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Equity Awards (Tables)

12 Months Ended

Dec. 31, 2018

Equity Awards

Schedule of restricted stock and restricted stock units activity

		Number of shares or units		Weighted- average Grant price
Balance, December 31, 2015		634,327		$	104.66
Grants		188,737			50.63
Vested shares		(23,539)			50.43
Forfeitures		(72,425)			62.41
Balance, December 31, 2016		727,100		$	97.53
Grants		75,140			82.18
Vested shares		(84,908)			66.60
Forfeitures		(1,204)			62.28
Balance, December 31, 2017		716,128		$	99.65
Grants		159,005			93.30
Awards assumed through acquisition of CEC		136,324			118.29
Vested shares		(236,164)			76.78
Forfeitures		(37,343)			83.69
Balance, December 31, 2018		737,950		$	114.43

Schedule of stock option activity and other stock option information

							Weighted-
							average
				Weighted-			remaining		Aggregate
		Number of		average			contractual		intrinsic value(1)
		shares		exercise price			life (years)		(in thousands)
Balance, December 31, 2015		100,000		$	51.95		5.1		$	817
Grants		—			—
Exercises		—			—
Forfeitures		—			—
Balance, December 31, 2016		100,000		$	51.95		4.1		$	2,868
Grants		—			—
Exercises		—			—
Forfeitures		—			—
Balance, December 31, 2017		100,000		$	51.95		3.1		$	3,763
Grants		—			—
Awards assumed through acquisition of CEC		319,846			66.98
Exercises		(162,831)			58.11
Forfeitures/Expirations		(769)			51.96
Balance, December 31, 2018		256,246		$	66.80		7.0		$	11,947
Exercisable, December 31, 2018		108,317		$	65.00		6.4		$	5,245

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

Schedule of stock-based compensation expense

The following table reflects the amount of stock-based compensation expense recorded in each of the expense line items for the years ended December 31, 2016, 2017, and 2018 (in thousands):

		2016			2017			2018
Instruction and educational support		$	1,432		$	1,943		$	2,572
Marketing			—			—			585
Admissions advisory			—			—			16
General and administration			9,335			9,684			10,117
Merger costs			—			—			2,242
Stock-based compensation expense included in operating expense			10,767			11,627			15,532
Tax benefit			4,256			4,593			3,922
Stock-based compensation expense, net of tax		$	6,511		$	7,034		$	11,610

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