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

12 Months Ended

Dec. 31, 2016

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

Schedule of restricted stock and restricted stock units activity

		Number of shares or units		Weighted- average Grant price
Balance, December 31, 2013		487,773		$	131.51
Grants		108,606			38.95
Vested shares		(69,434)			158.97
Forfeitures		(2,729)			93.44
Balance, December 31, 2014		524,216		$	115.67
Grants		126,655			61.00
Vested shares		(13,725)			52.94
Forfeitures		(2,819)			115.55
Balance, December 31, 2015		634,327		$	104.66
Grants		188,737			50.63
Vested shares		(23,539)			50.43
Forfeitures		(72,425)			62.41
Balance, December 31, 2016		727,100		$	97.53

Schedule of stock option activity and other stock option information

							Weighted-
							average
				Weighted-			remaining		Aggregate
		Number of		average			contractual		intrinsic value(1)
		shares		exercise price			life (years)		(in thousands)
Balance, December 31, 2013		100,000		$	51.95		7.0		$	—
Grants		—			—
Exercises		—			—
Forfeitures		—			—
Balance, December 31, 2014		100,000		$	51.95		6.0		$	2,233
Grants		—			—
Exercises		—			—
Forfeitures		—			—
Balance, December 31, 2015		100,000		$	51.95		5.1		$	817
Grants		—			—
Exercises		—			—
Forfeitures/Expirations		—			—
Balance, December 31, 2016		100,000		$	51.95		4.1		$	2,868
Exercisable, December 31, 2016		100,000		$	51.95		4.1		$	2,868

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

Summary of number of shares exercisable

The number of shares exercisable as of December 31, 2014, 2015 and 2016 are as follows:

		Number of		Weighted-average
		shares		exercise price
Exercisable, December 31, 2014		—		$	51.95
Exercisable, December 31, 2015		100,000		$	51.95
Exercisable, December 31, 2016		100,000		$	51.95

Schedule of stock-based compensation expense

The following table sets forth the amount of stock-based compensation expense recorded in each of the expense line items for the years ended December 31, 2014, 2015 and 2016 (in thousands):

		2014			2015			2016
Instruction and educational support		$	1,736		$	2,134		$	1,432
Marketing			—			—			—
Admissions advisory			—			—			—
General and administration			7,717			8,079			9,335
Stock-based compensation expense included in operating expense			9,453			10,213			10,767
Tax benefit			3,734			4,032			4,256
Stock-based compensation expense, net of tax		$	5,719		$	6,181		$	6,511

Schedule of information regarding share-based payment arrangements

The following table summarizes information regarding share-based payment arrangements for the years ended December 31, 2014, 2015 and 2016 (in thousands):

		2014			2015			2016
Proceeds from stock options exercised		$	—		$	—		$	—
Tax shortfall related to share-based payment arrangements		$	(2,039)		$	(24)		$	(51)
Intrinsic value of stock options exercised		$	—		$	—		$	—

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

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

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

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

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

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