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Other Employee Benefit Plans
 12 Months Ended
Dec. 31, 2015
Other Employee Benefit Plans [Abstract]  
Other Employee Benefit Plans

9.     Other Employee Benefit Plans

The Company has a 401(k) plan covering all eligible employees of the Company. Effective January 1, 2016, participants may contribute up to $18,000 of their base compensation annually. Employee contributions are voluntary. Discretionary contributions were made by the Company matching 50% of employee deferrals up to a maximum of 3% of the employee’s annual salary. The Company’s contributions, which vest immediately, totaled $1.1 million, $0.9 million and $1.1 million for the years ended December 31, 2013, 2014, and 2015, respectively.

In May 1998, the Company adopted the Strayer Education, Inc. Employee Stock Purchase Plan (“ESPP”). Under the ESPP, eligible employees may purchase shares of the Company’s common stock, subject to certain limitations, at 90% of its market value at the date of purchase. Purchases are limited to 10% of an employee’s eligible compensation. The aggregate number of shares of common stock that may be made available for purchase by participating employees under the ESPP is 2,500,000 shares. Shares purchased in the open market for employees for the years ended December 31, 2013, 2014, and 2015 were as follows:

 

 

 

 

Shares
purchased

 

 

 

Average price
per share

2013

 

 

 

8,911

 

 

 

$

42.27

2014

 

 

 

5,872

 

 

 

$

44.55

2015

 

 

 

5,136

 

 

 

$

49.10