<SEC-DOCUMENT>0001157523-16-005449.txt : 20160504
<SEC-HEADER>0001157523-16-005449.hdr.sgml : 20160504
<ACCEPTANCE-DATETIME>20160504063027
ACCESSION NUMBER:		0001157523-16-005449
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160503
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Submission of Matters to a Vote of Security Holders
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160504
DATE AS OF CHANGE:		20160504

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:		161617340

	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>a51334614.htm
<DESCRIPTION>STRAYER EDUCATION, INC. 8-K
<TEXT>
<html>
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    <title></title>
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  </head>
  <body style="font-family: Times New Roman; font-size: 10pt">
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-size: 18pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><b><font style="font-size: 18pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 18pt"></font><font style="font-size: 18pt; font-family: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><font style="font-size: 12pt; font-family: Times New Roman"><b>Washington,
      D.C. 20549</b></font><br><br>
    </p>
    <p style="text-align: center">
      <font style="font-size: 18pt; font-family: Times New Roman"><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-size: 10pt; font-family: Times New Roman"><b>
      Date of report (Date of earliest event reported): May 3, 2016</b></font><br><br><br><font style="font-size: 24pt"><b>Strayer
      Education, Inc.</b></font><br><font style="font-size: 8pt; font-family: Times New Roman"><b>(Exact
      name of registrant as specified in its charter)</b></font><br>
    </p>
    <p style="text-align: center">
      <br>

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

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 32%">
          <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 cellspacing="0" style="font-size: 10pt; margin-left:auto;margin-right:auto; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 40%">
          <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 valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 40%; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>20171</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 40%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><font style="font-size: 10pt; font-family: Times New Roman"><b>(Address
            of principal executive offices)</b></font></i>
          </p>
        </td>
        <td style="width: 20%">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 40%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><font style="font-size: 10pt; font-family: Times New Roman"><b>(Zip
            Code)</b></font></i>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <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><br>
    </p>
    <p>

    </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-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p style="text-align: justify">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">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-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">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-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">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-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-bottom: 10pt">
      <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="height: 1.5pt; color: black">

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

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

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 13%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Item 2.02.</b>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 87%">
          <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; font-size: 10pt">
      On May 4, 2016, Strayer Education, Inc. (the &#8220;Company&#8221;) issued a press
      release announcing its financial results for the quarter ended March 31,
      2016.&#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; font-size: 10pt">
      The information furnished under this Item 2.02, including Exhibit 99.1,
      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; font-size: 10pt">

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 13%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Item 5.07.</b>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 87%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Submission of Matters to a Vote of Security Holders.</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-indent: 60.0px">
      The Company held its 2016 Annual Meeting of Stockholders on May 3,
      2016.&#160;&#160;There were 11,153,979 shares of common stock eligible to be voted
      at the Annual Meeting and 10,330,717 shares were presented in person or
      represented by proxy at the meeting which constituted a quorum to
      conduct business.
    </p>
    <p style="text-indent: 60.0px">
      There were three proposals submitted to the Company&#8217;s stockholders at
      the Annual Meeting.&#160;&#160;All proposals were passed.&#160;&#160;The final results of
      voting on each of the proposals are as follows:
    </p>
    <p style="text-indent: 60.0px">

    </p>
    <p>
      <i>Proposal 1: Elect nine directors to the Board of Directors.</i>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; width: 24%">
          <b>Nominee</b>
        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px; width: 1%">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; width: 18%">
          <b>Votes For</b>
        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px; width: 1%">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; width: 18%">
          <b>Votes Against</b>
        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px; width: 1%">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; width: 18%">
          <b>Abstain</b>
        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px; width: 1%">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; width: 18%">
          <b>Broker Non-Vote</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; width: 24%">
          Robert S. Silberman
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          9,663,928
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          196,686
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          3,407
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          466,696
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; width: 24%">
          Dr. John T. Casteen, III
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          9,576,555
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          273,224
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          14,242
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          466,696
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; width: 24%">
          Dr. Charlotte F. Beason
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          9,596,181
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          264,432
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          3,408
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          466,696
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; width: 24%">
          William E. Brock
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          9,786,737
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          72,297
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          4,987
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          466,696
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; width: 24%">
          Robert R. Grusky
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          9,788,751
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          69,851
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          5,419
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          466,696
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; width: 24%">
          Karl McDonnell
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          9,780,926
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          67,708
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          15,387
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          466,696
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; width: 24%">
          Todd A. Milano
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          9,594,491
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          264,543
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          4,987
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          466,696
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; width: 24%">
          G. Thomas Waite, III
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          9,607,819
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          240,815
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          15,387
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          466,696
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; width: 24%">
          J. David Wargo
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          9,362,803
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          496,099
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          5,119
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 18%; white-space: nowrap">
          466,696
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      <i>Proposal 2: Ratify the appointment of PricewaterhouseCoopers LLP as
      the Company&#8217;s independent registered public accounting firm for the
      fiscal year ending December&#160;31, 2016.</i>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; width: 25%">
          <b>Votes For</b>
        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px; width: 1%">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; width: 24%">
          <b>Votes Against</b>
        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px; width: 1%">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; width: 24%">
          <b>Abstain</b>
        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px; width: 1%">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; width: 24%">
          <b>Broker Non-Vote</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 25%; white-space: nowrap">
          10,288,598
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 24%; white-space: nowrap">
          41,231
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 24%; white-space: nowrap">
          888
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 24%; white-space: nowrap">
          0
        </td>
      </tr>
    </table>
    </div>
    <p style="white-space: nowrap">

    </p>
    <p style="white-space: nowrap">
      <i>Proposal 3:&#160;&#160;Approval on an advisory basis of the compensation of the
      named executive officers.</i>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; width: 25%">
          <b>Votes For</b>
        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px; width: 1%">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; width: 24%">
          <b>Votes Against</b>
        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px; width: 1%">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; width: 24%">
          <b>Abstain</b>
        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px; width: 1%">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; width: 24%">
          <b>Broker Non-Vote</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 25%; white-space: nowrap">
          7,368,154
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 24%; white-space: nowrap">
          2,480,616
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 24%; white-space: nowrap">
          15,251
        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; width: 24%; white-space: nowrap">
          466,696
        </td>
      </tr>
    </table>
    </div>
    <p style="white-space: nowrap">

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 13%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Item 9.01.</b>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 87%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Financial Statements and Exhibits.</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td valign="top" colspan="4" style="padding-left: 25.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (d) Exhibits.
          </p>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left; width: 13%">

        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td style="width: 58%">

        </td>
        <td style="width: 27%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: left; width: 13%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Exhibit Number</b>
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; width: 58%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Description</b>
          </p>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; width: 27%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 13%">

        </td>
        <td style="width: 2%">

        </td>
        <td style="width: 58%">

        </td>
        <td style="width: 27%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; width: 13%; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            99.1
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 58%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press Release, dated May 4, 2016
          </p>
        </td>
        <td style="width: 27%">

        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-bottom: 10pt">
      <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="height: 1.5pt; color: black">

        </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-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <font style="font-size: 10pt; font-family: Times New Roman">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 cellspacing="0" style="font-size: 10pt; margin-left:auto;margin-right:auto; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td style="width: 5%">

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

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

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

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px; width: 5%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date:
          </p>
        </td>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; padding-bottom: 2.0px; width: 45%; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            May 4, 2016
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px; width: 4%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            By:
          </p>
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: left; width: 46%">
          <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 valign="top" style="padding-left: 0.0px; text-align: left; width: 46%">
          <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 valign="top" style="padding-left: 0.0px; text-align: left; width: 46%">
          <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>
</html>
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     "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">-->
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51334614_ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2016 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 8pt">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Strayer
      Education, Inc. Reports First Quarter Revenues and Earnings; Spring Term
      2016 Enrollments</b></font>
    </p>
    <p>
      HERNDON, Va.--(BUSINESS WIRE)--May 4, 2016--Strayer Education, Inc.
      (Nasdaq: STRA) today announced financial results for the three months
      ended March 31, 2016. Financial highlights are as follows:
    </p>
    <p>
      <b>Three Months Ended March 31</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Revenues for the three months ended March 31, 2016 decreased 1% to
        $111.2 million, compared to $111.9 million for the same period in
        2015, principally due to lower revenue per student, partially offset
        by higher enrollment.
      </li>
      <li style="margin-bottom: 10.0px">
        Income from operations was $20.1 million for the three months ended
        March 31, 2016, compared to $19.9 million for the same period in 2015,
        an increase of 1%. Income from operations in the first quarter of 2016
        and 2015 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 $18.5 million and $19.7 million for the three
        months ended March 31, 2016 and 2015, respectively. Operating margin
        was 18.1% for the first quarter, compared to 17.7% for the same period
        in 2015, or 16.6% for the first quarter 2016, compared to 17.6% for
        the first quarter 2015, when excluding the non-cash adjustments.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income was $12.4 million for the first quarter of 2016, compared
        to $11.4 million for the same period in 2015, an increase of 9%.
        Excluding non-cash adjustments to the Company&#8217;s liability for losses
        on facilities no longer in use, net income was $11.4 million for the
        first quarter 2016, compared to $11.3 million for the same period in
        2015.
      </li>
      <li style="margin-bottom: 10.0px">
        Diluted earnings per share was $1.15 for the first quarter 2016,
        compared to $1.06 from the same period in 2015. Excluding non-cash
        adjustments to the Company&#8217;s liability for losses on facilities no
        longer in use, diluted earnings per share was $1.06 for the first
        quarter 2016 compared to $1.05 for the same period in 2015.
      </li>
    </ul>
    <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; width: 100%; margin-bottom: 10pt">
      <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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <p>
      <b>Balance Sheet and Cash Flow</b>
    </p>
    <p>
      At March 31, 2016, the Company had cash and cash equivalents of $117.5
      million and no debt. The Company generated $14.7 million in cash from
      operating activities in the first quarter of 2016, compared to $30.7
      million during the same period in 2015. Capital expenditures in the
      first quarter of 2016 were $2.0 million, compared to $2.8 million for
      the same period in 2015.
    </p>
    <p>
      The Company had $70.0 million of share repurchase authorization
      remaining at March 31, 2016. No shares were repurchased in the first
      quarter of 2016.
    </p>
    <p>
      For the first quarter of 2016, bad debt expense as a percentage of
      revenues was 2.8%, compared to 3.1% for the same period in 2015.
    </p>
    <p>
      <b>Student Enrollment</b>
    </p>
    <p>
      Total enrollments at Strayer University for the spring term 2016
      increased to 41,029 students, from 40,875 students for the spring term
      2015. New student enrollments decreased by 7%, and continuing student
      enrollments increased by 2%.
    </p>
    <p>
      <b>Stock-based Compensation Activity</b>
    </p>
    <p>
      In February 2016, the Company&#8217;s Board of Directors approved grants of
      restricted stock to certain individuals under the Company&#8217;s 2015 Equity
      Compensation Plan. The Company granted a total of approximately 177,000
      shares of restricted stock and restricted stock units, most of which
      vest over a four year period. The Company&#8217;s stock price closed at $50.67
      on the date of these restricted stock grants.
    </p>
    <p>
      <b>Common Stock and Common Stock Equivalents</b>
    </p>
    <p>
      At March 31, 2016, the Company had 11,153,979 common shares issued and
      outstanding, including 554,541 shares of restricted stock. The Company
      also had 250,000 restricted stock units outstanding, and 100,000 vested
      stock options outstanding.
    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-bottom: 10pt">
      <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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <p>
      <b>Conference Call with Management</b>
    </p>
    <p>
      Strayer Education, Inc. will host a conference call to discuss its first
      quarter 2016 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. (NASDAQ: STRA) is an education services holding
      company that owns Strayer University and the New York Code and Design
      Academy. For more information on Strayer Education, Inc. visit <u>www.strayereducation.com</u>.
    </p>
    <p>
      <b>About Strayer University</b>
    </p>
    <p>
      Founded in 1892, Strayer University is a proprietary institution of
      higher learning that offers undergraduate and graduate degree programs
      in business administration, accounting, information technology,
      education, health services administration, nursing, public
      administration, and criminal justice, to working adult students. 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 Jack Welch Management Institute.
      Strayer University is accredited by the Middle States Commission on
      Higher Education, 3624 Market Street, Philadelphia, PA 19104.
      (267-284-5000). The Middle States Commission on Higher Education is an
      institutional accrediting agency recognized by the U.S. Secretary of
      Education and the Council for Higher Education Accreditation.
    </p>
    <p>
      For more information on Strayer University visit <u>www.strayer.edu</u>.
    </p>
    <p>
      <b>About New York Code and Design Academy</b>
    </p>
    <p>
      New York Code and Design Academy (NYCDA) is a New York City-based
      provider of non-degree web and mobile app development courses. NYCDA
      courses are delivered primarily on-ground to students seeking to further
      their career in software application development. NYCDA does not
      participate in the Federal Title IV lending program.
    </p>
    <p>
      For more information on NYCDA visit <u>www.nycda.com</u>.
    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-bottom: 10pt">
      <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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <p>
      <b>Forward-Looking Statements</b>
    </p>
    <p style="text-align: left">
      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, 2015 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="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="7" style="padding-left: 0.0px; text-align: center">
          <b>STRAYER EDUCATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="7" style="padding-left: 0.0px; text-align: center">
          <b>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="7" style="padding-left: 0.0px; text-align: center">
          <b>(Amounts in thousands, except per share data)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="padding-left: 0.0px; text-align: center">
          <b>For the three months ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center">
          <b>March 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap">
          <b>2015</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; padding-bottom: 2.0px">

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap">
          <b>2016</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Revenues
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          111,885
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          111,166
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Costs and expenses:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Instruction and educational support
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          59,697
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          58,098
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Marketing
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          16,681
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          18,298
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Admissions advisory
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          3,993
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          4,349
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left; padding-bottom: 2.0px">
          General and administration
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          11,655
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          10,329
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Total costs and expenses
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          92,026
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          91,074
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Income from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          19,859
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          20,092
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          78
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          100
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Interest expense
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          1,273
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          160
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          18,664
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          20,032
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          7,279
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          7,612
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left; padding-bottom: 4.0px">
          Net income
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap">
          11,385
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap">
          12,420
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Earnings per share:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Basic
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1.08
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1.17
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Diluted
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1.06
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1.15
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Weighted average shares outstanding:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          10,579
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          10,596
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          10,738
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          10,782
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-bottom: 10pt">
      <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="height: 1.5pt; color: black">

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

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

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="7" style="padding-left: 0.0px; text-align: center">
          <b>STRAYER EDUCATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="7" style="padding-left: 0.0px; text-align: center">
          <b>UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="7" style="padding-left: 0.0px; text-align: center">
          <b>(Amounts in thousands, except share and per share data)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center">
          <b>December 31, 2015</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center">
          <b>March 31, 2016</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center">
          <b>ASSETS</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          106,889
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          117,498
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Tuition receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          18,519
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          18,613
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left; padding-bottom: 2.0px">
          Other current assets
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          6,944
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          8,383
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          132,352
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          144,494
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          77,139
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          74,954
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          26,449
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          22,930
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Goodwill
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          21,042
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Other assets
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          5,694
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          14,276
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left; padding-bottom: 4.0px">
          Total assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap">
          248,434
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap">
          277,696
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center">
          <b>LIABILITIES &amp; STOCKHOLDERS&#8217; EQUITY</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Accounts payable and accrued expenses
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          42,253
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          38,108
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Income taxes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2,684
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          7,231
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Deferred revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          12,373
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          16,868
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left; padding-bottom: 2.0px">
          Other current liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          281
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          281
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          57,591
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          62,488
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          47,987
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          57,091
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left; padding-bottom: 2.0px">
          Total liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          105,578
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          119,579
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Commitments and contingencies
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Stockholders&#8217; equity:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Common stock, par value $0.01; 20,000,000 shares authorized;
          11,027,177 and 11,153,979 shares issued and outstanding at December
          31, 2015 and March 31, 2016, respectively
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          110
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          112
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          24,738
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          27,577
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left; padding-bottom: 2.0px">
          Retained earnings
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          118,008
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          130,428
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left; padding-bottom: 2.0px">
          Total stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          142,856
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          158,117
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left; padding-bottom: 4.0px">
          Total liabilities and stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap">
          248,434
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap">
          277,696
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-bottom: 10pt">
      <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="height: 1.5pt; color: black">

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

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

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="9" style="padding-left: 0.0px; text-align: center">
          <b>STRAYER EDUCATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="9" style="padding-left: 0.0px; text-align: center">
          <b>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="9" style="padding-left: 0.0px; text-align: center">
          <b>(Amounts in thousands)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="7" style="padding-left: 0.0px; text-align: center">
          <b>For the Three Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="7" style="border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center">
          <b>March 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; padding-bottom: 2.0px">

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap">
          <b>2015</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; padding-bottom: 2.0px">

        </td>
        <td valign="bottom" colspan="3" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; white-space: nowrap">
          <b>2016</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Cash flows from operating activities:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Net income
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          11,385
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          12,420
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Adjustments to reconcile net income to net cash provided by
          operating activities:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Amortization of gain on sale of assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (71
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (71
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Amortization of deferred rent
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (279
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (52
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Amortization of deferred financing costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          195
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          66
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          4,713
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          4,425
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (426
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (633
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Stock-based compensation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2,451
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2,891
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Changes in assets and liabilities:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left">
          Tuition receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,914
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          717
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2,573
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (1,440
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left">
          Other assets
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (2,983
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left">
          Accounts payable and accrued expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (983
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (4,335
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left">
          Income taxes payable and income taxes receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          7,547
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          4,620
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2,504
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,435
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left; padding-bottom: 2.0px">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          (831
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          (2,380
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 35.0px; text-align: left; padding-bottom: 2.0px">
          Net cash provided by operating activities
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          30,692
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          14,680
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (2,834
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (2,031
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Cash used in acquisition, net of cash acquired
          </p>
        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          (1,635
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 35.0px; text-align: left; padding-bottom: 2.0px">
          Net cash used in investing activities
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          (2,834
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          (3,666
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (1,562
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px">
          Payment of contingent consideration
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          (300
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          (405
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 35.0px; text-align: left; padding-bottom: 2.0px">
          Net cash used in financing activities
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          (1,862
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          (405
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 35.0px; text-align: left">
          Net increase in cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          25,996
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          10,609
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Cash and cash equivalents &#8212; beginning of period
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          162,283
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: right; white-space: nowrap">
          106,889
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          Cash and cash equivalents &#8212; end of period
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap">
          188,279
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; border-bottom-style: double; text-align: right; white-space: nowrap">
          117,498
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          724
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          91
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Changes in contingent consideration related to acquisitions
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          14,625
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </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>
    <p>

    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
