<SEC-DOCUMENT>0001157523-18-000483.txt : 20180301
<SEC-HEADER>0001157523-18-000483.hdr.sgml : 20180301
<ACCEPTANCE-DATETIME>20180301161745
ACCESSION NUMBER:		0001157523-18-000483
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180301
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180301
DATE AS OF CHANGE:		20180301

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:		18657545

	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>a51767084.htm
<DESCRIPTION>STRAYER EDUCATION, INC. 8-K
<TEXT>
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    <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>
      </b></font><font style="font-size: 10pt; font-family: Times New Roman">Date
      of report (Date of earliest event reported):</font><font style="font-size: 10pt; font-family: Times New Roman"><b>
      March 1, 2018</b></font><br><br><br><font style="font-size: 24pt"><b>Strayer
      Education, Inc.</b></font><br><font style="font-size: 10pt; font-family: Times New Roman">(Exact
      name of registrant as specified in its charter)</font><br>
    </p>
    <p style="text-align: center">

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

        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 32%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission File Number)
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 32%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (I.R.S. Employer<br>Identification Number)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>

    </p>
    <div style="text-align:center">
    <table style="margin-left:auto;margin-right:auto; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 40%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>2303 Dulles Station Boulevard</b><br><b>Herndon, VA</b>
          </p>
        </td>
        <td style="width: 20%">
          &#160;
        </td>
        <td style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; width: 40%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>20171</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 40%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Address of principal executive offices)
          </p>
        </td>
        <td style="width: 20%">

        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 40%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Zip Code)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <b>(703) 561-1600</b><br><b> </b>(Registrant&#8217;s telephone number,
      including area code)<br><br><br><b>Not Applicable</b><br><b> </b>(Former
      name or former address, if changed since last report)<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 style="text-align: justify">

    </p>
    <p>
      Indicate by check mark whether the registrant is an emerging growth
      company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405
      of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
      (&#167;240.12b-2 of this chapter).
    </p>
    <p>
      Emerging growth company <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
    </p>
    <p>
      If an emerging growth company, indicate by check mark if the registrant
      has elected not to use the extended transition period for complying with
      any new or revised financial accounting standards provided pursuant to
      Section 13(a) of the Exchange Act. <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
    </p>
    <p>

    </p>
    <div style="margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
      <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="color: black; height: 1.5pt">

        </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 March 1, 2018, Strayer Education, Inc. (the &#8220;Company&#8221; or &#8220;Strayer&#8221;)
      issued a press release announcing its financial results for the period
      ended December 31, 2017.&#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.</b> &#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Financial
      Statements and Exhibits.</b>
    </p>
    <p style="font-size: 10pt; margin-left: 30.0px">
      (d)&#160;Exhibits.
    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td style="text-align: left; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; width: 10%" valign="bottom">
          <b>Exhibit</b><br><b>Number</b>
        </td>
        <td style="text-align: center; padding-bottom: 2.0px; padding-left: 0.0px; width: 2%" valign="bottom">
          &#160;
        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; width: 88%" valign="bottom">
          <b>Description</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 10%" valign="top">

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

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 88%" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; width: 10%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51767084ex99_1.htm">99.1</a>
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 88%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51767084ex99_1.htm">Press Release, dated March 1, 2018</a>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
      <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="color: black; height: 1.5pt">

        </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="text-align: left; 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="text-align: left; text-indent: 30.0px">

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

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

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px; width: 5%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Date:
          </p>
        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; width: 45%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            March 1, 2018
          </p>
        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px; width: 4%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            By:
          </p>
        </td>
        <td style="text-align: left; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; width: 46%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 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; padding-left: 0.0px; width: 46%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 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; padding-left: 0.0px; width: 46%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Executive Vice President and Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
  </body>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51767084ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
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    <title></title>
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    <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</b></font><b><font style="font-size: 12pt; font-family: Times New Roman">
      </font><font style="font-size: 12pt; font-family: Times New Roman">Fourth
      Quarter Enrollment, Revenues, and Earnings</font></b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>--Strayer
      University Fourth Quarter New Enrollment Up 4%, Total Enrollment Up 6%--</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>--Full
      Year 2017 New Enrollment Up 6%, Total Enrollment Up 6%--</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>--Full
      Year 2017 Revenue Up 3%--</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>--6% New
      and Total Enrollment Growth Anticipated for Q1 / Winter 2018--</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>--Strayer
      to Open New Macon, GA Campus in Q1, its First Since 2012--</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>--Stockholders
      Approve Merger with Capella, Close Anticipated in Q3--</b></font>
    </p>
    <p>
      HERNDON, Va.--(BUSINESS WIRE)--March 1, 2018--Strayer Education, Inc.
      (NASDAQ: STRA) today announced financial results for the period ended
      December 31, 2017. Financial highlights are as follows:
    </p>
    <p>
      <b>Three Months Ended December 31:</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        For the fourth quarter, student enrollment at the Company&#8217;s main
        operating unit, Strayer University, increased 6% to 48,144 compared to
        45,509 for the same period in 2016. New student enrollment for the
        period increased 4% and continuing student enrollment increased 6%.
      </li>
      <li style="margin-bottom: 10.0px">
        Revenue was $118.7 million compared to $119.3 million for the same
        period in 2016, as higher enrollment was offset by lower revenue per
        student due to higher scholarships during the fall term.
      </li>
      <li style="margin-bottom: 10.0px">
        Income from operations decreased to $11.7 million from $19.7 million
        for the same period in 2016, due to costs associated with the
        Company&#8217;s pending merger with Capella Education Company. Adjusted
        income from operations increased 10% to $20.2 million from $18.4
        million in the same period in 2016<sup>1</sup>.<br><br><sup>1</sup>
        For more information on adjusted results and other non-GAAP financial
        measures discussed in this press release, refer to the information on
        pages 8 through 11.
      </li>
      <li style="margin-bottom: 10.0px">
        The Tax Cuts and Jobs Act of 2017 reduced the corporate tax rate and
        thus reduced the value of the Company&#8217;s net deferred tax assets by
        $11.4 million as of December 31, 2017. As a result, the Company
        recorded a net loss of $6.5 million compared to net income of $11.7
        million in the same period in 2016. Adjusted net income grew 18% to
        $12.3 million from $10.5 million for the same period in 2016.
      </li>
      <li style="margin-bottom: 10.0px">
        Earnings before interest, taxes, depreciation, and amortization
        (EBITDA) was $16.7 million compared to $24.2 million in 2016. Adjusted
        EBITDA increased 6% to $28.6 million from $26.9 million in the same
        period in 2016.
      </li>
      <li style="margin-bottom: 10.0px">
        Net loss per share was $0.61 compared to diluted earnings per share of
        $1.07 for the same period in 2016. Adjusted diluted earnings per share
        grew 15% to $1.09 from $0.95 for the same period in 2016. Diluted
        weighted average shares outstanding increased 3% to 11,273,000 from
        10,971,000 for the same period in 2016.
      </li>
    </ul>
    <div style="margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
      <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="color: black; height: 1.5pt">

        </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 3% to $454.9 million compared to $441.1 million for
        the same period in 2016, principally due to higher enrollment
        partially offset by lower revenue per student.
      </li>
      <li style="margin-bottom: 10.0px">
        Income from operations was $52.2 million compared to $57.5 million for
        the same period in 2016. Adjusted income from operations grew 4% to
        $56.6 million from $54.3 million for the same period in 2016. Adjusted
        operating income margin increased slightly to 12.4% from 12.3% for the
        same period in 2016.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income was $20.6 million compared to $34.8 million for the same
        period in 2016. Adjusted net income grew 8% to $34.9 million from
        $32.3 million for the same period in 2016.
      </li>
      <li style="margin-bottom: 10.0px">
        EBITDA was $70.9 million in 2017 compared to $75.3 million in 2016.
        Adjusted EBITDA increased 4% to $88.7 million from $85.1 million in
        the same period in 2016.
      </li>
      <li style="margin-bottom: 10.0px">
        Diluted earnings per share was $1.84 for 2017 compared to $3.21 for
        the same period in 2016. Adjusted diluted earnings per share grew 4%
        to $3.11 from $2.98 for the same period in 2016. Diluted weighted
        average shares outstanding increased 3% to 11,199,000 from 10,845,000
        for the same period in 2016.
      </li>
    </ul>
    <p>
      <b>Balance Sheet and Cash Flow</b>
    </p>
    <p>
      At December 31, 2017, the Company had cash and cash equivalents of
      $155.9 million and no debt. Cash flow from operations grew 26% to $56.2
      million, from $44.5 million during 2016. Capital expenditures for 2017
      were $18.1 million compared to $13.2 million for the same period in 2016.
    </p>
    <p>
      For the fourth quarter of 2017, bad debt expense as a percentage of
      revenues was 5.8% compared to 4.6% for the same period in 2016.
    </p>
    <p>
      The Company had $70.0 million of share repurchase authorization
      remaining at December 31, 2017. No shares were repurchased in the fourth
      quarter of 2017.
    </p>
    <div style="margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
      <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="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Q1 2018 Outlook</b>
    </p>
    <p>
      Total enrollments at Strayer University for the first quarter 2018 are
      anticipated to grow 6% to approximately 46,100 students from 43,387
      students for the same period in 2016. New student enrollments and
      continuing student enrollments are expected to increase approximately 6%
      each. Revenue per student for the first quarter is expected to decrease
      by approximately 5% due primarily to higher continuation of students
      participating in new scholarship programs launched in the fall term
      2017. Notwithstanding continued declines in revenue per student, the
      Company expects year over year revenue growth in the first quarter.
      Additionally, the Company expects the tax rate for the first quarter to
      be in the range of 21% to 22%, excluding the impact of non-deductible
      merger costs.
    </p>
    <p>
      <b>New Campus Openings</b>
    </p>
    <p>
      The Company announced today that it plans to open three to five new
      campus locations in 2018. The first new campus, located in Macon,
      Georgia, will open for the start of the spring academic term. The Macon
      campus and subsequent new campuses will incorporate a new smaller
      cost-efficient design intended to service a student body that values a
      brick-and-mortar presence, even while taking an increasing majority of
      their courses online.
    </p>
    <p>
      <b>Common Stock and Common Stock Equivalents</b>
    </p>
    <p>
      At December 31, 2017, the Company had 11,167,425 common shares issued
      and outstanding, including 466,128 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 it declared a regular, quarterly cash
      dividend of $0.25 per share of common stock. This dividend will be paid
      on March 19, 2018 to shareholders of record as of March 12, 2018.
    </p>
    <p>
      <b>Merger Update</b>
    </p>
    <p>
      On January 19, 2018, stockholders of both Strayer Education, Inc. and
      Capella Education Company approved all proposals related to the pending
      merger. On February 27, 2018, the U.S. Department of Education completed
      its pre-acquisition review of the transaction without any material
      conditions, and the U.S. Federal Trade Commission in November 2017
      granted early termination of the applicable waiting period under the
      Hart-Scott-Rodino Antitrust Improvements Act of 1976. The merger, which
      is anticipated to close in the third quarter of 2018, is subject to the
      satisfaction of customary closing conditions, including approval by the
      Higher Learning Commission.
    </p>
    <p>
      <b>Conference Call with Management</b>
    </p>
    <p>
      Strayer Education, Inc. will host a conference call to discuss its
      fourth quarter 2017 earnings results at 8:30 a.m. (ET) tomorrow morning,
      March 2, 2018. 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>
    <div style="margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
      <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="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>About Strayer Education, Inc.</b>
    </p>
    <p>
      Strayer Education, Inc. (NASDAQ: STRA) is educating a more competitive
      and qualified workforce by solving higher education&#8217;s most challenging
      problems. It includes Strayer University, a regionally accredited
      institution that delivers affordable degree programs for working adults,
      and a Top 25 Princeton Review-ranked executive MBA program through the
      Jack Welch Management Institute. Non-degree web and mobile application
      development courses are offered through the New York Code + Design
      Academy. Strayer also transforms the workforces of its corporate
      partners through customized degree and professional development
      programs. By deploying innovative teaching methods and technologies that
      enhance student learning outcomes, Strayer makes it possible for working
      adults to acquire the skills they need to succeed in today&#8217;s rapidly
      changing economy.
    </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;outlook,&#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, risks associated with the Company&#8217;s pending merger with
      Capella Education Company, including the risk that the merger might not
      be completed on the agreed terms or at all, 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, 2017 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; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
      <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="color: black; height: 1.5pt">

        </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; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td colspan="18">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="18" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>STRAYER EDUCATION, INC.<br>UNAUDITED CONDENSED CONSOLIDATED
            STATEMENTS OF INCOME<br>(Amounts in thousands, except per share
            data)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="18">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" colspan="7" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>For the three months ended</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>December 31,</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" colspan="6" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>For the year ended</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>December 31,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" colspan="3" valign="bottom">
          <b>2017</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>2017</b>
        </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>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          118,707
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          454,851
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Costs and expenses:
        </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>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Instruction and educational support
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          65,118
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          245,177
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Marketing
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          17,840
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          82,574
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Admissions advisory
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4,681
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          19,494
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 25.0px" valign="bottom">
          General and administration
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          19,380
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          55,397
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          Total costs and expenses
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          107,019
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          402,642
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Income from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,688
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          52,209
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          342
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,079
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          Interest expense
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          642
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,869
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          57,292
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          52,646
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          18,364
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          32,034
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 25.0px" valign="bottom">
          Net income
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (6,495
        </td>
        <td style="text-align: left; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          20,612
        </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>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.61
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1.93
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Diluted
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.61
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1.84
        </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>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          10,701
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          10,678
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,273
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,199
        </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>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
      <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="color: black; height: 1.5pt">

        </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; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="9" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>STRAYER EDUCATION, INC.<br>UNAUDITED CONDENSED CONSOLIDATED
            BALANCE SHEETS<br>(Amounts in thousands, except share and per
            share data)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>December 31,</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <b>2017</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom">
          <b>ASSETS</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          155,933
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Tuition receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          23,122
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 25.0px" valign="bottom">
          Other current assets
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,293
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 50.0px" valign="bottom">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          190,348
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          73,763
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          24,452
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Goodwill
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          20,744
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 25.0px" valign="bottom">
          Other assets
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,971
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 50.0px" valign="bottom">
          Total assets
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          321,278
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#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>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Accounts payable and accrued expenses
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          46,177
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Income taxes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,038
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Deferred revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          21,851
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 25.0px" valign="bottom">
          Other current liabilities
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 50.0px" valign="bottom">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          59,839
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          69,066
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          43,015
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 50.0px" valign="bottom">
          Total liabilities
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          112,081
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Commitments and contingencies
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Common stock, par value $0.01, 20,000,000 shares authorized;
            11,093,489 and 11,167,425 shares issued and outstanding at
            December 31, 2016 and December 31, 2017, respectively
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          111
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          112
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          47,079
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 25.0px" valign="bottom">
          Retained earnings
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          162,006
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 50.0px" valign="bottom">
          Total stockholders' equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          188,374
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          209,197
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 50.0px" valign="bottom">
          Total liabilities and stockholders' equity
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          321,278
        </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>
    <div style="margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
      <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="color: black; height: 1.5pt">

        </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; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="11" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>STRAYER EDUCATION, INC.<br>UNAUDITED CONDENSED CONSOLIDATED
            STATEMENTS OF CASH FLOWS</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(Amounts in thousands)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" colspan="8" valign="bottom">
          <b>For the year ended </b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>December 31,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" colspan="3" valign="bottom">
          <b>2016</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" colspan="3" valign="bottom">
          <b>2017</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Cash flows from operating activities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Net income
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          20,612
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Adjustments to reconcile net income to net cash provided by
            operating activities:
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 50.0px" valign="bottom">
          Amortization of gain on sale of assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (133
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 50.0px" valign="bottom">
          Amortization of deferred rent
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1,441
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1,780
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 50.0px" valign="bottom">
          Amortization of deferred financing costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 50.0px" valign="bottom">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          18,733
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 50.0px" valign="bottom">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          6,429
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 50.0px" valign="bottom">
          Stock-based compensation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,627
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 50.0px" valign="bottom">
          Changes in assets and liabilities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 75.0px" valign="bottom">
          Tuition receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (3,250
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 75.0px" valign="bottom">
          Other current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (527
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 75.0px" valign="bottom">
          Other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1,865
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,582
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 75.0px" valign="bottom">
          Accounts payable and accrued expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4,468
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 75.0px" valign="bottom">
          Income taxes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (629
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 75.0px" valign="bottom">
          Deferred revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          8,212
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 75.0px" valign="bottom">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (7,800
        </td>
        <td style="text-align: left; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (9,451
        </td>
        <td style="text-align: left; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 100.0px" valign="bottom">
          Net cash provided by operating activities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          44,510
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          56,155
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Purchases of property and equipment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (13,161
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (18,051
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 25.0px" valign="bottom">
          Cash used in acquisition, net of cash acquired
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 100.0px" valign="bottom">
          Net cash used in investing activities
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (18,051
        </td>
        <td style="text-align: left; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Cash flows from financing activities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Payments of contingent consideration
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1,358
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 25.0px" valign="bottom">
          Common dividends paid
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (11,416
        </td>
        <td style="text-align: left; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 100.0px" valign="bottom">
          Net cash used in financing activities
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (11,416
        </td>
        <td style="text-align: left; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 100.0px" valign="bottom">
          Net increase in cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          26,688
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          106,889
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          129,245
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="bottom">
          Cash and cash equivalents - end of period
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          129,245
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          155,933
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Non-cash transactions:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Purchases of property and equipment included in accounts payable
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,734
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <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; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
      <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="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Non-GAAP Financial Measures</b>
    </p>
    <p>
      In our press release and schedules, and on the related conference call,
      we report certain financial measures that are not required by, or
      presented in accordance with, accounting principles generally accepted
      in the United States of America (&#8220;GAAP&#8221;). We discuss management&#8217;s
      reasons for reporting these non-GAAP measures below, and the press
      release schedules that follow reconcile the most directly comparable
      GAAP measure to each non-GAAP measure that we reference. Although
      management evaluates and presents these non-GAAP measures for the
      reasons described below, please be aware that these non-GAAP measures
      have limitations and should not be considered in isolation or as a
      substitute for income from operations, net income, earnings per share or
      any other comparable financial measure prescribed by GAAP. In addition,
      we may calculate and/or present these non-GAAP financial measures
      differently than measures with the same or similar names that other
      companies report, and as a result, the non-GAAP measures we report may
      not be comparable to those reported by others.
    </p>
    <p>
      Management uses certain non-GAAP measures to evaluate the Company&#8217;s
      financial performance because those non-GAAP measures allow for
      period-over-period comparisons of its ongoing operations before the
      impact of these items. These measures are Adjusted Income from
      Operations, Earnings Before Interest, Taxes, Depreciation and
      Amortization (EBITDA), Adjusted EBITDA, Adjusted Net Income, and
      Adjusted Earnings Per Share (EPS). We define Adjusted Income from
      Operations, Adjusted Net Income and Adjusted EPS to exclude (1) fair
      value adjustments related to the Company&#8217;s acquisition of the New York
      Code + Design Academy and the related tax effects, and adjustments to
      the Company&#8217;s reserve for leases on facilities no longer in use and (2)
      charges associated with the Company&#8217;s previously announced merger with
      Capella Education Company and severance charges associated with a staff
      reduction program. We define Adjusted Net Income and Adjusted EPS to
      also exclude adjustments to the provision for income taxes which include
      a reduction in the value of the Company&#8217;s deferred tax asset as a result
      of the impact of the Tax Cuts and Jobs Act of 2017. We define EBITDA as
      net income before provision for income taxes, investment income,
      interest expense, depreciation and amortization, and from this amount in
      arriving at Adjusted EBITDA we also exclude the amounts in (1) and (2)
      above and stock-based compensation expense. These non-GAAP measures are
      reconciled to the most directly comparable GAAP measures on pages 9
      through 11. Non-GAAP measures should not be viewed as substitutes for
      GAAP measures.
    </p>
    <div style="margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
      <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="color: black; height: 1.5pt">

        </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; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td colspan="24">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="24" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>STRAYER EDUCATION, INC.</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>RECONCILIATION OF NON-GAAP FINANCIAL MEASURES</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>ADJUSTED INCOME FROM OPERATIONS, ADJUSTED NET INCOME,</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>AND ADJUSTED EPS</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(Amounts in thousands, except per share data)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="24">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

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

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

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

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

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

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" colspan="21" valign="bottom">
          <b>For the Three Months Ended December 31, 2017</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" colspan="12" valign="bottom">
          <b>Non-GAAP Adjustments</b>
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" colspan="3" valign="bottom">
          <b>As Reported</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(GAAP)</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" colspan="3" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Fair Value</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Adjustments <sup>(1)</sup></b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Merger</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Costs <sup>(2)</sup></b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" colspan="3" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Deferred Tax</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Asset <sup>(3)</sup></b>
          </p>
        </td>
        <td>

        </td>
        <td>

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

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(Non-GAAP)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Income from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,688
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          8,465
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          20,153
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Investment income
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          342
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          342
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          Interest expense
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: left; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          161
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,869
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          8,465
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          20,334
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 25.0px" valign="bottom">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          18,364
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          802
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          241
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (11,375
        </td>
        <td style="text-align: left; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          8,032
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 50.0px" valign="bottom">
          Net (loss) income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (6,495
        </td>
        <td style="text-align: left; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          8,224
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,375
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          12,302
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>(Loss) earnings per share:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Basic **
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.61
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.07
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.77
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1.06
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1.15
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Diluted **
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.61
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.07
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.73
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1.01
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1.09
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Weighted average shares outstanding:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Basic
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          10,701
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          10,701
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Diluted
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,273
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,273
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="21">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" colspan="21" valign="bottom">
          <b>For the Three Months Ended December 31, 2016</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" colspan="12" valign="bottom">
          <b>Non-GAAP Adjustments</b>
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" colspan="3" valign="bottom">
          <b>As Reported</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(GAAP)</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" colspan="3" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Fair Value</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Adjustments <sup>(1)</sup></b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Merger</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Costs <sup>(2)</sup></b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" colspan="3" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Deferred Tax</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Asset <sup>(3)</sup></b>
          </p>
        </td>
        <td>

        </td>
        <td>

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

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(Non-GAAP)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Income from operations
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1,260
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          18,394
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Investment income
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          135
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          Interest expense
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: left; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          161
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1,260
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          18,368
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 25.0px" valign="bottom">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: left; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          7,910
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 50.0px" valign="bottom">
          Net income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,718
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1,260
        </td>
        <td style="text-align: left; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          10,458
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Earnings per share:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Basic **
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.12
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.99
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Diluted **
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.11
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.95
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Weighted average shares outstanding:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Basic
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          10,616
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Diluted
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="3" valign="top">
          ** Earnings per share data may not foot due to rounding.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Reflects reductions to the value of contingent consideration related
          to the Company&#8217;s acquisition of the New York Code + Design Academy
          and the related tax effects.
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="top">
          (2)
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Reflects charges associated with the Company&#8217;s previously announced
          merger with Capella Education Company and severance costs associated
          with a staff reduction program.
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="top">
          (3)
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Reflects a reduction in the value of the Company&#8217;s net deferred tax
          assets in connection with the passage of the Tax Cuts and Jobs Act
          of 2017.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
      <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="color: black; height: 1.5pt">

        </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; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="23" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>STRAYER EDUCATION, INC.</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>RECONCILIATION OF NON-GAAP FINANCIAL MEASURES</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>ADJUSTED INCOME FROM OPERATIONS, ADJUSTED NET INCOME,</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>AND ADJUSTED EPS</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(Amounts in thousands, except per share data)</b>
          </p>
        </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>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </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>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" colspan="20" valign="bottom">
          <b>For the Twelve Months Ended December 31, 2017</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" colspan="12" valign="bottom">
          <b>Non-GAAP Adjustments</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>As Reported</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(GAAP)</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" colspan="3" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Fair Value</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Adjustments <sup>(1)</sup></b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" colspan="2" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Merger</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Costs <sup>(2)</sup></b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" colspan="3" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Deferred Tax</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Asset <sup>(3)</sup></b>
          </p>
        </td>
        <td>

        </td>
        <td>

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

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(Non-GAAP)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Income from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          52,209
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (7,512
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,879
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          56,576
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,079
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,079
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          Interest expense
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          642
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          52,646
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (7,512
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,879
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          57,013
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 25.0px" valign="bottom">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          32,034
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (82
        </td>
        <td style="text-align: left; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,565
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (11,375
        </td>
        <td style="text-align: left; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          22,142
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 50.0px" valign="bottom">
          Net income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          20,612
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (7,430
        </td>
        <td style="text-align: left; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          10,314
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,375
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          34,871
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Earnings per share:</b>
        </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>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Basic **
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1.93
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.70
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.97
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3.27
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Diluted **
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1.84
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.66
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.92
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1.02
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3.11
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Weighted average shares outstanding:</b>
        </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>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          10,678
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          10,678
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,199
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,199
        </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>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </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>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" colspan="20" valign="bottom">
          <b>For the Twelve Months Ended December 31, 2016</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" colspan="12" valign="bottom">
          <b>Non-GAAP Adjustments</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(GAAP)</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" colspan="3" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Fair Value</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Adjustments <sup>(1)</sup></b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px" colspan="2" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Merger</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Costs <sup>(2)</sup></b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" colspan="3" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Deferred Tax</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Asset <sup>(3)</sup></b>
          </p>
        </td>
        <td>

        </td>
        <td>

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

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(Non-GAAP)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Income from operations
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (3,213
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          54,259
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          642
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          57,292
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (3,213
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          54,079
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 25.0px" valign="bottom">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (748
        </td>
        <td style="text-align: left; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          21,742
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 50.0px" valign="bottom">
          Net income
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (2,465
        </td>
        <td style="text-align: left; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          32,337
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Earnings per share:</b>
        </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>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Basic **
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.23
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3.05
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Diluted **
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.23
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2.98
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Weighted average shares outstanding:</b>
        </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>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          10,610
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </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="text-align:left">
    <table style="font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="3" valign="top">
          ** Earnings per share data may not foot due to rounding.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Reflects reductions to the value of contingent consideration related
          to the Company&#8217;s acquisition of the New York Code + Design Academy
          and the related tax effects, and adjustments to the Company&#8217;s
          reserve for leases on facilities no longer in use.
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="top">
          (2)
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Reflects charges associated with the Company&#8217;s previously announced
          merger with Capella Education Company and severance costs associated
          with a staff reduction program.
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="top">
          (3)
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Reflects a reduction in the value of the Company&#8217;s net deferred tax
          assets in connection with the passage of the Tax Cuts and Jobs Act
          of 2017.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
      <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="color: black; height: 1.5pt">

        </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; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td colspan="21">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="21" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>STRAYER EDUCATION, INC.<br>RECONCILIATION OF NON-GAAP FINANCIAL
            MEASURES</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>ADJUSTED EBITDA<br>(Amounts in thousands, except per share data)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="21">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="21">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" colspan="8" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Three Months Ended</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>December 31,</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" colspan="8" valign="bottom">
          <b>Year Ended</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>December 31,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" colspan="3" valign="bottom">
          <b>2016</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" colspan="3" valign="bottom">
          <b>2017</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" colspan="3" valign="bottom">
          <b>2016</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" colspan="3" valign="bottom">
          <b>2017</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Net income (loss)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,718
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (6,495
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          20,612
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          7,910
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          18,364
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          22,490
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          32,034
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (342
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (462
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1,079
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Interest expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          161
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          161
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          642
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          642
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4,541
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          5,014
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          18,733
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Stock-based compensation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,437
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,058
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,627
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="bottom">
          Fair value adjustments <sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (742
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          381
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (946
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (5,757
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 25.0px" valign="bottom">
          Merger related costs <sup>(2)</sup>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          8,441
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="text-align: right; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,855
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 50.0px" valign="bottom">
          Adjusted EBITDA <sup>(3)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          26,890
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          28,582
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          85,110
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          88,667
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </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>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="top">
          (1)
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Reflects reductions to the value of contingent consideration related
          to the Company&#8217;s acquisition of the New York Code + Design Academy
          and the related tax effects, and adjustments to the Company&#8217;s
          reserve for leases on facilities no longer in use.
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="top">
          (2)
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Reflects charges associated with the Company&#8217;s previously announced
          merger with Capella Education Company and severance costs associated
          with a staff reduction program.
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="top">
          (3)
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Denotes non-GAAP financial measures. Please see pages 8-10 for more
          detail regarding these adjustments and management&#8217;s reasons for
          providing this information.
        </td>
      </tr>
      <tr>
        <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>
    <p>

    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
