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Term Loan and Revolving Credit Facility	9 Months Ended
	Sep. 30, 2015
Term Loan and Revolving Credit Facility [Abstract]
Term Loan and Revolving Credit Facility	5.  Term Loan and Revolving Credit Facility On July 2, 2015, the Company entered into an amended credit facility (the “Amended Credit Facility”) to replace its prior credit agreement (the “Prior Credit Agreement”) which provides for a revolving line of credit (the “Revolver”) up to $150.0 million and provides the Company with an option, under certain conditions, to increase the commitments under the Revolver or establish one or more incremental term loans in an amount up to $50 million in the aggregate in the future. The maturity date of the Amended Credit Facility is July 2, 2020. In addition, the Amended Credit Facility provides that (i) borrowings under the Revolver will bear interest at a per annum rate equal to, at the Company’s election, LIBOR or a base rate, plus a margin ranging from 1.75% to 2.25% (in lieu of the previous range from 2.00% to 2.50%), depending on the Company’s leverage ratio, and (ii) the quarterly unused commitment fee shall be equal to a percentage ranging from 0.25% to 0.35% per annum (in lieu of the previous range from 0.30% to 0.40% per annum) depending on the Company’s leverage ratio, times the daily unused amount under the Revolver. Except for the changes included in the amendment, all other remaining terms of the Prior Credit Agreement, including the requirements that the Company satisfy certain financial maintenance covenants, remain in full force and effect. The Amended Credit Facility is guaranteed by the Company’s subsidiary and is secured by substantially all of the personal property and assets of the Company and the guarantor. 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: ● 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). ● 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. ● a Department of Education Financial Responsibility Composite Score of not less than 1.5. The Company was in compliance with all the terms of the Amended Credit Facility as of September 30, 2015. During the three and nine months ended September 30, 2015, the Company paid cash interest of $0.1 million and $2.3 million, respectively, compared to $1.1 million and $3.4 million during the three and nine months ended September 30, 2014, respectively. As of September 30, 2015, the Company had no balance outstanding under the Revolver.

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 505



-SubTopic 10



-Section 50



-Paragraph 3



-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644



Reference 2: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 210



-SubTopic 10



-Section S99



-Paragraph 1



-Subparagraph (SX 210.5-02.19,20,22)



-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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