<SEC-DOCUMENT>0001157523-17-000518.txt : 20170216
<SEC-HEADER>0001157523-17-000518.hdr.sgml : 20170216
<ACCEPTANCE-DATETIME>20170216063029
ACCESSION NUMBER:		0001157523-17-000518
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170216
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170216
DATE AS OF CHANGE:		20170216

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:		17616406

	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>a51511316.htm
<DESCRIPTION>STRAYER EDUCATION, INC. 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2017 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </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-size: 18pt; font-family: Times New Roman"></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>

    </p>
    <p style="font-size: 10pt; text-align: center">
      <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): February 16, 2017</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">

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

        </td>
        <td style="text-align: center; width: 32%; padding-left: 0.0px" valign="top">
          <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 style="font-size: 10pt; margin-left:auto;margin-right:auto; margin-bottom: 10.0px; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="text-align: center; width: 40%; padding-left: 0.0px" valign="bottom">
          <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 style="white-space: nowrap; text-align: center; width: 40%; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>20171</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; width: 40%; padding-left: 0.0px" valign="bottom">
          <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 style="text-align: center; width: 40%; padding-left: 0.0px" valign="bottom">
          <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><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-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt">
      <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="white-space: nowrap">
      <b>Item 2.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Results of Operations and Financial Condition.</b>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      On February 16, 2017, Strayer Education, Inc. (the &#8220;Company&#8221; or
      &#8220;Strayer&#8221;) issued a press release announcing its financial results for
      the three months and year ended December 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="font-size: 10pt; text-indent: 30.0px">
      The information contained in Exhibit 99.1 is deemed furnished under this
      Item, and 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.&#160;&#160;
    </p>
    <p style="white-space: nowrap">
      <b>Item 9.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Financial Statements and Exhibits.</b>
    </p>
    <p style="white-space: nowrap; text-indent: 30.0px">
      (a)&#160; Not applicable.
    </p>
    <p style="white-space: nowrap; text-indent: 30.0px">
      (b)&#160; Not applicable.
    </p>
    <p style="white-space: nowrap; text-indent: 30.0px">
      (c)&#160; Not applicable.
    </p>
    <p style="white-space: nowrap; text-indent: 30.0px">
      (d)&#160; Exhibits.
    </p>
    <p style="white-space: nowrap; text-indent: 30.0px">
      The exhibits required by this item are set forth on the Exhibit&#160;Index
      attached hereto.
    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; margin-bottom: 10.0px; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; width: 10%; padding-left: 0.0px" valign="bottom">
          <b>Exhibit</b><br><b>Number</b>
        </td>
        <td style="padding-bottom: 2.0px; text-align: left; width: 2%; padding-left: 0.0px" valign="middle">
          &#160;
        </td>
        <td style="text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; width: 88%; padding-left: 0.0px" valign="bottom">
          <b>Description</b>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: left; width: 10%; padding-right: 0.0px; padding-left: 0.0px" valign="top">
          99.1
        </td>
        <td style="width: 2%">

        </td>
        <td style="text-align: left; width: 88%; padding-left: 0.0px" valign="top">
          Press Release, dated February 16, 2017
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt">
      <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="font-size: 10pt; text-indent: 30.0px">
      <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="font-size: 10pt; text-indent: 30.0px">

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; width: 5%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date:
          </p>
        </td>
        <td style="padding-bottom: 2.0px; white-space: nowrap; text-align: left; width: 45%; padding-right: 0.0px; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            February 16, 2017
          </p>
        </td>
        <td style="padding-bottom: 2.0px; text-align: left; width: 4%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            By:
          </p>
        </td>
        <td style="text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; width: 46%; padding-left: 0.0px" valign="top">
          <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 style="text-align: left; width: 46%; padding-left: 0.0px" valign="top">
          <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 style="text-align: left; width: 46%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Executive Vice President and Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
  </body>
</html>
<!--<!DOCTYPE html
     PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN"
     "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">-->
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51511316ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2017 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <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 Fourth Quarter and Full Year Revenues and
      Earnings; Winter Term 2017 Enrollments</b></font>
    </p>
    <p>
      HERNDON, Va.--(BUSINESS WIRE)--February 16, 2017--Strayer Education,
      Inc. (NASDAQ: STRA) today announced financial results for the three
      months and year ended December 31, 2016. Financial highlights are as
      follows:
    </p>
    <p>
      <b>Three Months Ended December 31</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Revenues increased 5% to $119.3 million, compared to $113.7 million
        for the same period in 2015, principally due to higher enrollment,
        partially offset by lower revenue per student.
      </li>
      <li style="margin-bottom: 10.0px">
        Income from operations was $19.7 million, compared to $21.7 million
        for the same period in 2015, a decrease of 9%. Excluding nonrecurring
        noncash adjustments, income from operations was $18.4 million for the
        three months ended December 31, 2016. Operating margin was 16.5% for
        the fourth quarter, or 15.4% excluding the noncash adjustments,
        compared to 19.1% for the same period in 2015.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income was $11.7 million compared to $13.0 million for the same
        period in 2015, a decrease of 10%. Excluding noncash adjustments, net
        income was $10.5 million for the three months ended December 31, 2016.
      </li>
      <li style="margin-bottom: 10.0px">
        Diluted earnings per share was $1.07, compared to $1.21 for the same
        period in 2015, a decrease of 12%. Excluding noncash adjustments,
        earnings per share was $0.95 for the three months ended December 31,
        2016. Diluted weighted average shares outstanding increased to
        10,971,000 from 10,782,000 for the same period in 2015.
      </li>
    </ul>
    <div style="margin-bottom: 10pt; text-indent: 0pt; width: 100%; margin-right: 0pt; margin-left: 0pt">
      <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>Year Ended December 31</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Revenues increased 2% to $441.1 million, compared to $434.4 million
        for the same period in 2015, principally due to higher average
        enrollment, partially offset by lower revenue per student.
      </li>
      <li style="margin-bottom: 10.0px">
        Income from operations was $57.5 million compared to $69.7 million for
        the same period in 2015, a decrease of 18%. Excluding nonrecurring
        noncash adjustments, income from operations was $54.3 million in 2016
        and $69.3 million in 2015. Operating income margin was 13.0% for the
        year ended December 31, 2016, compared to 16.0% as reported in 2015,
        or 12.3% for 2016 compared to 15.9% for 2015, excluding the noncash
        adjustments.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income was $34.8 million compared to $40.0 million for the prior
        year, a decrease of 13%. Excluding nonrecurring noncash adjustments,
        net income for the year ended December 31, 2016 was $32.3 million,
        compared to $39.8 million for the same period in 2015.
      </li>
      <li style="margin-bottom: 10.0px">
        Diluted earnings per share was $3.21 compared to $3.73 for the year
        ended December 31, 2015, a decrease of 14%. Excluding nonrecurring
        noncash adjustments, diluted earnings per share was $2.98 compared to
        $3.70 for the same period in 2015. Diluted weighted average shares
        outstanding increased to 10,845,000 from 10,740,000 for the same
        period in 2015.
      </li>
    </ul>
    <p>
      <b>Balance Sheet and Cash Flow</b>
    </p>
    <p>
      At December 31, 2016, the Company had cash and cash equivalents of
      $129.2 million and no debt. The Company generated $44.5 million in cash
      from operating activities in 2016, compared to $77.5 million during the
      same period in 2015. Capital expenditures in 2016 were $13.2 million,
      compared to $12.7 million for the same period in 2015.
    </p>
    <p>
      The Company had $70.0 million of share repurchase authorization
      remaining at December 31, 2016. No shares were repurchased in the fourth
      quarter of 2016.
    </p>
    <p>
      For the fourth quarter of 2016, bad debt expense as a percentage of
      revenues was 4.6%, compared to 3.3% for the same period in 2015.
    </p>
    <p>
      <b>Student Enrollment</b>
    </p>
    <p>
      Total enrollments at Strayer University for the winter term 2017
      increased to 43,387 students, from 40,872 students for the winter term
      2016. New student enrollments increased by 8%, and continuing student
      enrollments increased by 6%.
    </p>
    <p>
      <b>Brian Jones Appointed to NACIQI</b>
    </p>
    <p>
      In December 2016, Strayer University President Brian Jones was appointed
      by the Speaker of the U.S. House of Representatives, Paul Ryan, to the
      National Advisory Committee on Institutional Quality and Integrity
      (NACIQI). NACIQI is a public body, composed of 18 appointed members,
      authorized by the U.S. Congress to advise and make recommendations to
      the Secretary of Education regarding matters of accreditation and the
      Secretary's authority to recognize accrediting bodies, and matters
      regarding institutional eligibility for federal financial aid.
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt">
      <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>Common Stock and Common Stock Equivalents</b>
    </p>
    <p>
      At December 31, 2016, the Company had 11,093,489 common shares issued
      and outstanding, including 477,100 shares of restricted stock. The
      Company also had 250,000 restricted stock units outstanding, and 100,000
      vested stock options outstanding.
    </p>
    <p>
      <b>Common Stock Cash Dividend</b>
    </p>
    <p>
      The Company announced today that its Board of Directors had declared a
      regular, quarterly cash dividend of $0.25 per share of common stock.
      This dividend will be paid on March 20, 2017 to shareholders of record
      as of March 6, 2017.
    </p>
    <p>
      <b>Conference Call with Management</b>
    </p>
    <p>
      Strayer Education, Inc. will host a conference call to discuss its
      fourth 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>2017 Annual Meeting of Stockholders</b>
    </p>
    <p>
      The Company announced today that its 2017 Annual Meeting of Stockholders
      will take place on Tuesday, May 2, 2017 at the Company&#8217;s office located
      at 2303 Dulles Station Blvd., Herndon, Virginia 20171. The record date
      for this annual meeting will be March 3, 2017.
    </p>
    <p>
      <b>About Strayer Education, Inc.</b>
    </p>
    <p>
      Strayer Education, Inc.&#160;(NASDAQ: STRA) is an education services holding
      company that owns&#160;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&#160;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.&#160;The
      University includes Strayer@Work, which serves corporate clients by
      delivering the next generation of performance improvement and workforce
      development. Strayer University also offers a Top 25 Princeton
      Review-ranked online executive MBA program and corporate training
      program through its Jack Welch Management Institute. Strayer
      University&#160;is accredited by the&#160;Middle States Commission on Higher
      Education,&#160;3624 Market Street, Philadelphia, PA&#160;19104
      (267-284-5000).&#160;The Middle States Commission on Higher Education&#160;is an
      institutional accrediting agency recognized by the U.S. Secretary of
      Education and the&#160;Council for Higher Education Accreditation.
    </p>
    <p>
      For more information on Strayer University visit <u>www.strayer.edu</u>.
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt">
      <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>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 Title IV programs.
    </p>
    <p>
      For more information on NYCDA visit <u>www.nycda.com</u>.
    </p>
    <p>
      <b>Forward-Looking Statements</b>
    </p>
    <p>
      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 &#8220;Reform Act&#8221;). Such statements may be
      identified by the use of words such as &#8220;expect,&#8221; &#8220;estimate,&#8221; &#8220;assume,&#8221;
      &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;will,&#8221; &#8220;forecast,&#8221; &#8220;plan,&#8221; &#8220;project,&#8221; or
      similar words. The statements are based on the Company&#8217;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&#8217;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&#8217;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="margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt">
      <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 style="font-size: 8pt; margin-bottom: 10.0px; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td colspan="13">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="13" valign="bottom">
          <b>STRAYER EDUCATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="13" valign="bottom">
          <b>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="13" valign="bottom">
          <b>(Amounts in thousands, except per share data)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="5">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="5">

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" colspan="5" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>For the three months ended</b><br><b>December 31,</b>
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" colspan="5" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>For the year ended</b><br><b>December 31,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          <b>2015</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          <b>2016</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          <b>2015</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          <b>2016</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Revenues
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          113,660
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          119,279
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          434,437
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          441,088
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Costs and expenses:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Instruction and educational support
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          59,874
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          64,851
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          234,097
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          241,026
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Marketing
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          17,140
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          17,591
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          70,084
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          79,025
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Admissions advisory
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          4,160
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          4,661
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          16,304
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          17,832
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          General and administration
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          10,830
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          12,522
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          44,254
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          45,733
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          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 style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          92,004
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          99,625
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          364,739
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          383,616
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Income from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          21,656
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          19,654
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          69,698
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          57,472
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          61
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          135
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          283
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          462
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Interest expense
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          161
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          161
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3,850
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          642
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          21,556
        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          19,628
        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          66,131
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          57,292
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          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 style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          8,515
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          7,910
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          26,108
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          22,490
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          Net income
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          13,041
        </td>
        <td style="padding-bottom: 4.0px; text-align: right; padding-left: 0.0px" valign="bottom">

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          11,718
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          40,023
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          34,802
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Earnings per share:
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" colspan="2" valign="bottom">

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1.23
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1.10
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3.78
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3.28
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Diluted
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1.21
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1.07
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3.73
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3.21
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Weighted average shares outstanding:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          10,593
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          10,616
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          10,588
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          10,610
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Diluted
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          10,971
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          10,740
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          10,845
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt">
      <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 style="font-size: 8pt; margin-bottom: 10.0px; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="7" valign="bottom">
          <b>STRAYER EDUCATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="7" valign="bottom">
          <b>UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="7" valign="bottom">
          <b>(Amounts in thousands, except share and per share data)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="5">

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" colspan="5" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>December 31,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          <b>2015</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          <b>2016</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom">
          <b>ASSETS</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Cash and cash equivalents
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          129,245
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Tuition receivable, net
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          20,532
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          Other current assets
        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          10,766
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Total current assets
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          160,543
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          73,124
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          31,096
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Goodwill
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          20,744
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Other assets
        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          13,189
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 20.0px" valign="bottom">
          Total assets
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          298,696
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Accounts payable and accrued expenses
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          41,132
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Income taxes payable
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,883
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Deferred revenue
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          16,691
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          Other current liabilities
        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          133
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          59,839
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          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 style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          47,987
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          50,483
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px" valign="bottom">
          Total liabilities
        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          110,322
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Commitments and contingencies
        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Common stock, par value $0.01, 20,000,000 shares authorized;
            11,027,177 and 11,093,489 shares issued and outstanding at
            December 31, 2015 and 2016, respectively
          </p>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          111
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          35,453
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          Retained earnings
        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          152,810
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px" valign="bottom">
          Total stockholders' equity
        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          188,374
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 20.0px" valign="bottom">
          Total liabilities and stockholders' equity
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          298,696
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt">
      <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 style="font-size: 8pt; margin-bottom: 10.0px; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="9" valign="bottom">
          <b>STRAYER EDUCATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="9" valign="bottom">
          <b>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="9" valign="bottom">
          <b>(Amounts in thousands)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

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

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="7" valign="bottom">
          <b>For the year ended</b>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: center; padding-left: 0.0px" valign="bottom">

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" colspan="3" valign="bottom">
          <b>2015</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" colspan="3" valign="bottom">
          <b>2016</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Cash flows from operating activities:
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          40,023
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          34,802
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Adjustments to reconcile net income to net cash provided by
            operating activities:
          </p>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Amortization of gain on sale of assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (280
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (281
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Amortization of deferred rent
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (345
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (1,441
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Amortization of deferred financing costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,229
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          262
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          18,104
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          17,817
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (4,006
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (8,697
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Stock-based compensation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          10,213
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          10,767
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Changes in assets and liabilities:
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (1,991
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (1,453
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Other current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          4,005
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (3,949
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Other assets
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (1,865
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Accounts payable and accrued expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (752
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (262
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Income taxes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,835
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (408
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Deferred revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          12,465
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          7,018
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px" valign="bottom">
          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 style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (2,974
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (7,800
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 45.0px" valign="bottom">
          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 style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          77,548
        </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 style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          44,510
        </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 style="text-align: left; padding-left: 0.0px" valign="bottom">
          Cash flows from investing activities:
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (12,692
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (13,161
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          Cash used in acquisition, net of cash acquired
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          &#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 style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (7,635
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 45.0px" valign="bottom">
          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 style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (12,692
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (20,796
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (118,750
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (650
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (1,358
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          Payment of deferred financing costs
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (850
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 45.0px" valign="bottom">
          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 style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (120,250
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (1,358
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 45.0px" valign="bottom">
          Net (decrease) increase in cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (55,394
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          22,356
        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          106,889
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          129,245
        </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 style="text-align: left; padding-left: 0.0px" valign="bottom">
          Non-cash transactions:
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          365
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          349
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>Strayer Education, Inc.<br>Daniel Jackson<br>Executive Vice
      President and<br>Chief Financial Officer<br>703-713-1862<br><u>daniel.jackson@strayer.edu</u>
    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
