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Revenue Recognition (Tables)
 3 Months Ended
Mar. 31, 2018
Schedule of graduation fund liability

The table below presents activity in the contract liability related to the Graduation Fund for the three months ended March 31, 2017 and 2018 (in thousands):

 

 

 

 

 

 

 

 

 

 

 

    

March 31,

 

    

March 31,

 

 

 

2017

 

    

2018

 

Balance at beginning of period

 

$

29,499

 

    

$

37,400

 

Revenue deferred

 

 

5,702

 

 

 

5,885

 

Benefit redeemed

 

 

(3,563)

 

 

 

(4,967)

 

Balance at end of period

 

$

31,638

 

 

$

38,318

 

 

Accounting Standards Update 2014-09  
Summary of impact of ASU adoption

 

 

 

 

 

 

 

 

 

 

 

 

For the Period Ended March 31, 2018

 

    

As Reported

    

Balances without Adoption of ASC 606

 

Effect of Change Higher/(Lower)

Income Statement

 

 

 

 

 

 

 

 

 

Revenues

 

$

116,469

 

$

116,338

 

$

131

Instruction and educational support expense

 

 

63,776

 

 

63,584

 

 

192

Provision for income taxes

 

 

2,150

 

 

2,167

 

 

(17)

Net income

 

 

9,467

 

 

9,511

 

 

(44)

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2018

 

    

As Reported

    

Balances without Adoption of ASC 606

 

Effect of Change Higher/(Lower)

Balance Sheet

 

 

 

 

 

 

 

 

 

Tuition receivable – net

 

$

24,997

 

$

23,769

 

$

1,228

Other current assets

 

 

10,558

 

 

12,084

 

 

(1,526)

Income taxes payable

 

 

2,541

 

 

2,624

 

 

(83)

Retained earnings

 

 

168,413

 

 

168,628

 

 

(215)