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Stock Options, Restricted Stock and Restricted Stock Units (Tables)

12 Months Ended

Dec. 31, 2015

Stock Options, Restricted Stock and Restricted Stock Units [Abstract]

Schedule of restricted stock and restricted stock units activity

			Number of shares					Weighted-average grant price
Balance, December 31, 2012			434,439					$	178.88
Grants			225,741						57.90
Vested shares			(51,916	)					164.22
Forfeitures			(120,491	)					140.30
Balance, December 31, 2013			487,773					$	131.51
Grants			108,606						38.95
Vested shares			(69,434	)					158.97
Forfeitures			(2,729	)					93.44
Balance, December 31, 2014			524,216					$	115.67
Grants			126,655						61.00
Vested shares			(13,725	)					52.94
Forfeitures			(2,819	)					115.55
Balance, December 31, 2015			634,327					$	104.66

Schedule of stock option activity and other stock option information

		Number of shares					Weighted-average exercise price					Weighted- average remaining contractual life (years)				Aggregate intrinsic value(1) (in thousands)
Balance, December 31, 2012		100,000					$	107.28				0.1				$	—
Grants		100,000						51.95
Exercises		—						—
Forfeitures		(100,000	)					107.28
Balance, December 31, 2013		100,000					$	51.95				7.0				$	—
Grants		—						—
Exercises		—						—
Forfeitures		—						—
Balance, December 31, 2014		100,000					$	51.95				6.0				$	2,233
Grants		—						—
Exercises		—						—
Forfeitures/Expirations		—						—
Balance, December 31, 2015		100,000					$	51.95				5.1				$	817
Exercisable, December 31, 2015		100,000					$	51.95				5.1				$	817

____________

(1)  The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the respective trading day and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holder had all options been exercised on the respective trading day. The amount of intrinsic value will change based on the fair market value of the Company’s common stock.

Summary of number of shares exercisable

		Number of shares				Weighted- average exercise price
Exercisable, December 31, 2013			-			$	51.95
Exercisable, December 31, 2014			-			$	51.95
Exercisable, December 31, 2015			100,000			$	51.95

Schedule of stock-based compensation expense

		2013				2014				2015
Instruction and educational support		$	1,976			$	1,736			$	2,134
Marketing			–				–				–
Admissions advisory			–				–				–
General and administration			7,315				7,717				8,079
Stock-based compensation expense included in operating expense			9,291				9,453				10,213
Tax benefit			3,698				3,734				4,032
Stock-based compensation expense, net of tax		$	5,593			$	5,719			$	6,181

Schedule of information regarding share-based payment arrangements

				2013						2014						2015
Proceeds from stock options exercised				$	—					$	—					$	—
Tax shortfall related to share-based payment arrangements				$	(3,567	)				$	(2,039	)				$	(24	)
Intrinsic value of stock options exercised				$	—					$	—					$	—

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Tabular disclosure of the amount of cash proceeds received from the exercise of stock options and similar instruments granted under share-based payment arrangements and the tax benefit realized from stock options exercised during the period. Disclosure may also include the intrinsic value of stock options exercised during the period.

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Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

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Tabular disclosure of the changes in outstanding nonvested restricted stock units.

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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.

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Tabular disclosure of the following for fully vested share options (or share units) and share options expected to vest at the date of the latest statement of financial position: the number, weighted-average exercise price (or conversion ratio), aggregate intrinsic value (except for nonpublic entities), and weighted-average remaining contractual term of options (or share units) currently exercisable (or convertible).

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