Long Term Debt	12 Months Ended
Dec. 31, 2015
Long Term Debt [Abstract]
Long Term Debt	6. Long Term Debt On July 2, 2015, the Company entered into an amended credit facility (the “Amended Credit Facility”) which provides for a revolving line of credit (the “Revolver”) up to $150.0 million and provides the Company with an option, under certain conditions, to increase the commitments under the Revolver or establish one or more incremental term loans in an amount up to $50 million in the aggregate in the future. The maturity date of the Amended Credit Facility is July 2, 2020. The Amended Credit Facility replaced the Company’s prior credit agreement (the “Prior Credit Agreement”), dated November 8, 2012, which had provided for both a term loan and revolving line of credit and an original maturity date of December 31, 2016. All amounts outstanding under the Prior Credit Agreement were repaid upon execution of the Amended Credit Facility. The Company paid approximately $0.9 million in debt financing costs associated with the Amended Credit Facility. Borrowings under the Revolver will bear interest at a per annum rate equal to, at the Company’s election, LIBOR or a base rate, plus a margin ranging from 1.75% to 2.25% (as compared to 2.00% to 2.50% under the Prior Credit Agreement), depending on the Company’s leverage ratio. The Company also is subject to a quarterly unused commitment fee ranging from 0.25% to 0.35% per annum (as compared to 0.30% to 0.40% per annum under the Prior Credit Agreement), depending on the Company’s leverage ratio, times the daily unused amount under the Revolver. All other remaining terms of the Prior Credit Agreement remain in full force and effect. The Amended Credit Facility is guaranteed by the University and is secured by substantially all of the personal property and assets of the Company and the guarantor. The Amended Credit Facility contains customary affirmative and negative covenants, representations, warranties, events of default and remedies upon default, including acceleration and rights to foreclose on the collateral securing the Amended Credit Facility. In addition, as with the Prior Credit Agreement, the Amended Credit Facility requires that the Company satisfy certain financial maintenance covenants, including: • A leverage ratio of not greater than 2 to 1. Leverage ratio is defined as the ratio of total debt to trailing four-quarter EBITDA (earnings before interest, taxes, depreciation, amortization and non-cash charges such as stock-based compensation). • A coverage ratio of not less than 1.75 to 1. Coverage ratio is defined as the ratio of trailing four-quarter EBITDA and rent expense to trailing four-quarter interest and rent expense. • A Department of Education Financial Responsibility Composite Score of not less than 1.5. The Company was in compliance with all the terms of the Amended Credit Facility at December 31, 2015. During the years ended December 31, 2014 and 2015, the Company paid cash interest of $4.4 million and $2.4 million, respectively. The Company’s average annual interest rate, including non-cash charges for the amortization of debt financing costs, was 4.3% in 2014, and 4.3% in 2015 during the period in which the Company had debt outstanding. The Company had no outstanding balance under Revolver as of December 31, 2015. Interest Rate Swap Under the Prior Credit Agreement, the Company was party to an interest rate swap on the outstanding term loan balance in order to minimize the interest rate exposure on the balance of the term loan facility (the “Swap”). The Swap effectively fixed the variable interest rate on the associated term loan at a rate ranging from 2.85% to 3.35%, depending on the Company’s leverage ratio, rather than being subject to fluctuations in the LIBOR rate. The term of the Swap effectively matched the term of the underlying term loan facility. The Swap was designated as a cash flow hedge and was deemed effective in accordance with the Derivatives and Hedging Topic, ASC 815. The fair value of the Swap was included in other assets in the Company’s consolidated balance sheets, and was settled in full at the time of the payoff of the term loan under the Prior Credit Agreement.

Long Term Debt

12 Months Ended

Dec. 31, 2015

6. Long Term Debt

On July 2, 2015, the Company entered into an amended credit facility (the “Amended Credit Facility”) which provides for a revolving line of credit (the “Revolver”) up to $150.0 million and provides the Company with an option, under certain conditions, to increase the commitments under the Revolver or establish one or more incremental term loans in an amount up to $50 million in the aggregate in the future. The maturity date of the Amended Credit Facility is July 2, 2020. The Amended Credit Facility replaced the Company’s prior credit agreement (the “Prior Credit Agreement”), dated November 8, 2012, which had provided for both a term loan and revolving line of credit and an original maturity date of December 31, 2016. All amounts outstanding under the Prior Credit Agreement were repaid upon execution of the Amended Credit Facility. The Company paid approximately $0.9 million in debt financing costs associated with the Amended Credit Facility.

Borrowings under the Revolver will bear interest at a per annum rate equal to, at the Company’s election, LIBOR or a base rate, plus a margin ranging from 1.75% to 2.25% (as compared to 2.00% to 2.50% under the Prior Credit Agreement), depending on the Company’s leverage ratio. The Company also is subject to a quarterly unused commitment fee ranging from 0.25% to 0.35% per annum (as compared to 0.30% to 0.40% per annum under the Prior Credit Agreement), depending on the Company’s leverage ratio, times the daily unused amount under the Revolver.

All other remaining terms of the Prior Credit Agreement remain in full force and effect. The Amended Credit Facility is guaranteed by the University and is secured by substantially all of the personal property and assets of the Company and the guarantor. The Amended Credit Facility contains customary affirmative and negative covenants, representations, warranties, events of default and remedies upon default, including acceleration and rights to foreclose on the collateral securing the Amended Credit Facility. In addition, as with the Prior Credit Agreement, the Amended Credit Facility requires that the Company satisfy certain financial maintenance covenants, including:

• A leverage ratio of not greater than 2 to 1. Leverage ratio is defined as the ratio of total debt to trailing four-quarter EBITDA (earnings before interest, taxes, depreciation, amortization and non-cash charges such as stock-based compensation).

• A coverage ratio of not less than 1.75 to 1. Coverage ratio is defined as the ratio of trailing four-quarter EBITDA and rent expense to trailing four-quarter interest and rent expense.

• A Department of Education Financial Responsibility Composite Score of not less than 1.5.

The Company was in compliance with all the terms of the Amended Credit Facility at December 31, 2015.

During the years ended December 31, 2014 and 2015, the Company paid cash interest of $4.4 million and $2.4 million, respectively. The Company’s average annual interest rate, including non-cash charges for the amortization of debt financing costs, was 4.3% in 2014, and 4.3% in 2015 during the period in which the Company had debt outstanding. The Company had no outstanding balance under Revolver as of December 31, 2015.

Interest Rate Swap

Under the Prior Credit Agreement, the Company was party to an interest rate swap on the outstanding term loan balance in order to minimize the interest rate exposure on the balance of the term loan facility (the “Swap”). The Swap effectively fixed the variable interest rate on the associated term loan at a rate ranging from 2.85% to 3.35%, depending on the Company’s leverage ratio, rather than being subject to fluctuations in the LIBOR rate. The term of the Swap effectively matched the term of the underlying term loan facility. The Swap was designated as a cash flow hedge and was deemed effective in accordance with the Derivatives and Hedging Topic, ASC 815. The fair value of the Swap was included in other assets in the Company’s consolidated balance sheets, and was settled in full at the time of the payoff of the term loan under the Prior Credit Agreement.