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

12 Months Ended

Dec. 31, 2017

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

Schedule of restricted stock and restricted stock units activity

		Number of shares or unit		Weighted- average Grant price
Balance, December 31, 2014		524,216		$	115.67
Grants		126,655			61.00
Vested shares		(13,725)			52.94
Forfeitures		(2,819)			115.55
Balance, December 31, 2015		634,327		$	104.66
Grants		188,737			50.63
Vested shares		(23,539)			50.43
Forfeitures		(72,425)			62.41
Balance, December 31, 2016		727,100		$	97.53
Grants		75,140			82.18
Vested shares		(84,908)			66.60
Forfeitures		(1,204)			62.28
Balance, December 31, 2017		716,128		$	99.65

Schedule of stock option activity and other stock option information

							Weighted-
							average
				Weighted-			remaining		Aggregate
		Number of		average			contractual		intrinsic value(1)
		shares		exercise price			life (years)		(in thousands)
Balance, December 31, 2014		100,000		$	51.95		6.0		$	2,233
Grants		—			—
Exercises		—			—
Forfeitures		—			—
Balance, December 31, 2015		100,000		$	51.95		5.1		$	817
Grants		—			—
Exercises		—			—
Forfeitures		—			—
Balance, December 31, 2016		100,000		$	51.95		4.1		$	2,868
Grants		—			—
Exercises		—			—
Forfeitures/Expirations		—			—
Balance, December 31, 2017		100,000		$	51.95		3.1		$	3,763
Exercisable, December 31, 2017		100,000		$	51.95		3.1		$	3,763

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

Summary of number of shares exercisable

The number of shares exercisable as of December 31, 2015, 2016, and 2017 are as follows:

		Number of		Weighted-average
		Shares		exercise price
Exercisable, December 31, 2015		100,000		$	51.95
Exercisable, December 31, 2016		100,000		$	51.95
Exercisable, December 31, 2017		100,000		$	51.95

Schedule of stock-based compensation expense

The following table sets forth the amount of stock-based compensation expense recorded in each of the expense line items for the years ended December 31, 2015, 2016, and 2017 (in thousands):

		2015			2016			2017
Instruction and educational support		$	2,134		$	1,432		$	1,943
Marketing			—			—			—
Admissions advisory			—			—			—
General and administration			8,079			9,335			9,684
Stock-based compensation expense included in operating expense			10,213			10,767			11,627
Tax benefit			4,032			4,256			4,593
Stock-based compensation expense, net of tax		$	6,181		$	6,511		$	7,034

Schedule of information regarding share-based payment arrangements

The following table summarizes information regarding share-based payment arrangements for the years ended December 31, 2015, 2016, and 2017 (in thousands):

		2015			2016			2017
Proceeds from stock options exercised		$	—		$	—		$	—
Tax (shortfall) windfall related to share-based payment arrangements		$	(24)		$	(51)		$	562
Intrinsic value of stock options exercised		$	—		$	—		$	—

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- Definition

Tabular disclosure of cash received from exercise of stock options and similar instruments granted under share-based payment arrangements and tax benefit from exercise of stock options.

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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

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

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for exercisable or convertible options that are fully vested and expected to vest. Includes, but is not limited to, unvested options for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur.

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