<SEC-DOCUMENT>0001157523-15-003466.txt : 20151028
<SEC-HEADER>0001157523-15-003466.hdr.sgml : 20151028
<ACCEPTANCE-DATETIME>20151028063019
ACCESSION NUMBER:		0001157523-15-003466
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20151028
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20151028
DATE AS OF CHANGE:		20151028

FILER:

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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21039
		FILM NUMBER:		151179004

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

	MAIL ADDRESS:	
		STREET 1:		2303 DULLES STATION BOULEVARD
		CITY:			HERNDON
		STATE:			VA
		ZIP:			20171
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a51210989.htm
<DESCRIPTION>STRAYER EDUCATION, INC. 8-K
<TEXT>
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    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 18pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 18pt"><br style="font-family: Times New Roman; font-size: 18pt"></font><font style="font-family: Times New Roman; font-size: 18pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><font style="font-family: Times New Roman; font-size: 12pt"><b>Washington,
      D.C. 20549</b></font><br><br>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 18pt"><b>FORM 8-K</b></font>
    </p>
    <p style="text-align: center">
      <br>
      <font style="font-size: 12pt"><b>CURRENT REPORT</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt"><b>Pursuant
      to Section&#160;13 or 15(d) of the</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt"><b>Securities
      Exchange Act of 1934</b></font><br><br><font style="font-family: Times New Roman; font-size: 10pt"><b>
      Date of report (Date of earliest event reported): October 28, 2015</b></font><br><br><br><font style="font-size: 24pt"><b>Strayer
      Education, Inc.</b></font><br><font style="font-family: Times New Roman; font-size: 8pt"><b>(Exact
      name of registrant as specified in its charter)</b></font>
    </p>
    <p style="text-align: center">
      <br>

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

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

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

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

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

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

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

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

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

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

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

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

    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 12%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Item 2.02.</b>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 88%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Results of Operations and Financial Condition.</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-indent: 60.0px">
      On October 28, 2015, Strayer Education, Inc. (the &#8220;Company&#8221; or
      &#8220;Strayer&#8221;) issued a press release announcing its financial results for
      the quarter ended September 30, 2015.&#160;&#160;A copy of the press release is
      furnished as Exhibit 99.1 hereto and is hereby incorporated by reference
      into this Item 2.02.
    </p>
    <p style="text-indent: 60.0px">
      The information contained in Exhibit 99.1 is deemed furnished under this
      Item, and shall not be deemed &#8220;filed&#8221; with the Securities and Exchange
      Commission nor incorporated by reference in any registration statement
      filed by the Company under the Securities Act of 1933, as amended.
    </p>
    <p style="text-indent: 60.0px">

    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 12%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Item 9.01.</b>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 88%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Financial Statements and Exhibits.</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-indent: 60.0px">
      (a)&#160; Not applicable.
    </p>
    <p style="text-indent: 60.0px">
      (b)&#160; Not applicable.
    </p>
    <p style="text-indent: 60.0px">
      (c)&#160; Not applicable.
    </p>
    <p style="text-indent: 60.0px">
      (d)&#160; Exhibits.
    </p>
    <p style="text-indent: 60.0px">
      The exhibits required by this item are set forth on the Exhibit&#160;Index
      attached hereto.
    </p>
    <p>

    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="text-align: left; border-bottom-width: 1.0pt; padding-left: 0.0px; width: 10%; border-bottom-style: solid; border-bottom-color: black" valign="bottom">
          <b>Exhibit</b><br><b>Number</b>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 2%; padding-bottom: 2.0px" valign="middle">
          &#160;
        </td>
        <td style="text-align: center; border-bottom-width: 1.0pt; padding-left: 0.0px; width: 88%; border-bottom-style: solid; border-bottom-color: black" valign="bottom">
          <b>Description</b>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; width: 10%; padding-right: 0.0px" valign="top">
          99.1
        </td>
        <td style="width: 2%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 88%" valign="top">
          Press Release, dated October 28, 2015
        </td>
      </tr>
    </table>
    </div>
    <p>

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

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

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

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

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

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

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

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

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

        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; width: 45%; padding-right: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 46%">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 5%; padding-bottom: 2.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date:
          </p>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; width: 45%; padding-right: 0.0px; padding-bottom: 2.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            October 28, 2015
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 4%; padding-bottom: 2.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            By:
          </p>
        </td>
        <td style="text-align: left; border-bottom-width: 1.0pt; padding-left: 0.0px; width: 46%; border-bottom-style: solid; border-bottom-color: black" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Daniel W. Jackson
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

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

        </td>
        <td style="width: 4%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 46%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Daniel W. Jackson
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

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

        </td>
        <td style="width: 4%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 46%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Executive Vice President and Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
  </body>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51210989_ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <title></title>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Strayer
      Education, Inc. Reports Third Quarter Revenues and Earnings; and Fall
      Term 2015 Enrollments</b></font>
    </p>
    <p>
      HERNDON, Va.--(BUSINESS WIRE)--October 28, 2015--Strayer Education, Inc.
      (Nasdaq: STRA) today announced financial results for the period ended
      September 30, 2015. Financial highlights are as follows:
    </p>
    <p>
      <b>Three Months Ended September 30</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Revenues for the three months ended September 30, 2015 decreased 2% to
        $99.1 million, compared to $100.8 million for the same period in 2014,
        principally due to lower revenue per student, partially offset by
        higher enrollment.
      </li>
      <li style="margin-bottom: 10.0px">
        Income from operations was $7.3 million for the three months ended
        September 30, 2015, compared to $9.2 million for the same period in
        2014, a decrease of 21%. Income from operations in the third quarter
        of 2015 and 2014 includes non-cash adjustments to the Company&#8217;s
        liability for losses on facilities no longer in use. Excluding these
        items, income from operations was $6.9 million and $7.7 million for
        the third quarter of 2015 and 2014, respectively. Operating margin was
        7.3% for the third quarter, compared to 9.1% as reported for the same
        period in 2014, or 6.9% for the third quarter of 2015, compared to
        7.6% for the same period in 2014, when excluding the non-cash
        adjustments.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income was $3.7 million for the third quarter of 2015, compared to
        $5.0 million for the same period in 2014, a decrease of 25%. Excluding
        non-cash adjustments to the Company&#8217;s liability for losses on
        facilities no longer in use, net income was $3.5 million for the third
        quarter, compared to $4.0 million for the same period in 2014.
      </li>
      <li style="margin-bottom: 10.0px">
        Diluted earnings per share was $0.35, compared to $0.46 for the same
        period in 2014, a decrease of 24%. Excluding non-cash adjustments to
        the Company&#8217;s liability for losses on facilities no longer in use,
        diluted earnings per share was $0.32 for the third quarter, compared
        to $0.37 for the same period in 2014. Diluted weighted average shares
        outstanding increased 1% to 10,736,000 from 10,663,000 for the same
        period in 2014.
      </li>
    </ul>
    <div style="margin-bottom: 10pt; margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <b>Nine Months Ended September 30</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Revenues for the nine months ended September 30, 2015 decreased 3% to
        $320.8 million, compared to $330.0 million for the same period in
        2014, principally due to lower revenue per student.
      </li>
      <li style="margin-bottom: 10.0px">
        Income from operations was $48.0 million, compared to $59.1 million
        for the same period in 2014, a decrease of 19%. Income from operations
        in the nine months ended September 30, 2015 and 2014 includes non-cash
        adjustments to the Company&#8217;s liability for losses on facilities no
        longer in use. Excluding these items, income from operations was $47.6
        million and $55.3 million for the nine months ended 2015 and 2014,
        respectively. Operating income margin was 15.0%, compared to 17.9% for
        the same period in 2014, or 14.8%, compared to 16.7% for the same
        period in 2014, when excluding the non-cash adjustments.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income was $27.0 million, compared to $33.4 million for the same
        period in 2014, a decrease of 19%. Excluding non-cash adjustments to
        the Company&#8217;s liability for losses on facilities no longer in use, net
        income for the nine months ended September 30, 2015 was $26.7 million,
        compared to $31.1 million for the same period in 2014.
      </li>
      <li style="margin-bottom: 10.0px">
        Diluted earnings per share was $2.52, compared to $3.15 for the same
        period in 2014, a decrease of 20%. Excluding non-cash adjustments to
        the Company&#8217;s liability for losses on facilities no longer in use,
        diluted earnings per share was $2.49, compared to $2.92 for the same
        period in 2014. Diluted weighted average shares outstanding increased
        1% to 10,726,000 from 10,622,000 for the same period in 2014.
      </li>
    </ul>
    <p>
      <b>Balance Sheet and Cash Flow</b>
    </p>
    <p>
      At September 30, 2015, the Company had cash and cash equivalents of
      $86.9 million and no debt. The Company generated $53.8 million in cash
      from operating activities in the first nine months of 2015, compared to
      $62.1 million during the same period in 2014. Capital expenditures were
      $9.6 million for the nine months ended September 30, 2015, compared to
      $4.1 million for the same period in 2014.
    </p>
    <p>
      The Company had $70.0 million of share repurchase authorization
      remaining at September 30, 2015. No shares were repurchased in the third
      quarter of 2015.
    </p>
    <p>
      For the third quarter of 2015, bad debt expense as a percentage of
      revenues was 2.3%, compared to 3.6% for the same period in 2014.
    </p>
    <div style="margin-bottom: 10pt; margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <b>Student Enrollment</b>
    </p>
    <p>
      Total enrollments at Strayer University for the fall term 2015 increased
      2% to 42,975 students, compared to 42,189 students for the fall term
      2014. New student enrollments decreased by 1%, and continuing student
      enrollments increased by 3%.
    </p>
    <p>
      <b>Common Stock and Common Stock Equivalents</b>
    </p>
    <p>
      At September 30, 2015, the Company had 11,028,265 common shares issued
      and outstanding, including 435,415 shares of restricted stock. The
      Company also had 200,000 restricted stock units outstanding, and 100,000
      vested stock options outstanding.
    </p>
    <p>
      <b>Conference Call with Management</b>
    </p>
    <p>
      Strayer Education, Inc. will host a conference call to discuss its third
      quarter 2015 earnings results at 10:00 a.m. (ET) today. To participate
      on the live call, investors should dial (877) 303-9047 ten minutes prior
      to the start time. In addition, the call will be available via live
      webcast. To access the live webcast of the conference call, please go to <u>www.strayereducation.com</u>
      15 minutes prior to the start time of the call to register. Following
      the call, the webcast will be archived and available at <u>www.strayereducation.com</u>.
    </p>
    <p>
      <b>About Strayer Education, Inc.</b>
    </p>
    <p>
      Strayer Education, Inc.&#160;(NASDAQ: STRA) is an education services holding
      company that owns&#160;Strayer University. Strayer&#8217;s mission is to make
      higher education achievable for working adults.&#160;Strayer University&#160;is a
      proprietary institution of higher learning that offers undergraduate and
      graduate degree programs in business administration, accounting,
      information technology, education, health services administration,
      public administration, and criminal justice to working adult
      students.&#160;The University includes Strayer@Work, which serves corporate
      clients by delivering the next generation of performance improvement and
      workforce development. Strayer University also offers an executive MBA
      online and corporate training program through its&#160;Jack Welch Management
      Institute. The University is committed to providing an education that
      prepares working adult students for advancement in their careers and
      professional lives. Founded in 1892,&#160;Strayer University&#160;is accredited by
      the&#160;Middle States Commission on Higher Education,&#160;3624 Market Street,
      Philadelphia, PA&#160;19104. (267-284-5000).&#160;The Middle States Commission on
      Higher Education&#160;is an institutional accrediting agency recognized by
      the U.S. Secretary of Education and the&#160;Council for Higher Education
      Accreditation.
    </p>
    <p>
      For more information on Strayer Education, Inc. visit <u>www.strayereducation.com</u>
      and for Strayer University visit <u>www.strayer.edu</u>.
    </p>
    <div style="margin-bottom: 10pt; margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <b>Forward-Looking Statements</b>
    </p>
    <p>
      This press release contains statements that are forward-looking and are
      made pursuant to the &quot;safe-harbor&quot; provisions of the Private Securities
      Litigation Reform Act of 1995 (the &quot;Reform Act&quot;). Such statements may be
      identified by the use of words such as &quot;expect,&quot; &quot;estimate,&quot; &quot;assume,&quot;
      &quot;believe,&quot; &quot;anticipate,&quot; &quot;will,&quot; &quot;forecast,&quot; &quot;plan,&quot; &quot;project,&quot; or
      similar words. The statements are based on the Company's current
      expectations and are subject to a number of assumptions, uncertainties
      and risks. In connection with the safe-harbor provisions of the Reform
      Act, the Company has identified important factors that could cause the
      Company's actual results to differ materially from those expressed in or
      implied by such statements. The assumptions, uncertainties and risks
      include the pace of growth of student enrollment, the Company&#8217;s
      continued compliance with Title IV of the Higher Education Act, and the
      regulations thereunder, as well as regional accreditation standards and
      state regulatory requirements, rulemaking by the Department of Education
      and increased focus by the U.S. Congress on for-profit education
      institutions, competitive factors, risks associated with the opening of
      new campuses, risks associated with the offering of new educational
      programs and adapting to other changes, risks relating to the timing of
      regulatory approvals, the Company&#8217;s ability to implement its growth
      strategy, risks associated with the ability of the University&#8217;s students
      to finance their education in a timely manner, and general economic and
      market conditions. Further information about these and other relevant
      risks and uncertainties may be found in the Company's Annual Report on
      Form 10-K for the fiscal year ended December 31, 2014 and in its
      subsequent filings with the Securities and Exchange Commission, all of
      which are incorporated herein by reference and which are available from
      the Commission. The Company undertakes no obligation to update or revise
      forward-looking statements.
    </p>
    <div style="margin-bottom: 10pt; margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="13">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>STRAYER EDUCATION, INC.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="13">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="13">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(Amounts in thousands, except per share data)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>For the three months ended</b><br><b>September 30,</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>For the nine months ended</b><br><b>September 30,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom" colspan="2">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom" colspan="2">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom" colspan="2">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom" colspan="2">
          <b>2015</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          100,756
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          99,142
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          329,971
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          320,777
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Costs and expenses:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          55,927
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          55,281
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          174,839
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          174,223
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Marketing
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          20,514
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          21,593
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          50,188
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          52,944
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Admissions advisory
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,071
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,089
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          12,623
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          12,144
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px; padding-bottom: 2.0px" valign="bottom">
          General and administration
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          11,028
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          10,925
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          33,198
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          33,424
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px" valign="bottom">
          Total costs and expenses
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          91,540
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          91,888
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          270,848
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          272,735
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Income from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          9,216
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          7,254
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          59,123
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          48,042
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          42
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          44
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          222
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px" valign="bottom">
          Interest expense
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          1,311
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          1,144
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          3,945
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          3,689
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          7,947
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          6,154
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          55,223
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          44,575
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px" valign="bottom">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          2,994
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          2,431
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          21,810
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          17,593
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px; padding-bottom: 4.0px" valign="bottom">
          Net income
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          4,953
        </td>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px" valign="bottom">

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          3,723
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          33,413
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          26,982
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          0.47
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          0.35
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3.17
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2.55
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Diluted
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          0.46
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          0.35
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3.15
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2.52
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          10,571
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          10,593
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          10,555
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          10,586
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          10,663
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          10,736
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          10,622
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          10,726
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="7">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>STRAYER EDUCATION, INC.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="7">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="7">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(Amounts in thousands, except share and per share data)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>December 31,</b><br><b>2014</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>September 30,</b><br><b>2015</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom">
          <b>ASSETS</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          162,283
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          86,917
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Tuition receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          16,942
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,064
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px; padding-bottom: 2.0px" valign="bottom">
          Other current assets
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          17,426
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          15,745
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="bottom">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          196,651
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          119,726
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          82,266
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          78,589
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          16,241
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          19,471
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Goodwill
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          5,857
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          5,687
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px; padding-bottom: 4.0px" valign="bottom">
          Total assets
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          307,815
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          230,273
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom">
          <b>LIABILITIES &amp; STOCKHOLDERS' EQUITY</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Accounts payable and accrued expenses
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          43,836
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          44,459
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Income taxes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,286
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,054
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Deferred revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,682
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          11,741
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Other current liabilities
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          281
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px; padding-bottom: 2.0px" valign="bottom">
          Current portion of term loan
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          6,250
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="bottom">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          56,335
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          57,535
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Term loan, less current portion
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          112,500
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px" valign="bottom">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          46,248
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          45,561
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px; padding-bottom: 2.0px" valign="bottom">
          Total liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          215,083
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          103,096
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Commitments and contingencies
        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Common stock, par value $0.01, 20,000,000 shares authorized;
            10,903,341 and 11,028,265 shares issued and outstanding at
            December 31, 2014 and September 30, 2015, respectively
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          109
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          110
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          14,550
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          22,100
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Retained earnings
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          77,985
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          104,967
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px; padding-bottom: 2.0px" valign="bottom">
          Accumulated other comprehensive income
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          88
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px; padding-bottom: 2.0px" valign="bottom">
          Total stockholders' equity
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          92,732
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          127,177
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px; padding-bottom: 4.0px" valign="bottom">
          Total liabilities and stockholders' equity
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          307,815
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          230,273
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="9">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>STRAYER EDUCATION, INC.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="9">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="9">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(Amounts in thousands)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: center; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="bottom" colspan="7">
          <b>For the nine months ended </b>

          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>September 30,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom" colspan="3">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom" colspan="3">
          <b>2015</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Cash flows from operating activities:
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          33,413
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          26,982
        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (210
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (210
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Amortization of deferred rent
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (754
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (417
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Amortization of deferred financing costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          585
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,163
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          15,782
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          13,711
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (514
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (3,358
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Stock-based compensation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          7,058
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          7,576
        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="bottom">
          Tuition receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,813
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (435
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="bottom">
          Other current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (739
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,402
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="bottom">
          Other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          147
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="bottom">
          Accounts payable and accrued expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          10,215
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,023
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="bottom">
          Income taxes payable and income taxes receivable
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          205
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="bottom">
          Deferred revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          8,108
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          8,126
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px; padding-bottom: 2.0px" valign="bottom">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          (12,764
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          (1,949
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px; padding-bottom: 2.0px" valign="bottom">
          Net cash provided by operating activities
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          62,113
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          53,821
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          (4,058
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          (9,587
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px; padding-bottom: 2.0px" valign="bottom">
          Net cash used in investing activities
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          (4,058
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          (9,587
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (2,344
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (118,750
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px; padding-bottom: 2.0px" valign="bottom">
          Payment of deferred financing costs
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          (850
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px; padding-bottom: 2.0px" valign="bottom">
          Net cash used in financing activities
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          (2,344
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          (119,600
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px" valign="bottom">
          Net increase (decrease) in cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          55,711
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (75,366
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px" valign="bottom">
          Cash and cash equivalents - beginning of period
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          94,760
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          162,283
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px" valign="bottom">
          Cash and cash equivalents - end of period
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          150,471
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          86,917
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          583
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          633
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>Strayer Education, Inc.<br>Daniel Jackson<br>Executive Vice
      President and Chief Financial Officer<br>703-713-1862<br><u>daniel.jackson@strayer.edu</u>
    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
