<SEC-DOCUMENT>0001157523-19-001630.txt : 20190731
<SEC-HEADER>0001157523-19-001630.hdr.sgml : 20190731
<ACCEPTANCE-DATETIME>20190731063037
ACCESSION NUMBER:		0001157523-19-001630
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190731
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190731
DATE AS OF CHANGE:		20190731

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Strategic 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:		19987267

	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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	STRAYER EDUCATION INC
		DATE OF NAME CHANGE:	19960510
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a52021906.htm
<DESCRIPTION>STRATEGIC EDUCATION, INC. 8-K
<TEXT>
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    <div>&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman',serif; font-size: 16pt; font-weight: bold;">UNITED STATES<br>
      SECURITIES AND EXCHANGE COMMISSION</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">Washington, D.C. 20549</div>
    <div>&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman',serif; font-size: 16pt; font-weight: bold;">FORM&#160;8-K</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">CURRENT REPORT<br>
      Pursuant to Section&#160;13 or 15(d)&#160;of<br>
      the Securities Exchange Act of 1934</div>
    <div>&#160;</div>
    <div style="text-align: center;">Date of Report (Date of earliest event reported): <font style="font-weight: bold;">July 31,</font>&#160;<font style="font-weight: bold;">2019</font></div>
    <div>&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman',serif; font-size: 16pt; font-weight: bold;">Strategic Education,&#160;Inc.</div>
    <div>&#160;</div>
    <div style="text-align: center;">(Exact Name of Registrant as Specified in Charter)</div>
    <div><br>
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          <td style="width: 36.68%; vertical-align: top;">
            <div style="text-align: center; margin-right: 0.8pt; font-weight: bold;">Maryland</div>
          </td>
          <td style="width: 0.36%; vertical-align: bottom;">
            <div style="margin-right: 0.8pt;">&#160;</div>
          </td>
          <td style="width: 29.56%; vertical-align: top;">
            <div style="text-align: center; margin-right: 0.8pt; font-weight: bold;">0-21039</div>
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          <td style="width: 0.42%; vertical-align: bottom;">
            <div style="margin-right: 0.8pt;">&#160;</div>
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          <td style="width: 32.99%; vertical-align: top;">
            <div style="text-align: center; margin-right: 0.8pt; font-weight: bold;">52-1975978</div>
          </td>
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        <tr>
          <td style="width: 36.68%; vertical-align: top;">
            <div style="text-align: center; margin-right: 0.8pt;">(State or Other Jurisdiction of Incorporation)</div>
          </td>
          <td style="width: 0.36%; vertical-align: bottom;">
            <div style="margin-right: 0.8pt;">&#160;</div>
          </td>
          <td style="width: 29.56%; vertical-align: top;">
            <div style="text-align: center; margin-right: 0.8pt;">(Commission File Number)</div>
          </td>
          <td style="width: 0.42%; vertical-align: bottom;">
            <div style="margin-right: 0.8pt;">&#160;</div>
          </td>
          <td style="width: 32.99%; vertical-align: top;">
            <div style="text-align: center; margin-right: 0.8pt;">(I.R.S. Employer Identification No.)</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-weight: bold;">2303 Dulles Station Boulevard</font><br>
      <font style="font-weight: bold;">Herndon, VA 20171</font><br>
      (Address of Principal Executive Offices) (Zip Code)</div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-weight: bold;">(703) 561-1600</font><br>
      (Registrant&#8217;s telephone number, including area code)</div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-weight: bold;">N/A</font><br>
      (Former Name or Former Address, if Changed Since Last Report)</div>
    <div>&#160;</div>
    <div>Check the appropriate box below if the Form&#160;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</div>
    <div>&#160;</div>
    <div style="text-indent: -36pt; margin-left: 36pt;">&#9744;&#160;&#160;&#160; Written communications pursuant to Rule&#160;425 under the Securities Act (17 CFR 230.425)</div>
    <div>&#160;</div>
    <div style="text-indent: -36pt; margin-left: 36pt;">&#9744;&#160;&#160;&#160; Soliciting material pursuant to Rule&#160;14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
    <div>&#160;</div>
    <div style="text-indent: -36pt; margin-left: 36pt;">&#9744;&#160;&#160;&#160; Pre-commencement communications pursuant to Rule&#160;14d-2(b)&#160;under the Exchange Act (17 CFR 240.14d-2(b))</div>
    <div>&#160;</div>
    <div style="text-indent: -36pt; margin-left: 36pt;">&#9744;&#160;&#160;&#160; Pre-commencement communications pursuant to Rule&#160;13e-4(c)&#160;under the Exchange Act (17 CFR 240.13e-4(c))</div>
    <div>&#160;</div>
    <div style="text-align: center;">Securities Registered Pursuant to Section 12(b) of the Exchange Act:</div>
    <div>&#160;</div>
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          <td style="width: 27.79%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Common Stock, $0.01 par value</div>
          </td>
          <td style="width: 3.64%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td style="width: 27.78%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">STRA</div>
          </td>
          <td style="width: 3.64%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td style="width: 37.16%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Nasdaq Global Select Market</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.79%; vertical-align: top;">
            <div style="text-align: center;">(Title of each class)</div>
          </td>
          <td style="width: 3.64%; vertical-align: top;">&#160;</td>
          <td style="width: 27.78%; vertical-align: top;">
            <div style="text-align: center;">(Trading symbol(s))</div>
          </td>
          <td style="width: 3.64%; vertical-align: top;">&#160;</td>
          <td style="width: 37.16%; vertical-align: top;">
            <div style="text-align: center;">(Name of each exchange on which registered)</div>
          </td>
        </tr>

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    <div>&#160;</div>
    <div>Indicate by check mark whether the registrant is an emerging growth company as defined in Rule&#160;405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule&#160;12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>
    <div>&#160;</div>
    <div>Emerging growth company &#9744;</div>
    <div>&#160;</div>
    <div>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&#160;13(a)&#160;of the Exchange
      Act. &#9744;</div>
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          <tr>
            <td style="width: 12%;"><font style="font-weight: bold;">Item 2.02.</font></td>
            <td style="width: 88%;"><font style="font-weight: bold;">Results of Operations and Financial Condition.</font> <br>
            </td>
          </tr>

      </table>
      <br>
    </div>
    <div style="text-indent: 36pt;">On July 31, 2019, Strategic Education, Inc. (the &#8220;Company&#8221; or &#8220;SEI&#8221;) issued a press release announcing its financial results for the period ended June 30, 2019.&#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.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">The information furnished under this Item 2.02, including Exhibit 99.1, shall not be deemed &#8220;filed&#8221; with the SEC nor incorporated by reference in any registration statement filed by SEI under the Securities Act of 1933,
      as amended.</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold;">Item 5.02.</font> &#160; &#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
        Officers; Compensatory Arrangements of Certain Officers.</font>&#160; &#160;</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">On August 1, 2019, J. Kevin Gilligan will resign as Executive Vice Chairman of the Company in accordance with the terms of the transition agreement dated October 29, 2017. Mr. Gilligan will continue to serve on the
      Company&#8217;s Board of Directors as a non-employee director, and as Vice Chairman.</div>
    <div>&#160;</div>
    <div>
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          <tr>
            <td style="width: 12%;"><font style="font-weight: bold;">Item 9.01.</font></td>
            <td style="width: 88%;"><font style="font-weight: bold;">Financial Statements and Exhibits.</font></td>
          </tr>

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      <br>
      <font style="font-weight: bold;"><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font></font></div>
    <div style="text-indent: 22.5pt;">&#160;(d)&#160;Exhibits.</div>
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            <div style="margin-right: 0.8pt; font-weight: bold;">Exhibit<br>
              Number</div>
          </td>
          <td style="width: 3.15%; vertical-align: bottom;">
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          </td>
          <td style="width: 87.72%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 0.8pt; font-weight: bold;">Description</div>
          </td>
        </tr>
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          <td style="width: 9.13%; vertical-align: top;">&#160;</td>
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            <div style="margin-right: 0.8pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.13%; vertical-align: top;">
            <div style="margin-right: 0.8pt;"><a href="a52021906ex99_1.htm">99.1</a></div>
          </td>
          <td style="width: 3.15%; vertical-align: middle;">&#160;</td>
          <td style="width: 87.72%; vertical-align: top;">
            <div style="margin-right: 0.8pt;"><a href="a52021906ex99_1.htm">Press Release, dated July 31, 2019</a></div>
          </td>
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    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">SIGNATURES</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">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.</div>
    <div>&#160;</div>
    <div style="text-align: center;">&#160;</div>
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          </td>
          <td style="width: 50.22%; vertical-align: top;" colspan="2">
            <div style="margin-right: 1.8pt;">STRATEGIC EDUCATION,&#160;INC.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.78%; vertical-align: top;">
            <div style="margin-right: 0.8pt;">Date: July 31, 2019</div>
          </td>
          <td style="width: 4.57%; vertical-align: top;">
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          </td>
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          <td style="width: 45.64%; vertical-align: top;">
            <div style="margin-right: 0.8pt;">&#160;</div>
          </td>
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          <td style="width: 49.78%; vertical-align: top;">
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            <div style="margin-right: 0.8pt;">By:</div>
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            <div style="margin-right: 0.8pt;">/s/ Daniel W. Jackson</div>
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          </td>
        </tr>

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    <div>&#160;</div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a52021906ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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          <td style="width: 50.00%;">
            <div>&#160;</div>
          </td>
          <td style="width: 50.00%;">
            <div style="text-align: right;">&#160;<font style="font-weight: bold;">Exhibit 99.1</font><br>
            </div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div>
      <div class="bw-release">
        <h1 style="text-align: center; list-style-position:inside;FONT-SIZE: 14pt;"> <b>Strategic Education, Inc. Reports Second Quarter 2019 Results; Continued Strong Performance at Both Strayer University and Capella University One Year Since Merger</b>
        </h1>
        <div class="bw-release-body">
          <div class="bw-release-table-js bw-release-story">
            <p>HERNDON, Va.--(BUSINESS WIRE)--July 31, 2019--Strategic Education, Inc. (SEI) (NASDAQ: STRA) today announced financial results for the period ended June 30, 2019. </p>
            <p> Karl McDonnell, Chief Executive Officer of SEI said, &#8220;We are particularly pleased with the strong second quarter results and the organization&#8217;s continued ability to execute as we mark the one year anniversary since closing our merger with
              Capella Education Company. Merger integration and synergies are on track, providing us with a solid foundation as we remain focused on delivering academic success and long-term economic mobility for our students and alumni.&#8221; </p>
            <p> <b><u>STRATEGIC EDUCATION, INC. CONSOLIDATED RESULTS</u></b> </p>
            <p> <font style="text-align: center; list-style-position:inside;font-weight:normal;">[Note: Strategic Education, Inc.&#8217;s financial results for any periods ended prior to August 1, 2018 do not include the financial results of Capella Education
                Company and are therefore not directly comparable.] </font> </p>
            <p> <b>Three Months Ended June 30 </b> </p>
            <ul style="list-style-type: disc;">
              <li> Revenue increased 113.8% to $245.1 million compared to $114.7 million for the same period in 2018. </li>
              <li> Income from operations was $27.6 million or 11.3% of revenue, compared to $4.2 million or 3.6% of revenue for the same period in 2018. Income from operations in 2019 includes $15.4 million of amortization expense related to assets
                acquired in the merger with Capella Education Company and $3.0 million in costs associated with the merger with Capella Education Company. Income from operations in 2018 included $6.2 million in charges resulting from the impairment of
                goodwill and intangible assets associated with The New York Code + Design Academy, and $2.8 million in costs associated with the merger with Capella Education Company. Adjusted income from operations, which is a non-GAAP financial measure
                and excludes the aforementioned expenses, was $46.0 million in 2019 compared to $13.2 million for the same period in 2018. The adjusted operating income margin was 18.8% compared to 11.5% for the same period in 2018. For more details on
                non-GAAP financial measures, refer to the information in the Non-GAAP Financial Measures section of this press release. </li>
              <li> Net income, which includes the items described above, and also includes income from partnership interests and other investments, and certain discrete tax adjustments, was $24.4 million in 2019 compared to $5.2 million for the same period
                in 2018. Adjusted net income was $35.2 million compared to $9.9 million for the same period in 2018. </li>
              <li> Earnings before interest, taxes, depreciation, and amortization (EBITDA) was $54.1 million in 2019 compared to $9.1 million in 2018. Adjusted EBITDA was $60.3 million compared to $21.7 million for the same period in 2018. </li>
              <li> Diluted earnings per share was $1.10 compared to $0.46 for the same period in 2018. Adjusted diluted earnings per share increased to $1.59 from $0.87 for the same period in 2018. Diluted weighted average shares outstanding increased to
                22,109,000 from 11,380,000 for the same period in 2018, due primarily to new shares issued to facilitate the merger with Capella Education Company. </li>
            </ul>
            <div> </div>
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            </div>
            <p> <b>Strayer University Segment Highlights </b> </p>
            <ul style="list-style-type: disc;">
              <li> The Strayer University segment is comprised of Strayer University, including its programs offered through the Jack Welch Management Institute. </li>
              <li> For the second quarter, student enrollment at Strayer University increased 11.5% to 52,253 compared to 46,868 for the same period in 2018. New student enrollment for the period increased 8.5% and continuing student enrollment for the
                period increased 12.2%. </li>
              <li> Revenue increased 13.2% to $128.9 million in the second quarter of 2019 compared to $113.9 million for the same period in 2018, driven primarily by higher second quarter enrollment. </li>
              <li> Income from operations increased to $24.6 million in the second quarter of 2019 from $14.3 million for the same period in 2018. The operating income margin was 19.1%, compared to 12.6% for the same period in 2018. </li>
              <li> During the second quarter of 2019, Strayer University opened a new campus in Killeen, Texas, and is planning to open two to three additional campuses through the remainder of 2019. </li>
            </ul>
            <p> <b>Capella University Segment Highlights </b> </p>
            <ul style="list-style-type: disc;">
              <li> The Capella University segment consists solely of Capella University. </li>
              <li> For the second quarter, student enrollment at Capella University increased 1.6% to 38,392 compared to 37,786 for the same period in 2018. New student enrollment for the period increased 7.8% and continuing student enrollment for the
                period increased 0.5%. </li>
              <li> FlexPath continued to be a significant driver of new and total enrollment growth in the second quarter of 2019, and is 30% of Capella University&#8217;s bachelor&#8217;s and master&#8217;s degrees total enrollment. </li>
              <li> Revenue was $112.2 million in the second quarter of 2019 and reflects higher enrollment and higher revenue-per-learner. </li>
              <li> Income from operations was $21.1 million in the second quarter of 2019, and the operating income margin was 18.8%. </li>
              <li> During the second quarter of 2019, the Company opened the first Capella University Campus Center in Atlanta, Georgia, and is on track to open a Capella University Campus Center, pending regulatory approval, in Orlando, Florida in the
                third quarter. </li>
            </ul>
            <p> <b>Non-Degree Programs Segment Highlights </b> </p>
            <ul style="list-style-type: disc;">
              <li> The non-degree programs segment includes Hackbright Academy, DevMountain, The New York Code + Design Academy, and Sophia. </li>
              <li> For the second quarter, revenue increased to $4.0 million from $0.8 million for the same period in 2018, primarily due to the inclusion of revenue from DevMountain, Hackbright Academy, and Sophia. </li>
              <li> Income from operations was $0.3 million in the second quarter of 2019 compared to a loss from operations of $1.1 million in the same period in 2018, and the operating income margin was 7.5%. </li>
            </ul>
            <p> <b><u>BALANCE SHEET AND CASH FLOW</u></b> </p>
            <p> At June 30, 2019, Strategic Education, Inc. had cash, cash equivalents, and marketable securities of $440.5 million, and no debt. For the first six months of 2019, cash provided by operations was $103.1 million compared to $30.0 million for
              the same period in 2018. Capital expenditures for the first six months of 2019 were $18.9 million compared to $8.6 million for the same period in 2018. Capital expenditures for 2019 are expected to be between $40 million and $45 million. </p>
            <div> </div>
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            </div>
            <p> For the second quarter of 2019, consolidated bad debt expense as a percentage of revenue was 4.7%, compared to 5.8% for the same period in 2018. </p>
            <p> <b><u>COMMON STOCK CASH DIVIDEND</u></b> </p>
            <p> SEI announced today that it declared a regular, quarterly cash dividend of $0.50 per share of common stock. This dividend will be paid on September 16, 2019 to shareholders of record as of September 3, 2019. </p>
            <p> <b><u>CONFERENCE CALL WITH MANAGEMENT</u></b> </p>
            <p> SEI will host a conference call to discuss its second quarter 2019 earnings results at 10:00 a.m. (ET) today. To participate in the live call, investors should dial (877) 303-9047 ten minutes prior to the start time. In addition, the call
              will be available via webcast. To access the live webcast of the conference call, please go to www.strategiceducation.com in the Investor Relations section 15 minutes prior to the start time of the call to register. An earnings release
              presentation will also be posted to www.strategiceducation.com in the Investor Relations section prior to the start time of the call. Following the call, the webcast will be archived and available at www.strategiceducation.com in the Investor
              Relations section. </p>
            <p> <b>About SEI </b> </p>
            <p> Strategic Education, Inc. (NASDAQ: STRA) (www.strategiceducation.com) is dedicated to enabling economic mobility with education. We serve working adult students through a range of educational opportunities that include: Strayer University
              and Capella University (separate institutions that are each regionally accredited), which collectively offer flexible and affordable associate, bachelor&#8217;s, master&#8217;s, and doctoral programs; a Top-25 Princeton Review-ranked online MBA program
              through the Jack Welch Management Institute at Strayer University; self-paced courses for college credit through Sophia; customized degrees for corporations through Degrees@Work; and non-degree web and mobile application development courses
              through DevMountain, Generation Code, Hackbright Academy, and The New York Code + Design Academy. These programs help our students prepare for success in today&#8217;s jobs and find a path to bettering their lives. </p>
            <p> <b>Forward-Looking Statements </b> </p>
            <p> This communication contains certain &#8220;forward-looking statements&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995. 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;may,&#8221; &#8220;will,&#8221; &#8220;forecast,&#8221; &#8220;outlook,&#8221; &#8220;plan,&#8221; &#8220;project,&#8221; &#8220;potential&#8221; and other similar words, and include all statements that are not historical facts, including with respect to, among other things, the future
              financial performance of SEI; SEI&#8217;s plans, strategies and prospects; and future events and expectations. The statements are based on SEI&#8217;s current expectations and are subject to a number of assumptions, uncertainties and risks, including but
              not limited to: </p>
            <ul style="list-style-type: disc;">
              <li> SEI&#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; </li>
              <li> rulemaking by the Department of Education and increased focus by the U.S. Congress on for-profit education institutions; </li>
              <li> the pace of growth of student enrollment; </li>
              <li> competitive factors; </li>
              <li> risks associated with the opening of new campuses; </li>
              <li> risks associated with the offering of new educational programs and adapting to other changes; </li>
              <li> risks associated with the acquisition of existing educational institutions; </li>
              <li> risks relating to the timing of regulatory approvals; </li>
              <li> SEI&#8217;s ability to implement its growth strategy; </li>
              <li> the risk that the benefits of the merger with Capella Education Company, including expected synergies, may not be fully realized or may take longer to realize than expected; </li>
              <li> the risk that the combined company may experience difficulty integrating employees or operations; </li>
              <li> risks associated with the ability of SEI&#8217;s students to finance their education in a timely manner; </li>
              <li> general economic and market conditions; and </li>
              <li> additional factors described in SEI&#8217;s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. </li>
            </ul>
            <p> Many of these risks, uncertainties and assumptions are beyond SEI&#8217;s ability to control or predict. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. Furthermore,
              these forward-looking statements speak only as of the information currently available to SEI on the date they are made, and SEI undertakes no obligation to update or revise forward-looking statements, except as required by law. Actual results
              may differ materially from those projected in the forward-looking statements. </p>
            <div> </div>
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            </div>
            <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 10pt;" id="zb0894e8c0a22435d880540fff8628606">

                <tr>
                  <td colspan="16" style="text-align: center; list-style-position:inside;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>STRATEGIC EDUCATION, INC. <br>
                        UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME <br>
                        (in thousands, except per share data)</b> </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="16" rowspan="1"><br>
                  </td>
                </tr>
                <tr>
                  <td colspan="16" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="7" style="vertical-align: bottom;border-bottom: solid black 1.0pt;text-align: center; list-style-position:inside;" rowspan="1">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>For the three months ended <br>
                        June 30,</b> </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="7" style="vertical-align: bottom;border-bottom: solid black 1.0pt;text-align: center; list-style-position:inside;" rowspan="1">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>For the six months ended <br>
                        June 30,</b> </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;text-align: center; list-style-position:inside;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2018</b> </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;text-align: center; list-style-position:inside;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2019</b> </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;text-align: center; list-style-position:inside;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2018</b> </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;text-align: center; list-style-position:inside;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2019</b> </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Revenues </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 114,668 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 245,110 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 231,137 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 491,618 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Costs and expenses: </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Instructional and support costs </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 69,299 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 130,704 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 137,751 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 264,754 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> General and administration </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 32,176 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 68,374 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 63,518 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 132,513 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Amortization of intangible assets </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 15,417 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 30,834 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Merger and integration costs </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 2,824 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 3,019 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 8,171 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 10,198 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Impairment of intangible assets </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 6,185 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 6,185 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Total costs and expenses </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 110,484 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 217,514 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 215,625 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 438,299 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Income from operations </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 4,184 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 27,596 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 15,512 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 53,319 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Other income </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 447 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 4,125 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 736 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 7,452 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Income before income taxes </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 4,631 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 31,721 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 16,248 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 60,771 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Provision (benefit) for income taxes </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (557 </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 7,312 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,593 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 24,862 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Net income </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 5,188 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: double black 2.25pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 24,409 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: double black 2.25pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 14,655 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: double black 2.25pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 35,909 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: double black 2.25pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Earnings per share: </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Basic </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 0.48 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1.12 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1.36 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1.66 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Diluted </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 0.46 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1.10 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1.29 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1.63 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Weighted average shares outstanding: </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Basic </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 10,879 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 21,777 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 10,812 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 21,638 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Diluted </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 11,380 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 22,109 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 11,346 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 22,079 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Cash dividend declared per share </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 0.25 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 0.50 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 0.50 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1.00 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>

            </table>
            <div> </div>
            <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
              <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
                <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
            </div>
            <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 10pt;" id="z15101e8f46d2467cb794c74b32ec8971">

                <tr>
                  <td colspan="8" style="text-align: center; list-style-position:inside;" rowspan="1"><b>STRATEGIC EDUCATION, INC.<br>
                      UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS<br>
                      (in thousands, except share and per share data)</b></td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1"><br>
                  </td>
                  <td colspan="3" rowspan="1"><br>
                  </td>
                  <td rowspan="1" colspan="1"><br>
                  </td>
                  <td colspan="3" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1"><br>
                  </td>
                  <td colspan="3" rowspan="1"><br>
                  </td>
                  <td rowspan="1" colspan="1"><br>
                  </td>
                  <td colspan="3" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;border-bottom: solid black 1.0pt;text-align: center; list-style-position:inside;white-space: nowrap;" rowspan="1">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>December 31, <br>
                        2018</b> </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;border-bottom: solid black 1.0pt;text-align: center; list-style-position:inside;white-space: nowrap;" rowspan="1">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>June 30, <br>
                        2019</b> </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;text-align: center; list-style-position:inside;" rowspan="1" colspan="1">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>ASSETS</b> </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Current assets: </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Cash and cash equivalents </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 311,732 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 375,515 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Marketable securities </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 37,121 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 39,288 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Tuition receivable, net </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 55,694 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 47,340 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Income tax receivable </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 10,518 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Other current assets </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 15,814 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 17,660 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 30.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Total current assets </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 420,361 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 490,321 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Property and equipment, net </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 122,677 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 118,462 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Right-of-use lease assets </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 97,484 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Marketable securities, non-current </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 37,678 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 25,737 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Intangible assets, net </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 328,344 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 300,678 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Goodwill </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 732,540 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 732,104 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Other assets </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 19,429 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 19,784 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 30.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Total assets </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,661,029 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: double black 2.25pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,784,570 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: double black 2.25pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;text-align: center; list-style-position:inside;" rowspan="1" colspan="1">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>LIABILITIES &amp; STOCKHOLDERS&#8217; EQUITY</b> </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Current liabilities: </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Accounts payable and accrued expenses </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 85,979 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 86,066 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Income taxes payable </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 419 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Contract liabilities </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 38,733 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 40,919 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Lease liabilities </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 26,834 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 30.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Total current liabilities </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 125,131 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 153,819 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Deferred income tax liabilities </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 59,358 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 66,323 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Lease liabilities, non-current </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 86,998 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Other long-term liabilities </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 51,316 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 39,554 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 30.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Total liabilities </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 235,805 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 346,694 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Commitments and contingencies </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Stockholders&#8217; equity: </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Common stock, par value $0.01; 32,000,000 shares authorized; 21,743,498 and 21,948,563 shares issued and outstanding at December 31, 2018 and June 30, 2019, respectively </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 217 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 219 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Additional paid-in capital </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,306,653 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,305,148 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Accumulated other comprehensive income </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 32 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 449 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Retained earnings </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 118,322 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 132,060 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 30.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Total stockholders&#8217; equity </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,425,224 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,437,876 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 30.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Total liabilities and stockholders&#8217; equity </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,661,029 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: double black 2.25pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,784,570 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: double black 2.25pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>

            </table>
            <div> </div>
            <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
              <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
                <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
            </div>
            <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 10pt;" id="z160c6dfdee704b8596aceb253b5e00ea">

                <tr>
                  <td colspan="8" style="text-align: center; list-style-position:inside;" rowspan="1"><b>STRATEGIC EDUCATION, INC.<br>
                      UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS<br>
                      (in thousands)</b></td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1"><br>
                  </td>
                  <td colspan="7" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1"><br>
                  </td>
                  <td colspan="7" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="7" style="vertical-align: bottom;border-bottom: solid black 1.0pt;text-align: center; list-style-position:inside;" rowspan="1">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>For the six months ended <br>
                        June 30,</b> </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;text-align: center; list-style-position:inside;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2018</b> </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;text-align: center; list-style-position:inside;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2019</b> </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Cash flows from operating activities: </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Net income </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 14,655 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 35,909 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Adjustments to reconcile net income to net cash provided by operating activities: </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 30.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Amortization of deferred financing costs </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 131 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 167 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 30.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Amortization of investment discount/premium </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 220 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 30.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Depreciation and amortization </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 9,915 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 52,497 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 30.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Deferred income taxes </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (1,581 </p>
                  </td>
                  <td style="vertical-align: bottom;padding-left: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 9,909 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 30.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Stock-based compensation </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 5,937 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 6,576 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 30.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Impairment of intangible assets </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 6,185 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 30.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Changes in assets and liabilities: </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 40.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Tuition receivable, net </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (2,916 </p>
                  </td>
                  <td style="vertical-align: bottom;padding-left: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 5,777 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 40.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Other current assets </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 96 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (1,304 </p>
                  </td>
                  <td style="vertical-align: bottom;padding-left: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 40.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Other assets </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (824 </p>
                  </td>
                  <td style="vertical-align: bottom;padding-left: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 64 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 40.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Accounts payable and accrued expenses </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,363 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 229 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 40.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Income taxes payable and income taxes receivable </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (3,447 </p>
                  </td>
                  <td style="vertical-align: bottom;padding-left: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (10,673 </p>
                  </td>
                  <td style="vertical-align: bottom;padding-left: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 40.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Contract liabilities </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 2,768 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 4,778 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 40.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Other long-term liabilities </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (2,256 </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (1,086 </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 60.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Net cash provided by operating activities </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 30,026 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 103,063 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Cash flows from investing activities: </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Purchases of property and equipment </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (8,596 </p>
                  </td>
                  <td style="vertical-align: bottom;padding-left: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (18,859 </p>
                  </td>
                  <td style="vertical-align: bottom;padding-left: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Purchases of marketable securities </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (12,443 </p>
                  </td>
                  <td style="vertical-align: bottom;padding-left: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Maturities of marketable securities </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 22,560 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Other investments </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (740 </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 60.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Net cash used in investing activities </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (8,596 </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (9,482 </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Cash flows from financing activities: </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Common dividends paid </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (5,778 </p>
                  </td>
                  <td style="vertical-align: bottom;padding-left: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (22,194 </p>
                  </td>
                  <td style="vertical-align: bottom;padding-left: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Taxes paid for stock awards </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (7,607 </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 60.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Net cash used in financing activities </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (5,778 </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (29,801 </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 60.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Net increase in cash, cash equivalents, and restricted cash </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 15,652 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 63,780 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Cash, cash equivalents, and restricted cash &#8212; beginning of period </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 156,448 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 312,237 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Cash, cash equivalents, and restricted cash &#8212; end of period </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 172,100 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: double black 2.25pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 376,017 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: double black 2.25pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Noncash transactions: </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Purchases of property and equipment included in accounts payable </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,252 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 840 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>

            </table>
            <div> </div>
            <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
              <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
                <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
            </div>
            <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 10pt;" id="zfed153b6bf0a4293ac7b07fd3644c95b">

                <tr>
                  <td colspan="16" style="text-align: center; list-style-position:inside;vertical-align: bottom;" rowspan="1"><b>STRATEGIC EDUCATION, INC.<br>
                      UNAUDITED SEGMENT REPORTING<br>
                      (in thousands)</b></td>
                </tr>
                <tr>
                  <td colspan="16" rowspan="1"><br>
                  </td>
                </tr>
                <tr>
                  <td colspan="16" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td colspan="16" rowspan="1"><br>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="7" style="vertical-align: bottom;border-bottom: solid black 1.0pt;text-align: center; list-style-position:inside;" rowspan="1">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>For the three months <br>
                        ended June 30,</b> </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="7" style="vertical-align: bottom;border-bottom: solid black 1.0pt;text-align: center; list-style-position:inside;" rowspan="1">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>For the six months <br>
                        ended June 30,</b> </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;text-align: center; list-style-position:inside;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2018</b> </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;text-align: center; list-style-position:inside;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2019</b> </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;text-align: center; list-style-position:inside;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2018</b> </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;text-align: center; list-style-position:inside;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2019</b> </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Revenues </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">&#160;</td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Strayer University </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 113,903 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 128,911 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 229,174 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 256,969 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Capella University </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 112,171 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">&#160;</td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 226,869 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Non-Degree Programs </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 765 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 4,028 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,963 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 7,780 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Consolidated revenues </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 114,668 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: double black 2.25pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 245,110 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: double black 2.25pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 231,137 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: double black 2.25pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 491,618 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: double black 2.25pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Income (loss) from operations </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">&#160;</td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Strayer University </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 14,320 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 24,606 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 32,312 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 49,579 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Capella University </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 21,122 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 45,275 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Non-Degree Programs </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (1,127 </p>
                  </td>
                  <td style="vertical-align: bottom;padding-left: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 304 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (2,444 </p>
                  </td>
                  <td style="vertical-align: bottom;padding-left: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (503 </p>
                  </td>
                  <td style="vertical-align: bottom;padding-left: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Amortization of intangible assets </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (15,417 </p>
                  </td>
                  <td style="vertical-align: bottom;padding-left: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (30,834 </p>
                  </td>
                  <td style="vertical-align: bottom;padding-left: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Merger and integration costs </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (2,824 </p>
                  </td>
                  <td style="vertical-align: bottom;padding-left: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (3,019 </p>
                  </td>
                  <td style="vertical-align: bottom;padding-left: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (8,171 </p>
                  </td>
                  <td style="vertical-align: bottom;padding-left: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (10,198 </p>
                  </td>
                  <td style="vertical-align: bottom;padding-left: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Impairment of intangible assets </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (6,185 </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (6,185 </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Consolidated income from operations </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 4,184 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: double black 2.25pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 27,596 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: double black 2.25pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 15,512 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: double black 2.25pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 53,319 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: double black 2.25pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>

            </table>
            <div> </div>
            <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
              <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
                <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </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
              ("GAAP"). We discuss management'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,
              operating margin, 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 financial performance because those non-GAAP measures allow for period-over-period comparisons of its ongoing operations before the impact of certain items described below. These
              measures are Adjusted Income from Operations, Adjusted Operating Margin, Adjusted Net Income, Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), Adjusted EBITDA and Adjusted Diluted Earnings Per Share (EPS). We define
              Adjusted Income from Operations, Adjusted Operating Margin, Adjusted Net Income, and Adjusted Diluted EPS to exclude (1) amortization expense related to intangible assets associated with the Company&#8217;s merger with Capella Education Company,
              (2) transaction and integration costs associated with the Company&#8217;s merger with Capella Education Company, (3) goodwill and intangible asset impairment charges related to the Company&#8217;s acquisition of the New York Code and Design Academy, (4)
              income recognized from the Company&#8217;s investments in partnership interests and other investments, and (5) discrete tax adjustments utilizing an adjusted effective income tax rate of 27.5% for 2018 and 2019. We define EBITDA as net income
              before the provision for income taxes, other income, depreciation and amortization, and from this amount in arriving at Adjusted EBITDA we also exclude the amounts in (2) and (3) above, stock-based compensation expense, and adjustments to the
              value of purchase consideration related to the Company&#8217;s acquisition of the New York Code and Design Academy. These non-GAAP measures are reconciled to the most directly comparable GAAP measures in the sections that follow. Non-GAAP measures
              should not be viewed as substitutes for GAAP measures. </p>
            <div> </div>
            <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
              <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
                <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
            </div>
            <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 10pt;" id="zdc361321d05b4efc8a50055340629e8f">

                <tr>
                  <td colspan="28" style="text-align: center; list-style-position:inside;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>STRATEGIC EDUCATION, INC. <br>
                        UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES <br>
                        ADJUSTED INCOME FROM OPERATIONS, ADJUSTED NET INCOME, AND ADJUSTED EPS <br>
                        (in thousands, except per share data)</b> </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="28" rowspan="1"><br>
                  </td>
                </tr>
                <tr>
                  <td colspan="28" rowspan="1">&#160;</td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="19" style="vertical-align: bottom;text-align: center; list-style-position:inside;" rowspan="1">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>For the three months ended June 30, 2018</b> </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="19" style="vertical-align: bottom;border-bottom: solid black 1.0pt;text-align: center; list-style-position:inside;" rowspan="1">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>Non-GAAP Adjustments</b> </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;border-bottom: solid black 1.0pt;text-align: center; list-style-position:inside;" rowspan="1">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>As Reported <br>
                        (GAAP)</b> </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;border-bottom: solid black 1.0pt;text-align: center; list-style-position:inside;" rowspan="1">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>Amortization <br>
                        of <br>
                        intangible <br>
                        assets<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></b> </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;border-bottom: solid black 1.0pt;text-align: center; list-style-position:inside;" rowspan="1">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>Merger and <br>
                        integration <br>
                        costs<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></b> </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;border-bottom: solid black 1.0pt;text-align: center; list-style-position:inside;" rowspan="1">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>Impairment <br>
                        of intangible <br>
                        assets<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></b> </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;border-bottom: solid black 1.0pt;text-align: center; list-style-position:inside;" rowspan="1">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>Income <br>
                        from other <br>
                        investments <br>
                        <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></b> </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;border-bottom: solid black 1.0pt;text-align: center; list-style-position:inside;" rowspan="1">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>Tax <br>
                        adjustments <br>
                        <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></b> </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;border-bottom: solid black 1.0pt;text-align: center; list-style-position:inside;" rowspan="1">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>As Adjusted <br>
                        (Non-GAAP)</b> </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Income from operations </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 4,184 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 2,824 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 6,185 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 13,193 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> <i>Operating margin</i> </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <i>3.6%</i> </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <i>11.5%</i> </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Other income, net </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 447 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 447 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Income before income taxes </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 4,631 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 2,824 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 6,185 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 13,640 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> (Benefit) provision for income taxes </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (557 </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 4,308 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 3,751 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 40.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Net income </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 5,188 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: double black 2.25pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: double black 2.25pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 2,824 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: double black 2.25pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 6,185 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: double black 2.25pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: double black 2.25pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (4,308 </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 9,889 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: double black 2.25pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> <b>Earnings per share:</b> </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Basic </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 0.48 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 0.91 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Diluted </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 0.46 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 0.87 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> <b>Weighted average shares outstanding:</b> </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Basic </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 10,879 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 10,879 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Diluted </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 11,380 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 11,380 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>

            </table>
            <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 10pt;" id="z264fe34bf28a4dffb117e84a2f2b828c">

                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="19" style="vertical-align: bottom;text-align: center; list-style-position:inside;" rowspan="1">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>For the three months ended June 30, 2019</b> </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="19" style="vertical-align: bottom;border-bottom: solid black 1.0pt;text-align: center; list-style-position:inside;" rowspan="1">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>Non-GAAP Adjustments</b> </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;border-bottom: solid black 1.0pt;text-align: center; list-style-position:inside;" rowspan="1">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>As Reported <br>
                        (GAAP)</b> </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;border-bottom: solid black 1.0pt;text-align: center; list-style-position:inside;" rowspan="1">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>Amortization <br>
                        of <br>
                        intangible <br>
                        assets<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></b> </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;border-bottom: solid black 1.0pt;text-align: center; list-style-position:inside;" rowspan="1">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>Merger and <br>
                        integration <br>
                        costs<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></b> </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;border-bottom: solid black 1.0pt;text-align: center; list-style-position:inside;" rowspan="1">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>Impairment <br>
                        of intangible <br>
                        assets<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></b> </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;border-bottom: solid black 1.0pt;text-align: center; list-style-position:inside;" rowspan="1">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>Income <br>
                        from other <br>
                        investments <br>
                        <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></b> </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;border-bottom: solid black 1.0pt;text-align: center; list-style-position:inside;" rowspan="1">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>Tax <br>
                        Adjustments <br>
                        <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></b> </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;border-bottom: solid black 1.0pt;text-align: center; list-style-position:inside;" rowspan="1">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>As Adjusted <br>
                        (Non-GAAP)</b> </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Income from operations </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 27,596 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 15,417 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 3,019 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 46,032 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> <i>Operating margin</i> </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <i>11.3%</i> </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <i>18.8%</i> </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Other income, net </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 4,125 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (1,605) </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 2,520 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Income before income taxes </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 31,721 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 15,417 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 3,019 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (1,605) </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 48,552 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Provision for income taxes </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 7,312 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 6,040 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 13,352 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 40.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Net income </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 24,409 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: double black 2.25pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 15,417 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: double black 2.25pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 3,019 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: double black 2.25pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: double black 2.25pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (1,605) </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: double black 2.25pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (6,040 </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 35,200 </p>
                  </td>
                  <td style="vertical-align: top;border-bottom: double black 2.25pt;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> <b>Earnings per share:</b> </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Basic </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1.12 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1.62 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Diluted </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1.10 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1.59 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> <b>Weighted average shares outstanding:</b> </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Basic </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 21,777 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 21,777 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td style="vertical-align: bottom;padding-left: 20.0px;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Diluted </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 22,109 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" style="vertical-align: bottom;" rowspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td style="vertical-align: bottom;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" style="vertical-align: bottom;padding-right: 0.0px;" rowspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 22,109 </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>

            </table>
            <table cellspacing="0" style="margin-bottom: 10.0px;margin-left: 0px; margin-right: auto; font-size: 10pt;" id="z973a783ef6c347718e4202cf385d8801">

                <tr>
                  <td style="padding-right: 0.0px;vertical-align: top;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Reflects amortization expense related to intangible assets associated with the Company&#8217;s merger with Capella Education Company. </p>
                  </td>
                </tr>
                <tr>
                  <td style="padding-right: 0.0px;vertical-align: top;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup> </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Reflects transaction and integration charges associated with the Company's merger with Capella Education Company. </p>
                  </td>
                </tr>
                <tr>
                  <td style="padding-right: 0.0px;vertical-align: top;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup> </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Reflects impairment of goodwill and intangible assets related to the Company&#8217;s acquisition of the New York Code and Design Academy. </p>
                  </td>
                </tr>
                <tr>
                  <td style="padding-right: 0.0px;vertical-align: top;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup> </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Reflects income recognized from the Company's investments in partnership interests and other investments. </p>
                  </td>
                </tr>
                <tr>
                  <td style="padding-right: 0.0px;vertical-align: top;" rowspan="1" colspan="1">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup> </p>
                  </td>
                  <td style="vertical-align: top;" rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Reflects tax impacts of the adjustments described above and discrete tax adjustments related to stock-based compensation and other adjustments, utilizing an adjusted effective tax rate of
                      27.5% for the three months ended June 30, 2018 and 2019. </p>
                  </td>
                </tr>

            </table>
            <div> </div>
            <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
              <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
                <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
            </div>
            <table cellspacing="0" style="margin-left: 0px; margin-right: auto;margin-bottom: 10.0px; font-size: 10pt;" id="z5b384f45d9474a4d9bbbeb9301c874b8">

                <tr>
                  <td colspan="16" rowspan="1" style="text-align: center; list-style-position:inside;"><b>STRATEGIC EDUCATION, INC.</b></td>
                  <td rowspan="1" colspan="1" style="text-align: center; list-style-position:inside;"><br>
                  </td>
                </tr>
                <tr>
                  <td colspan="16" rowspan="1" style="text-align: center; list-style-position:inside;">
                    <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>UNAUDITED NON-GAAP SEGMENT REPORTING</b> </p>
                  </td>
                  <td rowspan="1" colspan="1" style="text-align: center; list-style-position:inside;"><br>
                  </td>
                </tr>
                <tr>
                  <td colspan="16" rowspan="1" style="text-align: center; list-style-position:inside;">
                    <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>(in thousands)</b> </p>
                  </td>
                  <td rowspan="1" colspan="1" style="text-align: center; list-style-position:inside;"><br>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1"><br>
                  </td>
                  <td colspan="7" rowspan="1"><br>
                  </td>
                  <td rowspan="1" colspan="1"><br>
                  </td>
                  <td colspan="7" rowspan="1"><br>
                  </td>
                  <td rowspan="1" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1"><br>
                  </td>
                  <td colspan="7" rowspan="1"><br>
                  </td>
                  <td rowspan="1" colspan="1"><br>
                  </td>
                  <td colspan="7" rowspan="1"><br>
                  </td>
                  <td rowspan="1" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="7" rowspan="1" style="vertical-align: bottom;text-align: center; list-style-position:inside;padding-right: 0.0px;white-space: nowrap;">
                    <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>For the three months ended</b> </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="7" rowspan="1" style="vertical-align: bottom;text-align: center; list-style-position:inside;padding-right: 0.0px;white-space: nowrap;">
                    <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>For the six months ended</b> </p>
                  </td>
                  <td rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;"><br>
                  </td>
                  <td colspan="7" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;text-align: center; list-style-position:inside;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>June 30,</b> </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;"><br>
                  </td>
                  <td colspan="7" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;text-align: center; list-style-position:inside;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>June 30,</b> </p>
                  </td>
                  <td rowspan="1" colspan="1"><br>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;text-align: center; list-style-position:inside;">
                    <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2018</b> </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;text-align: center; list-style-position:inside;">
                    <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2019</b> </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;text-align: center; list-style-position:inside;">
                    <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2018</b> </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;text-align: center; list-style-position:inside;">
                    <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2019</b> </p>
                  </td>
                  <td rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Revenues: </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-left: 20.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Strayer University </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 113,903 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 128,911 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 229,174 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 256,969 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-left: 20.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Capella University </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;padding-right: 0.0px;text-align: right; list-style-position:inside;">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 112,171 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;padding-right: 0.0px;text-align: right; list-style-position:inside;">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 226,869 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-left: 20.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Non-Degree Programs </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 765 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 4,028 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,963 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 7,780 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Consolidated revenues </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 114,668 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;">
                    <p style="text-align: center; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 245,110 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 231,137 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 491,618 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Income (loss) from operations: </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-left: 20.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Strayer University </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 14,320 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 24,606 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 32,312 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 49,579 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-left: 20.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Capella University </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;padding-right: 0.0px;text-align: right; list-style-position:inside;">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 21,122 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;padding-right: 0.0px;text-align: right; list-style-position:inside;">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 45,275 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-left: 20.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Non-Degree Programs </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (1,127) </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 304 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (2,444) </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (503) </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-left: 20.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Amortization of intangible assets </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;padding-right: 0.0px;text-align: right; list-style-position:inside;">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (15,417) </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;padding-right: 0.0px;text-align: right; list-style-position:inside;">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (30,834) </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-left: 20.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Merger and integration costs </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (2,824) </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (3,019) </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (8,171) </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (10,198) </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-left: 20.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Impairment of intangible assets </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (6,185) </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;text-align: right; list-style-position:inside;">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (6,185) </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;text-align: right; list-style-position:inside;">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Consolidated income from operations </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> 4,184 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> 27,596 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> 15,512 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> 53,319 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Adjustments to consolidated income from operations: </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-left: 20.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Amortization of intangible assets </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;text-align: right; list-style-position:inside;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> &#8212; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> 15,417 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;text-align: right; list-style-position:inside;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> &#8212; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> 30,834 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-left: 20.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Merger and integration costs </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> 2,824 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> 3,019 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> 8,171 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> 10,198 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-left: 20.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Impairment of intangible assets </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> 6,185 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;text-align: right; list-style-position:inside;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> &#8212; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> 6,185 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;text-align: right; list-style-position:inside;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> &#8212; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Total adjustments to consolidated income from operations </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> 9,009 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> 18,436 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> 14,356 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> 41,032 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Adjusted income from operations by segment: </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-left: 20.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Strayer University </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> 14,320 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> 24,606 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> 32,312 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> 49,579 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-left: 20.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Capella University </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;text-align: right; list-style-position:inside;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> &#8212; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> 21,122 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;text-align: right; list-style-position:inside;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> &#8212; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> 45,275 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-left: 20.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Non-Degree Programs </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> (1,127) </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> 304 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> (2,444) </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> (503) </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Total adjusted income from operations by segment </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 13,193 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 46,032 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 29,868 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 94,351 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>

            </table>
            <div> </div>
            <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
              <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
                <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
            </div>
            <table cellspacing="0" style="margin-left: 0px; margin-right: auto;margin-bottom: 10.0px; font-size: 10pt;" id="z24b1cb5077394272a8e6ceebc939b53a">

                <tr>
                  <td colspan="9" rowspan="1" style="text-align: center; list-style-position:inside;"><b>STRATEGIC EDUCATION, INC.</b></td>
                </tr>
                <tr>
                  <td colspan="9" rowspan="1" style="text-align: center; list-style-position:inside;">
                    <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES</b> </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="9" rowspan="1" style="text-align: center; list-style-position:inside;">
                    <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>ADJUSTED EBITDA</b> </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="9" rowspan="1" style="text-align: center; list-style-position:inside;">
                    <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>(in thousands)</b> </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1"><br>
                  </td>
                  <td colspan="7" rowspan="1"><br>
                  </td>
                  <td rowspan="1" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1"><br>
                  </td>
                  <td colspan="7" rowspan="1"><br>
                  </td>
                  <td rowspan="1" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="7" rowspan="1" style="vertical-align: bottom;padding-right: 0.0px;text-align: center; list-style-position:inside;white-space: nowrap;">
                    <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>For the three months ended</b> </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;"><br>
                  </td>
                  <td colspan="7" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;text-align: center; list-style-position:inside;">
                    <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>June 30,</b> </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;"><br>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;text-align: center; list-style-position:inside;">
                    <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2018</b> </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="3" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;text-align: center; list-style-position:inside;">
                    <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2019</b> </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Net income </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 5,188 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 24,409 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-left: 20.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Provision (benefit) for income taxes </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (557) </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 7,312 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-left: 20.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Other income </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (447) </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (4,125) </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-left: 20.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Depreciation and amortization </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 4,881 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 26,514 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-left: 40.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> EBITDA <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 9,065 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 54,110 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-left: 20.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Stock-based compensation </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 3,249 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 3,155 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-left: 20.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Merger and integration costs <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup> </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 2,824 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 3,019 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-left: 20.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Impairment of intangible assets and fair value adjustments <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup> </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 6,567 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="2" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-right: 0.0px;text-align: right; list-style-position:inside;">
                    <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;padding-left: 40.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Adjusted EBITDA <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 21,705 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 60,284 </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: bottom;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>

            </table>
            <table cellspacing="0" style="margin-bottom: 10.0px;margin-left: 0px; margin-right: auto; font-size: 10pt;" id="z482331b498e745cda614e4f226cb7706">

                <tr>
                  <td rowspan="1" colspan="1" style="text-align: left;padding-right: 0.0px;vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Denotes non-GAAP financial measures. Please see the information in the Non-GAAP Financial Measures section of this press release for more detail regarding these adjustments and
                      management&#8217;s reasons for providing this information. </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="text-align: left;padding-right: 0.0px;vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup> </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Reflects transaction and integration charges associated with the Company's merger with Capella Education Company. Includes $0.4 million of stock-based compensation expense for the three
                      months ended June 30, 2019. </p>
                  </td>
                </tr>
                <tr>
                  <td rowspan="1" colspan="1" style="text-align: left;padding-right: 0.0px;vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup> </p>
                  </td>
                  <td rowspan="1" colspan="1" style="vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Reflects adjustments to the value of purchase consideration and goodwill and intangible asset impairment charges related to the Company&#8217;s acquisition of The New York Code and Design
                      Academy, Inc. for the three months ended June 30, 2018. </p>
                  </td>
                </tr>

            </table>
            <p> &#160; </p>
          </div>
          <div class="bw-release-contact">
            <h2 style="FONT-SIZE: 14pt;">Contacts</h2>
            <p> Terese Wilke <br>
              Manager, Investor Relations <br>
              Strategic Education, Inc. <br>
              (612) 977-6331 <br>
              terese.wilke@strategiced.com </p>
          </div>
        </div>
      </div>
    </div>
  </div>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
