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Stock Options, Restricted Stock and Restricted Stock Units (Tables)
9 Months Ended
Sep. 30, 2015
Stock Options, Restricted Stock and Restricted Stock Units [Abstract]  
Schedule of restricted stock and restricted stock units activity
  Number 
of shares 
or units
  Weighted- 
average
grant 
price
 
Balance, December 31, 2014  524,216  $115.67 
Grants  126,655  $61.00 
Vested shares  (13,725) $52.94 
Forfeitures  (1,731) $115.55 
Balance, September 30, 2015  635,415  $104.64
Schedule of stock option activity and other stock option information
  Number of 
shares
  Weighted-average exercise price  Weighted-average remaining 
contractual 
life (years)
  

Aggregate intrinsic

value(1)

(in thousands)

 
Balance, December 31, 2014  100,000  $51.95   6.0  $2,233 
Grants              
Exercises              
Forfeitures/Expirations              
Balance, September 30, 2015  100,000  $51.95   5.3  $302 
Exercisable, September 30, 2015  100,000  $51.95   5.3  $302 

 

 

(1)  The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the respective trading day and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holder had all options been exercised on the respective trading day. The amount of intrinsic value will change based on the fair market value of the Company’s common stock.
Schedule of stock-based compensation expense
  For the three months 
ended
September 30,
  For the nine months 
ended
September 30,
 
  2014  2015  2014  2015 
Instruction and educational support $406  $619  $1,314  $1,532 
Marketing            
Admissions advisory            
General and administration  2,145   2,034   5,744   6,044 
Stock-based compensation expense included in operating expense  2,551   2,653   7,058   7,576 
Tax benefit  1,015   1,048   2,809   2,990 
Stock-based compensation expense, net of income tax $1,536  $1,605  $4,249  $4,586