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Equity Awards (Tables) | 9 Months Ended
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Sep. 30, 2018
Equity Awards |
Schedule of restricted stock and restricted stock units activity |
|  | Number of shares or units |  | Weighted- average Grant price |
Balance, December 31, 2017 |  | 716,128 |  | $ | 99.65 |
Grants |  | 154,676 |  |  | 92.20 |
Awards assumed through acquisition of CEC |  | 136,324 |  |  | 118.29 |
Vested shares |  | (226,371) |  |  | 75.00 |
Forfeitures |  | (34,945) |  |  | 89.13 |
Balance, September 30, 2018 |  | 745,812 |  | $ | 114.38 |
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, 2017 |  | 100,000 |  | $ | 51.95 |  | 3.1 |  | $ | 3,763 |
Grants |  | — |  |  | — |  |  |  |  |  |
Awards assumed through acquisition of CEC |  | 319,846 |  |  | 66.98 |  |  |  |  |  |
Exercises |  | (138,186) |  |  | 55.32 |  |  |  |  |  |
Forfeitures/Expirations |  | — |  |  | — |  |  |  |  |  |
Balance, September 30, 2018 |  | 281,660 |  | $ | 67.36 |  | 7.1 |  | $ | 19,623 |
Exercisable, September 30, 2018 |  | 122,133 |  | $ | 65.94 |  | 6.3 |  | $ | 8,683 |
| (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.
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 three and nine months ended September 30, 2017 and 2018 (in thousands):
|  | For the three months ended |  | For the nine months ended |
|  | September 30, |  | September 30, |
|  | 2017 |  | 2018 |  | 2017 |  | 2018 |
Instruction and educational support |  | $ | 548 |  | $ | 695 |  | $ | 1,363 |  | $ | 1,813 |
Marketing |  |  | — |  |  | 278 |  |  | — |  |  | 278 |
Admissions advisory |  |  | — |  |  | 8 |  |  | — |  |  | 8 |
General and administration |  |  | 2,366 |  |  | 2,591 |  |  | 7,206 |  |  | 7,410 |
Merger costs |  |  | — |  |  | 2,272 |  |  | — |  |  | 2,272 |
Stock-based compensation expense included in operating expense |  |  | 2,914 |  |  | 5,844 |  |  | 8,569 |  |  | 11,781 |
Tax benefit |  |  | 1,151 |  |  | 1,607 |  |  | 3,384 |  |  | 3,253 |
Stock-based compensation expense, net of tax |  | $ | 1,763 |  | $ | 4,237 |  | $ | 5,185 |  | $ | 8,528 |

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