2" style="font-family: times new roman, times, serif;"><b><i>Severance and Other Employee Separation Costs</i></b><i>&#160;&#8212; During the fourth quarter of 2013, the Company implemented workforce reductions in order to better align its human capital resources with the evolving needs of students. A total of $6.9 million in severance and other employee separation costs were recorded at that time. The remaining liability at December 31, 2013 was paid in 2014.</i></font></div><span></span></td>
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                <p>The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0E6KAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Other Long-Term Liabilities (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
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      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLiabilitiesNoncurrentAbstract', window );"><strong>Other Long-Term Liabilities [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_LossOnFacilitiesNotInUse', window );">Loss on facilities not in use</a></td>
        <td class="nump"><a title="stra_LossOnFacilitiesNotInUse" onclick="toggleNextSibling(this);">$ 21,280</a><span style="display:none;white-space:normal;text-align:left;">stra_LossOnFacilitiesNotInUse</span><span></span></td>
        <td class="nump"><a title="stra_LossOnFacilitiesNotInUse" onclick="toggleNextSibling(this);">$ 34,339</a><span style="display:none;white-space:normal;text-align:left;">stra_LossOnFacilitiesNotInUse</span><span></span></td>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueNoncurrent', window );">Deferred revenue, net of current portion</a></td>
        <td class="nump"><a title="us-gaap_DeferredRevenueNoncurrent" onclick="toggleNextSibling(this);">9,654</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredRevenueNoncurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_DeferredRevenueNoncurrent" onclick="toggleNextSibling(this);">1,897</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredRevenueNoncurrent</span><span></span></td>
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        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_DeferredRentAndOtherFacilityCostsNonCurrent', window );">Deferred rent and other facility costs</a></td>
        <td class="nump"><a title="stra_DeferredRentAndOtherFacilityCostsNonCurrent" onclick="toggleNextSibling(this);">8,646</a><span style="display:none;white-space:normal;text-align:left;">stra_DeferredRentAndOtherFacilityCostsNonCurrent</span><span></span></td>
        <td class="nump"><a title="stra_DeferredRentAndOtherFacilityCostsNonCurrent" onclick="toggleNextSibling(this);">8,258</a><span style="display:none;white-space:normal;text-align:left;">stra_DeferredRentAndOtherFacilityCostsNonCurrent</span><span></span></td>
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        <td class="nump"><a title="stra_DeferredAcquisitionPaymentsNonCurrent" onclick="toggleNextSibling(this);">5,198</a><span style="display:none;white-space:normal;text-align:left;">stra_DeferredAcquisitionPaymentsNonCurrent</span><span></span></td>
        <td class="nump"><a title="stra_DeferredAcquisitionPaymentsNonCurrent" onclick="toggleNextSibling(this);">4,915</a><span style="display:none;white-space:normal;text-align:left;">stra_DeferredAcquisitionPaymentsNonCurrent</span><span></span></td>
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      <tr class="ro">
        <td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_stra_LeaseIncentivePayableNonCurrent', window );">Lease incentives</a></td>
        <td class="nump"><a title="stra_LeaseIncentivePayableNonCurrent" onclick="toggleNextSibling(this);">1,056</a><span style="display:none;white-space:normal;text-align:left;">stra_LeaseIncentivePayableNonCurrent</span><span></span></td>
        <td class="nump"><a title="stra_LeaseIncentivePayableNonCurrent" onclick="toggleNextSibling(this);">1,353</a><span style="display:none;white-space:normal;text-align:left;">stra_LeaseIncentivePayableNonCurrent</span><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredGainOnSaleOfProperty', window );">Deferred gain on sale of campus building</a></td>
        <td class="nump"><a title="us-gaap_DeferredGainOnSaleOfProperty" onclick="toggleNextSibling(this);">414</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredGainOnSaleOfProperty</span><span></span></td>
        <td class="nump"><a title="us-gaap_DeferredGainOnSaleOfProperty" onclick="toggleNextSibling(this);">694</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_DeferredGainOnSaleOfProperty</span><span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent', window );">Total other long-term liabilities</a></td>
        <td class="nump"><a title="us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent" onclick="toggleNextSibling(this);">$ 46,248</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent" onclick="toggleNextSibling(this);">$ 51,456</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent</span><span></span></td>
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                <p>Represents non-current deferred payments related to acquisitions.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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                <p>Represents non-current deferred rent and other facility costs.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>Represents non-current lease incentive payable.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>Represents loss on facilities not in use.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredGainOnSaleOfProperty">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of gain on the sale of property that does not qualify for gain recognition as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 605<br><br> -SubTopic 40<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 5.U.Q2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6955272&amp;loc=d3e221323-122791<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredGainOnSaleOfProperty</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The noncurrent portion of deferred revenue amount as of balance sheet date. Deferred revenue is a liability related to a revenue producing activity for which revenue has not yet been recognized, and is not expected to be recognized in the next twelve months. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 605<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 13.A.4(a).Q1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012821&amp;loc=d3e214044-122780<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 8<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 13<br><br> -Section A<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_DeferredRevenueNoncurrent</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregated carrying amounts of obligations as of the balance sheet date, excluding long-term debt, incurred as part of the normal operations that are expected to be paid after one year or beyond the normal operating cycle, if longer. Alternate captions include Total Deferred Credits and Other Liabilities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_LiabilitiesOtherThanLongtermDebtNoncurrent</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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            </div>
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        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLiabilitiesNoncurrentAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_OtherLiabilitiesNoncurrentAbstract</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0ELJAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Income Taxes (Details 3)<br></strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2014</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract', window );"><strong>Schedule of reconciliation between statutory tax rate and effective tax rate</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate', window );">Statutory federal rate</a></td>
        <td class="nump"><a title="us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" onclick="toggleNextSibling(this);">35.00%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate</span><span></span></td>
        <td class="nump"><a title="us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" onclick="toggleNextSibling(this);">35.00%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate</span><span></span></td>
        <td class="nump"><a title="us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" onclick="toggleNextSibling(this);">35.00%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate</span><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes', window );">State income taxes, net of federal benefits</a></td>
        <td class="nump"><a title="us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" onclick="toggleNextSibling(this);">4.20%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes</span><span></span></td>
        <td class="nump"><a title="us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" onclick="toggleNextSibling(this);">4.60%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes</span><span></span></td>
        <td class="nump"><a title="us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" onclick="toggleNextSibling(this);">4.30%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes</span><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments', window );">Other</a></td>
        <td class="nump"><a title="us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments" onclick="toggleNextSibling(this);">0.30%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments</span><span></span></td>
        <td class="nump"><a title="us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments" onclick="toggleNextSibling(this);">0.20%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments</span><span></span></td>
        <td class="nump"><a title="us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments" onclick="toggleNextSibling(this);">0.20%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments</span><span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateContinuingOperations', window );">Effective tax rate</a></td>
        <td class="nump"><a title="us-gaap_EffectiveIncomeTaxRateContinuingOperations" onclick="toggleNextSibling(this);">39.50%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EffectiveIncomeTaxRateContinuingOperations</span><span></span></td>
        <td class="nump"><a title="us-gaap_EffectiveIncomeTaxRateContinuingOperations" onclick="toggleNextSibling(this);">39.80%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EffectiveIncomeTaxRateContinuingOperations</span><span></span></td>
        <td class="nump"><a title="us-gaap_EffectiveIncomeTaxRateContinuingOperations" onclick="toggleNextSibling(this);">39.50%</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_EffectiveIncomeTaxRateContinuingOperations</span><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateContinuingOperations">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h)(2))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Subparagraph 2<br><br> -Article 4<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateContinuingOperations</td>
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                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
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                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Percentage of domestic federal statutory tax rate applicable to pretax income (loss).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 6.I)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate</td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to other adjustments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 6.I)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations applicable to state and local income tax expense (benefit), net of federal tax expense (benefit).</p>
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          <div style="width: 200px;"><strong>Term Loan and Revolving Credit Facility (Tables)<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Dec. 31, 2014</div>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtDisclosureAbstract', window );"><strong>Term Loan and Revolving Credit Facility [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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-webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="text-indent: 0px; margin-left: 0px;">Term loan</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">118,750</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="text-indent: 0px; margin-left: 0px;">Revolving credit facility</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2" style="font-family: times new roman, times, serif;">&#8212;</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></td></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="text-indent: -10px; margin-left: 20px;">Total debt</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">118,750</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="text-indent: 0px; margin-left: 0px;">Less: Current portion of long-term debt</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;&#160;</font></td><td align="right" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2" style="font-family: times new roman, times, serif;">6,250</font></td><td align="left" width="5%" nowrap="nowrap" style="padding-bottom: 1pt;"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="text-indent: -10px; margin-left: 20px;">Long-term debt</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap" style="border-bottom-color: windowtext; 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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock', window );">Schedule of aggregate debt maturities</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.</p>
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                <p>Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented.</p>
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0E3JAC">
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          <div style="width: 200px;"><strong>Significant Accounting Policies (Details 1) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
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          <div>Dec. 31, 2014</div>
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        <td class="num"><a title="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" onclick="toggleNextSibling(this);">(8,835)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent</span><span></span></td>
        <td class="num"><a title="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" onclick="toggleNextSibling(this);">(10,303)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent</span><span></span></td>
        <td class="num"><a title="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" onclick="toggleNextSibling(this);">(6,596)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent</span><span></span></td>
        <td class="num"><a title="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" onclick="toggleNextSibling(this);">(7,279)</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent</span><span></span></td>
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        <td class="nump"><a title="us-gaap_AccountsReceivableNetCurrent" onclick="toggleNextSibling(this);">$ 16,942</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccountsReceivableNetCurrent</span><span></span></td>
        <td class="nump"><a title="us-gaap_AccountsReceivableNetCurrent" onclick="toggleNextSibling(this);">$ 15,842</a><span style="display:none;white-space:normal;text-align:left;">us-gaap_AccountsReceivableNetCurrent</span><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amounts due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer) for goods or services (including trade receivables) that have been delivered or sold in the normal course of business.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 3<br><br> -Subparagraph a, b<br><br> -Article 5<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.3-4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 3<br><br> -Subparagraph a(1)<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 4<br><br> -Article 5<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.1.9</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>Summarized Quarterly Financial Data (Unaudited)<br></strong></div>
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      <tr class="re">
        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_QuarterlyFinancialInformationDisclosureAbstract', window );"><strong>Summarized Quarterly Financial Data [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_QuarterlyFinancialInformationTextBlock', window );">Summarized Quarterly Financial Data</a></td>
        <td class="text"><table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="left" width="17" nowrap="nowrap"><div><font size="2" style="font-family: times new roman, times, serif;"><b>13.</b></font></div></td><td align="left" width="3">&#160;</td><td align="left" width="100%"><font size="2" style="font-family: times new roman, times, serif;"><b>Summarized Quarterly Financial Data (Unaudited)</b></font></td></tr></table><div>&#160;</div><p align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"></p><div align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 20px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font size="2" style="font-family: times new roman, times, serif;">Quarterly financial information for 2013 and 2014 is as follows (in thousands except per share data):</font></div><p style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"></p><p align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"></p><div align="left" style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 20px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;">&#160;</div><p style="font: /normal 'times new roman'; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"></p><table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; word-spacing: 0px; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom"><th align="center" width="100%" nowrap="nowrap"><font size="1" style="font-family: times new roman, times, serif;"></font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="15"><font size="1" style="font-family: times new roman, times, serif;">Quarter</font></th><th align="center"><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th></tr><tr valign="bottom"><th align="left" width="100%" nowrap="nowrap"><font size="1" style="font-family: times new roman, times, serif;">2013</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;</font></th><th><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">First</font></th><th align="center"><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">Second</font></th><th align="center"><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">Third</font></th><th align="center"><font size="1" style="font-family: times new roman, times, serif;">&#160;&#160;&#160;</font></th><th align="center" nowrap="nowrap" colspan="3"><font size="1" style="font-family: times new roman, times, serif;">Fourth</font></th></tr><tr valign="bottom" bgcolor="#cceeff"><td align="left" width="100%"><div align="left"><div style="text-indent: -10px; 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 nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">1.22</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr><tr valign="bottom"><td align="left" width="100%"><div align="left"><div style="text-indent: -10px; margin-left: 20px;">Diluted</div></div></td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">1.40</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">1.29</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">0.46</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td><td width="3%">&#160;&#160;&#160;</td><td align="right" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;$</font></td><td align="right"><font size="2" style="font-family: times new roman, times, serif;">1.21</font></td><td align="left" width="5%" nowrap="nowrap"><font size="2" style="font-family: times new roman, times, serif;">&#160;&#160;</font></td></tr></table><div>&#160;</div><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for the quarterly financial data in the annual financial statements.  The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 270<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6372559&amp;loc=d3e765-108305<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 270<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6372559&amp;loc=d3e725-108305<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 270<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)-(j)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=35737889&amp;loc=d3e1280-108306<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 6<br><br> -Section G<br><br> -Subsection 1<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-K (SK)<br><br> -Number 229<br><br> -Section 302<br><br> -Paragraph a<br><br><br><br></p>
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