<SEC-DOCUMENT>0001157523-20-001050.txt : 20200729
<SEC-HEADER>0001157523-20-001050.hdr.sgml : 20200729
<ACCEPTANCE-DATETIME>20200729063033
ACCESSION NUMBER:		0001157523-20-001050
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20200729
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200729
DATE AS OF CHANGE:		20200729

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:		201055660

	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>
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    <div style="text-align: center; font-weight: bold; font-size: 16pt;">UNITED STATES<br />
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    <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">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
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        <div> Securities registered pursuant to Section 12(b) of the Act: </div>

        <div> <br />
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    <td style="width: 32%; text-align: center; font-weight: bold; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">Title of each Class <br />
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        <div> <br />
        </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>

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    <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">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
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  <div><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 2.02</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><span style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Results of Operations and Financial Condition.</span>&#160;</span>
    <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div>

    <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">On July 29, 2020, Strategic Education, Inc<span style="font-family: 'Times New Roman',Times,serif;">. (&#8220;Strategic Education&#8221;) issued a
        press</span> release announcing its financial results for the period ended June 30, 2020. 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 style="font-size: 10pt;"><br />
    </div>

    <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">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
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    <div style="font-size: 10pt;">&#160;</div>

    <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 9.01.</span><span style="font-size: 10pt;"><span style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Financial Statements and Exhibits.</span></span></div>

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    <div style="text-align: left; text-indent: 22.5pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;(d)&#160;Exhibits.</div>

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              </span>Number</div>
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    <td style="width: 8%; vertical-align: top; font-size: 10pt;">&#160;</td>

    <td style="width: 2%; vertical-align: bottom; font-size: 10pt;">&#160;</td>

    <td style="width: 90%; vertical-align: top; font-size: 10pt;">
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    <td style="width: 8%; vertical-align: top; font-size: 10pt;">
            <div style="text-align: left; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;"><a href="a52257347ex99_1.htm" style="font-family: 'Times New Roman',Times,serif;">99.1</a></div>
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    <td style="width: 2%; vertical-align: middle; font-size: 10pt;">&#160;</td>

    <td style="width: 90%; vertical-align: top; font-size: 10pt;">
            <div style="text-align: left; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;"><a href="a52257347ex99_1.htm" style="font-family: 'Times New Roman',Times,serif;">Press Release, dated July 29, 2020</a></div>
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    <td style="width: 8%; vertical-align: top; font-size: 10pt;">&#160;</td>

    <td style="width: 2%; vertical-align: middle; font-size: 10pt;">&#160;</td>

    <td style="width: 90%; vertical-align: top; font-size: 10pt;">&#160;</td>

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    <td style="width: 8%; vertical-align: top; font-size: 10pt;">
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    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">SIGNATURES</div>

    <div style="font-size: 10pt;">&#160; <br />
    </div>

    <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">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>

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            <div style="text-align: left; margin-right: 1.8pt; font-family: 'Times New Roman',Times,serif;">STRATEGIC EDUCATION,&#160;INC.</div>
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            <div style="text-align: left; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">Date: July 29, 2020</div>
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            <div style="text-align: left; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">By:</div>
          </td>

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            <div style="text-align: left; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">/s/ Daniel W. Jackson</div>
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            <div style="text-align: left; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">Daniel W. Jackson</div>
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            <div style="text-align: left; margin-right: 0.8pt; font-family: 'Times New Roman',Times,serif;">Executive Vice President and Chief Financial Officer</div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a52257347ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.1</font><br>
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        <h1 style="text-align: center; list-style-position:inside;FONT-SIZE: 14pt;"> <b>Strategic Education, Inc. Reports Second Quarter 2020 Results</b> </h1>
        <div class="bw-release-body">
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            <p>HERNDON, Va.--(BUSINESS WIRE)--July 29, 2020--Strategic Education, Inc. (Strategic Education) (NASDAQ: STRA) today announced financial results for the period ended June 30, 2020. </p>
            <p> Karl McDonnell, Chief Executive Officer of Strategic Education said, &#8220;We are very proud of our staff and faculty&#8217;s ongoing commitment to help our students continue their educational journeys during the second quarter of 2020. As our
              organization continues to adapt to the challenges presented by the COVID-19 pandemic, we remain focused on maintaining the highest level of educational quality and access while investing in strategies and opportunities to support our mission
              of advancing career and economic mobility for all.&#8221; </p>
            <p> <b><u>UPDATE ON IMPACT OF PANDEMIC</u></b> </p>
            <p> The Company continues to take action to ensure the health and well-being of its students and employees during the ongoing pandemic. Current measures taken, which have been informed by guidance from the Centers for Disease Control and
              Prevention (CDC) and other public health and government authorities, include: </p>
            <ul style="list-style-type: disc;">
              <li> Continuing 100% work from home for campus and most corporate office staff </li>
              <li> Continued closure of all Strayer University campuses and Capella University Campus Centers </li>
              <li> Shifting Strayer University&#8217;s on-ground campus class schedule to fully online through the Fall 2020 term (Capella University classes are already entirely online) </li>
              <li> Postponing large student events, such as graduation ceremonies, and restructuring or rescheduling most Capella University residencies through the Summer 2020 term </li>
              <li> Limiting all non-essential employee travel, large meetings, and events </li>
            </ul>
            <p> The Company is continuing to provide financial relief to students and employer partners as they experience the negative impact of the pandemic. These measures, which include payment flexibility, scholarship opportunities, and other pricing
              relief, are likely to result in a full-year revenue-per-student decline of approximately one percent. </p>
            <p> Finally, the Company maintains a solid financial foundation, with over $500 million in cash, $250 million of undrawn credit, and projected continued quarterly cash generation. Accordingly, the Company has maintained the position that it
              will not accept any financial support from the Federal or state pandemic related relief programs. </p>
            <div> </div>
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            <p> <b><u>STRATEGIC EDUCATION CONSOLIDATED RESULTS</u></b> </p>
            <p> <b>Three Months Ended June 30 </b> </p>
            <ul style="list-style-type: disc;">
              <li> Revenue increased 4.4% to $255.8 million compared to $245.1 million for the same period in 2019. </li>
              <li> Income from operations was $46.4 million or 18.1% of revenue, compared to $27.6 million or 11.3% of revenue for the same period in 2019. Income from operations in 2020 includes $15.4 million of amortization expense related to assets
                acquired in the merger with Capella Education Company and $1.2 million in costs associated with the merger with Capella Education Company, and transaction expenses associated with potential future business combinations. Income from
                operations in 2019 included $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. Adjusted income
                from operations, which is a non-GAAP financial measure and excludes the aforementioned expenses, was $63.0 million in 2020 compared to $46.0 million for the same period in 2019. The adjusted operating income margin was 24.6% compared to
                18.8% for the same period in 2019. 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 $34.2 million in 2020 compared to $24.4 million for the same
                period in 2019. Adjusted net income was $45.4 million compared to $35.2 million for the same period in 2019. </li>
              <li> Earnings before interest, taxes, depreciation, and amortization (EBITDA) was $72.6 million in 2020 compared to $54.1 million in 2019. Adjusted EBITDA, which excludes merger costs and stock-based compensation expense, was $77.7 million
                compared to $60.3 million for the same period in 2019. </li>
              <li> Diluted earnings per share was $1.55 compared to $1.10 for the same period in 2019. Adjusted diluted earnings per share increased to $2.06 from $1.59 for the same period in 2019. Diluted weighted average shares outstanding decreased to
                22,012,000 from 22,109,000 for the same period in 2019. </li>
            </ul>
            <p> <b>Strayer University Segment Highlights </b> </p>
            <ul style="list-style-type: disc;">
              <li> For the second quarter, student enrollment at Strayer University increased 6% to 53,782 compared to 50,713 for the same period in 2019. New student enrollment for the period decreased 4% and continuing student enrollment for the period
                increased 8%. </li>
              <li> Revenue increased 4.8% to $138.1 million in the second quarter of 2020 compared to $131.7 million for the same period in 2019, driven by higher second quarter enrollment. </li>
              <li> Income from operations increased to $35.8 million in the second quarter of 2020 from $24.4 million for the same period in 2019. The operating income margin was 25.9%, compared to 18.5% for the same period in 2019. </li>
              <li> During the second quarter, the Company completed a new Strayer University campus in Corpus Christi, Texas. </li>
            </ul>
            <p> <b>Capella University Segment Highlights </b> </p>
            <ul style="list-style-type: disc;">
              <li> For the second quarter, student enrollment at Capella University increased 1% to 39,341 compared to 38,979 for the same period in 2019. New student enrollment for the period increased 1% and continuing student enrollment for the period
                increased 1%. </li>
              <li> FlexPath continued to be a significant driver of new and total enrollment growth in the second quarter of 2020, and is 37% of Capella University&#8217;s bachelor&#8217;s and master&#8217;s degrees total enrollment. </li>
              <li> Revenue increased 3.9% to $117.8 million in the second quarter of 2020 compared to $113.4 million for the same period in 2019, driven by higher second quarter enrollment and revenue-per-student. </li>
              <li> Income from operations increased to $27.2 million in the second quarter of 2020 from $21.6 million for the same period in 2019. The operating income margin was 23.1%, compared to 19.0% for the same period in 2019. </li>
            </ul>
            <p> <b><u>BALANCE SHEET AND CASH FLOW</u></b> </p>
            <p> At June 30, 2020, Strategic Education had cash, cash equivalents, and marketable securities of $525.3 million, and no debt. For the first six months of 2020, cash provided by operations was $111.9 million compared to $103.1 million for the
              same period in 2019. Capital expenditures for the first six months of 2020 were $25.5 million compared to $18.9 million for the same period in 2019. Capital expenditures for 2020 are expected to be at the lower end of our estimate of between
              $40 million and $45 million. </p>
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            </div>
            <p> Consolidated bad debt expense as a percentage of revenue was 4.7% for the second quarter of 2020 and 2019. Bad debt expense for the quarter includes additional reserves to account for projected deterioration in collections performance in
              2020 due to the pandemic. </p>
            <p> <b><u>COMMON STOCK CASH DIVIDEND</u></b> </p>
            <p> Strategic Education announced today that it declared a regular, quarterly cash dividend of $0.60 per share of common stock. This dividend will be paid on September 14, 2020 to shareholders of record as of September 4, 2020. </p>
            <p> <b><u>CONFERENCE CALL WITH MANAGEMENT</u></b> </p>
            <p> Strategic Education will host a conference call to discuss its second quarter 2020 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 Strategic Education </b> </p>
            <p> Strategic Education (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, and Hackbright 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 Strategic Education; Strategic Education&#8217;s plans, strategies and prospects; the impact of the current COVID-19 pandemic on Strategic Education&#8217;s business and results; and future events and expectations. The statements
              are based on Strategic Education&#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> Strategic Education&#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 student enrollment; </li>
              <li> competitive factors; </li>
              <li> risks associated with the further spread of COVID-19, including the ultimate impact of COVID-19 on people and economies; </li>
              <li> the impact of regulatory measures or voluntary actions that may be put in place to limit the spread of COVID-19, including restrictions on business operations or social distancing requirements; </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> Strategic Education&#8217;s ability to implement its growth strategy; </li>
              <li> the risk that the combined company may experience difficulty integrating employees or operations; </li>
              <li> risks associated with the ability of Strategic Education&#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 Strategic Education&#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 Strategic Education&#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 Strategic Education on the date they are made, and Strategic Education 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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                  <td rowspan="1" style="padding-left: 0.0px;text-align: center; list-style-position:inside;" colspan="16">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> <b>STRATEGIC EDUCATION, INC.</b> </p>
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> <b>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME</b> </p>
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> <b>(in thousands, except per share data)</b> </p>
                  </td>
                </tr>
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                  </td>
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                  </td>
                  <td rowspan="1" style="padding-left: 0.0px;" colspan="7">&#160;</td>
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                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;text-align: center; list-style-position:inside;" colspan="7">
                    <p style="text-align: center; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>For the three months ended <br>
                        June 30,</b> </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;text-align: center; list-style-position:inside;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;text-align: center; list-style-position:inside;" colspan="7">
                    <p style="text-align: center; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>For the six months ended <br>
                        June 30,</b> </p>
                  </td>
                </tr>
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                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
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                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;text-align: center; list-style-position:inside;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> <b>2019</b> </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;text-align: center; list-style-position:inside;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;text-align: center; list-style-position:inside;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> <b>2020</b> </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;text-align: center; list-style-position:inside;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;text-align: center; list-style-position:inside;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> <b>2019</b> </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;text-align: center; list-style-position:inside;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;text-align: center; list-style-position:inside;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> <b>2020</b> </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Revenues </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 245,110 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 255,831 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 491,618 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 521,133 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Costs and expenses: </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Instructional and support costs </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 130,704 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 125,544 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 264,754 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 258,480 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> General and administration </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 68,374 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 67,301 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 132,513 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 136,527 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Amortization of intangible assets </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 15,417 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 15,417 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 30,834 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 30,834 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Merger and integration costs </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 3,019 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,174 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 10,198 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 4,938 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Total costs and expenses </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 217,514 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 209,436 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 438,299 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 430,779 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Income from operations </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 27,596 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 46,395 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 53,319 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 90,354 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Other income </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 4,125 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,639 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 7,452 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 3,762 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Income before income taxes </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 31,721 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 48,034 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 60,771 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 94,116 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Provision for income taxes </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 7,312 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 13,882 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 24,862 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 24,725 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Net income </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 24,409 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 34,152 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 35,909 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 69,391 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Earnings per share: </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Basic </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1.12 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1.57 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1.66 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 3.18 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Diluted </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1.10 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1.55 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1.63 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 3.15 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Weighted average shares outstanding: </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Basic </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 21,777 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 21,764 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 21,638 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 21,787 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="padding-left: 15.0px;">Diluted</td>
                  <td rowspan="1" style="padding-left: 0.0px;text-align: right; list-style-position:inside;vertical-align: bottom;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 22,109 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;"><br>
                  </td>
                  <td rowspan="1" style="padding-left: 0.0px;text-align: right; list-style-position:inside;vertical-align: bottom;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 22,012 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;"><br>
                  </td>
                  <td rowspan="1" style="padding-left: 0.0px;text-align: right; list-style-position:inside;vertical-align: bottom;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 22,079 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;"><br>
                  </td>
                  <td rowspan="1" style="padding-left: 0.0px;text-align: right; list-style-position:inside;vertical-align: bottom;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 22,041 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;"><br>
                  </td>
                </tr>

            </table>
            <div> </div>
            <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
              <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
                <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" id="ze228372f15ed4417b51bd2b7d0526089" style="margin-bottom: 10.0px;margin-left: 0px; margin-right: auto; font-size: 10pt;">

                <tr>
                  <td rowspan="1" style="padding-left: 0.0px;text-align: center; list-style-position:inside;" colspan="8"><b>STRATEGIC EDUCATION, INC.</b>
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> <b>UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS</b> </p>
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> <b>(in thousands, except share and per share data)</b> </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;"><br>
                  </td>
                  <td rowspan="1" style="padding-left: 0.0px;" colspan="3"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;"><br>
                  </td>
                  <td rowspan="1" style="padding-left: 0.0px;" colspan="3">&#160;</td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;" colspan="3">
                    <p style="text-align: center; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>December 31, <br>
                        2019</b> </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;" colspan="3">
                    <p style="text-align: center; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>June 30,</b> </p>
                    <p style="text-align: center; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>2020</b> </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="text-align: center; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>ASSETS</b> </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Current assets: </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Cash and cash equivalents </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 419,693 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 470,319 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Marketable securities </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 34,874 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 23,106 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Tuition receivable, net </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 51,523 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 41,004 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Other current assets </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 18,004 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 19,067 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Total current assets </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 524,094 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 553,496 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Property and equipment, net </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 117,029 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 117,247 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Right-of-use lease assets </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 84,778 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 81,418 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Marketable securities, non-current </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 36,633 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 31,917 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Intangible assets, net </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 273,011 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 245,344 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Goodwill </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 732,075 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 732,075 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Other assets </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 21,788 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 30,067 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Total assets </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,789,408 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,791,564 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="text-align: center; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>LIABILITIES &amp; STOCKHOLDERS&#8217; EQUITY</b> </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Current liabilities: </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Accounts payable and accrued expenses </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 90,828 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 67,258 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Income taxes payable </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,352 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 16,722 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Contract liabilities </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 39,284 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 40,052 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Lease liabilities </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 25,284 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 24,852 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Total current liabilities </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 156,748 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 148,884 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Deferred income tax liabilities </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 47,942 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 40,107 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Lease liabilities, non-current </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 80,557 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 77,458 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Other long-term liabilities </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 41,451 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 40,565 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Total liabilities </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 326,698 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 307,014 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Commitments and contingencies </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Stockholders&#8217; equity: </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Common stock, par value $0.01; 32,000,000 shares authorized; 21,964,809 <br>
                      and 22,222,936 shares issued and outstanding at December 31, 2019 and <br>
                      June 30, 2020, respectively </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 220 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 222 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Additional paid-in capital </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,309,438 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,291,597 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Accumulated other comprehensive income </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 233 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 659 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Retained earnings </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 152,819 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 192,072 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Total stockholders&#8217; equity </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,462,710 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,484,550 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Total liabilities and stockholders&#8217; equity </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,789,408 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,791,564 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>

            </table>
            <div> </div>
            <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
              <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
                <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" id="z3f8314e86a2a4e5c858d1ae04319fb0f" style="margin-bottom: 10.0px;margin-left: 0px; margin-right: auto; font-size: 10pt;">

                <tr>
                  <td rowspan="1" style="padding-left: 0.0px;text-align: center; list-style-position:inside;" colspan="8"><b>STRATEGIC EDUCATION, INC.</b>
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> <b>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</b> </p>
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> <b>(in thousands)</b> </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;"><br>
                  </td>
                  <td rowspan="1" style="padding-left: 0.0px;" colspan="7">&#160;</td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;" colspan="7">
                    <p style="text-align: center; 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 colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;text-align: center; list-style-position:inside;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> <b>2019</b> </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;text-align: center; list-style-position:inside;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> <b>2020</b> </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Cash flows from operating activities: </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Net income </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 35,909 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 69,391 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Adjustments to reconcile net income to net cash provided by operating activities: </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Amortization of deferred financing costs </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 167 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 167 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Amortization of investment discount/premium </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 220 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 68 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Depreciation and amortization </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 52,497 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 51,981 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Deferred income taxes </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 9,909 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (6,736) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Stock-based compensation </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 6,576 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 6,884 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Impairment of right-of-use lease assets </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 453 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Changes in assets and liabilities: </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 45.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Tuition receivable, net </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 5,777 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 3,820 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 45.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Other assets </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (1,240) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (6,338) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 45.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Accounts payable and accrued expenses </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 229 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (22,180) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 45.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Income taxes payable and income taxes receivable </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (10,673) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 15,303 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 45.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Contract liabilities </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 4,778 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 2,053 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 45.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Other long-term liabilities </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (1,086) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (2,925) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 60.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Net cash provided by operating activities </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 103,063 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 111,941 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Cash flows from investing activities: </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Purchases of property and equipment </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (18,859) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (25,465) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Purchases of marketable securities </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (12,443) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (1,863) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Proceeds from marketable securities </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 22,560 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 18,869 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Other investments </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (740) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (693) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 60.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Net cash used in investing activities </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (9,482) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (9,152) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Cash flows from financing activities: </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Common dividends paid </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (22,194) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (26,662) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Net payments for stock awards </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (7,607) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (24,758) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Repurchase of common stock </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (247) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 60.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Net cash used in financing activities </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (29,801) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (51,667) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 60.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Net increase in cash, cash equivalents, and restricted cash </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 63,780 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 51,122 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Cash, cash equivalents, and restricted cash &#8212; beginning of period </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 312,237 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 420,497 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Cash, cash equivalents, and restricted cash &#8212; end of period </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 376,017 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 471,619 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>

            </table>
            <div> </div>
            <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
              <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
                <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" id="za1ce242d2e4b4be98a097da69414486f" style="margin-bottom: 10.0px;margin-left: 0px; margin-right: auto; font-size: 10pt;">

                <tr>
                  <td rowspan="1" style="padding-left: 0.0px;text-align: center; list-style-position:inside;" colspan="16"><b>STRATEGIC EDUCATION, INC.</b>
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> <b>UNAUDITED SEGMENT REPORTING</b> </p>
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> <b>(in thousands)</b> </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;"><br>
                  </td>
                  <td rowspan="1" style="padding-left: 0.0px;" colspan="7"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;"><br>
                  </td>
                  <td rowspan="1" style="padding-left: 0.0px;" colspan="7">&#160;</td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;text-align: center; list-style-position:inside;" colspan="7">
                    <p style="text-align: center; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>For the three months <br>
                        ended June 30,</b> </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;text-align: center; list-style-position:inside;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;text-align: center; list-style-position:inside;" colspan="7">
                    <p style="text-align: center; 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 colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;text-align: center; list-style-position:inside;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> <b>2019</b> </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;text-align: center; list-style-position:inside;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;text-align: center; list-style-position:inside;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> <b>2020</b> </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;text-align: center; list-style-position:inside;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;text-align: center; list-style-position:inside;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> <b>2019</b> </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;text-align: center; list-style-position:inside;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;text-align: center; list-style-position:inside;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> <b>2020</b> </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Revenues: </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Strayer University </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 131,728 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 138,080 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 262,474 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 283,734 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Capella University </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 113,382 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 117,751 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;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 colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;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;"> 229,144 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;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 colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 237,399 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Consolidated revenues </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 245,110 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 255,831 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 491,618 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 521,133 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Income from operations: </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Strayer University </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 24,433 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 35,813 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 48,236 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 72,416 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Capella University </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 21,599 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 27,173 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 46,115 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 53,710 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Amortization of intangible assets </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (15,417) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (15,417) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (30,834) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (30,834) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Merger and integration costs </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (3,019) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (1,174) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (10,198) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (4,938) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Consolidated income from operations </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 27,596 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 46,395 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 53,319 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 90,354 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>

            </table>
            <div> </div>
            <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
              <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
                <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, 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 revenue, total costs and expenses, 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 the Company&#8217;s ongoing operations before the impact of certain items described below.
              These measures are Adjusted Total Costs and Expenses, 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 Total Costs and Expenses, Adjusted Income from Operations, Adjusted Operating Margin, Adjusted Net Income, and Adjusted Diluted EPS to exclude (1) amortization and depreciation expense
              related to intangible assets and software assets associated with the Company&#8217;s merger with Capella Education Company, (2) integration expenses associated with the Company's merger with Capella Education Company, and transaction expenses
              associated with potential future business combinations, (3) income recognized from the Company&#8217;s investments in partnership interests and other investments, and (4) discrete tax adjustments utilizing an adjusted effective tax rate of 27.5%
              and 28.5% for the three months ended June 30, 2019 and 2020, respectively. We define EBITDA as net income before other income, the provision for income taxes, depreciation and amortization, and from this amount in arriving at Adjusted EBITDA
              we also exclude stock-based compensation expense and the amounts in (2) above. 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 style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
              <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
                <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" id="za14a1a98938a4cd0bd9649e3d09dbe56" style="margin-bottom: 10.0px;margin-left: 0px; margin-right: auto;width: 90%; font-size: 10pt;">

                <tr>
                  <td rowspan="1" style="padding-left: 0.0px;text-align: center; list-style-position:inside;" colspan="25">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> <b>STRATEGIC EDUCATION, INC.</b> </p>
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> <b>UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES</b> </p>
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> <b>ADJUSTED INCOME FROM OPERATIONS, ADJUSTED NET INCOME, AND ADJUSTED EPS</b> </p>
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> <b>(in thousands, except per share data)</b> </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;width: 33%;"><br>
                  </td>
                  <td rowspan="1" style="padding-left: 0.0px;" colspan="3"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td rowspan="1" style="padding-left: 0.0px;" colspan="8"><br>
                  </td>
                  <td rowspan="1" style="padding-left: 0.0px;" colspan="4"><br>
                  </td>
                  <td rowspan="1" colspan="5" style="padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td rowspan="1" colspan="2" style="padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;">&#160;</td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 33%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="17">
                    <p style="text-align: center; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>For the three months ended June 30, 2019</b> </p>
                  </td>
                  <td rowspan="1" colspan="2" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 33%;height:22px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;height:22px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;height:22px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;height:22px;" colspan="17">
                    <p style="text-align: center; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>Non-GAAP Adjustments</b> </p>
                  </td>
                  <td rowspan="1" colspan="2" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;height:22px;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;height:22px;"><br>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 33%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;" colspan="3">
                    <p style="text-align: center; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>As Reported <br>
                        (GAAP)</b> </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;" colspan="3">
                    <p style="text-align: center; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>Amortization of <br>
                        intangible <br>
                        assets<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></b> </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;" colspan="3">
                    <p style="text-align: center; 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 colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;" colspan="3">
                    <p style="text-align: center; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>Income from <br>
                        other <br>
                        investments<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></b> </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;" colspan="4">
                    <p style="text-align: center; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>Tax <br>
                        Adjustments<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></b> </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;" colspan="3">
                    <p style="text-align: center; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>As Adjusted <br>
                        (Non-GAAP)</b> </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;width: 33%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Revenues </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 1%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 1%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 245,110 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#8212; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="2" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#8212; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;text-align: right; list-style-position:inside;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;text-align: right; list-style-position:inside;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 245,110 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;width: 33%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Total costs and expenses </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 1%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 1%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 217,514 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (15,417) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (3,019) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#8212; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="2" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#8212; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;text-align: right; list-style-position:inside;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;text-align: right; list-style-position:inside;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 199,078 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 33%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Income from operations </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 1%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 1%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 27,596 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 15,417 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 3,019 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#8212; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="2" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#8212; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;text-align: right; list-style-position:inside;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;text-align: right; list-style-position:inside;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 46,032 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;width: 33%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> <i>Operating margin</i> </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> <i>11.3%</i> </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="2" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="2" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="2" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="3" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> <i>18.8%</i> </p>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 33%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Net income </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 1%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 1%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 24,409 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 15,417 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 3,019 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> (1,605) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="2" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> (6,040) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;text-align: right; list-style-position:inside;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;text-align: right; list-style-position:inside;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 35,200 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 33%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="2" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="2" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="2" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="2" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="3" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="2" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 33%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> <b>Earnings per share:</b> </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="2"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td rowspan="1" colspan="2" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="2" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;width: 33%;height:19px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Diluted </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 1%;height:19px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 1%;height:19px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1.10 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;height:19px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;height:19px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;height:19px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;height:19px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;height:19px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;height:19px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;height:19px;" colspan="2"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;height:19px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;height:19px;"><br>
                  </td>
                  <td rowspan="1" colspan="2" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;height:19px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;height:19px;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;text-align: right; list-style-position:inside;width: 2%;height:19px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;text-align: right; list-style-position:inside;width: 2%;height:19px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1.59 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 33%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="2" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="2"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td rowspan="1" colspan="2" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="2" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 33%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> <b>Weighted average shares outstanding:</b> </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="2"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td rowspan="1" colspan="2" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="2" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;width: 33%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Diluted </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 22,109 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="2"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td rowspan="1" colspan="2" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> 22,109 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;width: 33%;"><br>
                  </td>
                  <td rowspan="1" colspan="2" style="padding-left: 0.0px;width: 1%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;width: 1%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td rowspan="1" colspan="2" style="padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td rowspan="1" colspan="2" style="padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td rowspan="1" colspan="2" style="padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td rowspan="1" colspan="2" style="padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td rowspan="1" colspan="2" style="padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 2%;">&#160;</td>
                </tr>

            </table>
            <table cellspacing="0" id="z16403369d7274102bc590d0668738485" style="margin-bottom: 10.0px;margin-left: 0px; margin-right: auto;width: 90%; font-size: 10pt;">

                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 31%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="15">
                    <p style="text-align: center; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>For the three months ended June 30, 2020</b> </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td rowspan="1" colspan="3" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 31%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;" colspan="15">
                    <p style="text-align: center; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>Non-GAAP Adjustments</b> </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td rowspan="1" colspan="3" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 31%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;" colspan="3">
                    <p style="text-align: center; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>As Reported <br>
                        (GAAP)</b> </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;" colspan="3">
                    <p style="text-align: center; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>Amortization of <br>
                        intangible <br>
                        assets<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></b> </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;" colspan="3">
                    <p style="text-align: center; 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 colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;" colspan="3">
                    <p style="text-align: center; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>Income from <br>
                        other <br>
                        investments<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></b> </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;" colspan="3">
                    <p style="text-align: center; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>Tax <br>
                        adjustments<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></b> </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;" colspan="3">
                    <p style="text-align: center; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>As Adjusted <br>
                        (Non-GAAP)</b> </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;width: 31%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Revenues </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 1%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 1%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 255,831 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 1%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#8212; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 255,831 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;width: 31%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Total costs and expenses </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 1%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 1%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 209,436 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (15,417) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (1,174) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 1%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#8212; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 192,845 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 31%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Income from operations </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 1%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 1%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 46,395 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 15,417 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,174 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 1%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#8212; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 62,986 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;width: 31%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> <i>Operating margin</i> </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> <i>18.1%</i> </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="2" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="2" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="2" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 1%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="2" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> <i>24.6%</i> </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 31%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Net income </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 1%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 1%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 34,152 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 15,417 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,174 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (1,135) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 1%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position:inside;"> (4,213) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 45,395 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 31%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="2" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="2" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="2" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="2" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="width: 1%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="2" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="2">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 31%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> <b>Earnings per share:</b> </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="2">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;width: 31%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Diluted </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 1%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 1%;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1.55 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 2.06 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 31%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" colspan="2" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="2">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 31%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> <b>Weighted average shares outstanding:</b> </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="2">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;width: 31%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Diluted </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 22,012 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 22,012 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;width: 31%;"><br>
                  </td>
                  <td rowspan="1" colspan="2" style="padding-left: 0.0px;width: 1%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;width: 1%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;width: 1%;"><br>
                  </td>
                  <td rowspan="1" colspan="2" style="padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td rowspan="1" colspan="2" style="padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td rowspan="1" colspan="3" style="padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td rowspan="1" colspan="2" style="padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td rowspan="1" colspan="2" style="padding-left: 0.0px;width: 2%;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;width: 2%;">&#160;</td>
                </tr>

            </table>
            <table cellspacing="0" id="zdd62dc629f724f20a12b68ada61cb976" style="margin-bottom: 10.0px;margin-left: 0px; margin-right: auto; font-size: 10pt;">

                <tr>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;padding-right: 0.0px;text-align: left;vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> (1) </p>
                  </td>
                  <td colspan="1" rowspan="1"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: middle;padding-left: 0.0px;">Reflects amortization and depreciation expense of intangible assets and software assets acquired through the Company&#8217;s merger with Capella Education Company.</td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;padding-right: 0.0px;text-align: left;vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> (2) </p>
                  </td>
                  <td colspan="1" rowspan="1"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: middle;padding-left: 0.0px;">Reflects integration expenses associated with the Company's merger with Capella Education Company, and transaction expenses associated with potential future
                    business combinations.</td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;padding-right: 0.0px;text-align: left;vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> (3) </p>
                  </td>
                  <td colspan="1" rowspan="1"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: middle;padding-left: 0.0px;">Reflects income recognized from the Company's investments in partnership interests and other investments.</td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;padding-right: 0.0px;text-align: left;vertical-align: top;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> (4) </p>
                  </td>
                  <td colspan="1" rowspan="1"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: middle;padding-left: 0.0px;">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% and 28.5% for the three months ended June 30, 2019 and 2020, respectively.</td>
                </tr>

            </table>
            <div> </div>
            <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
              <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
                <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" id="zab9c34dfa6414c21aa3a0721863090c5" style="margin-left: 0px; margin-right: auto;margin-bottom: 10.0px; font-size: 10pt;">

                <tr>
                  <td rowspan="1" style="padding-left: 0.0px;text-align: center; list-style-position:inside;" colspan="17"><b>STRATEGIC EDUCATION, INC.</b>
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> <b>UNAUDITED NON-GAAP SEGMENT REPORTING</b> </p>
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> <b>(in thousands)</b> </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;"><br>
                  </td>
                  <td rowspan="1" style="padding-left: 0.0px;" colspan="7"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;"><br>
                  </td>
                  <td rowspan="1" style="padding-left: 0.0px;" colspan="7"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;">&#160;</td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;" colspan="7">
                    <p style="text-align: center; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>For the three months ended <br>
                        June 30,</b> </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;" colspan="7">
                    <p style="text-align: center; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>For the six months ended <br>
                        June 30,</b> </p>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;text-align: center; list-style-position:inside;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> <b>2019</b> </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;text-align: center; list-style-position:inside;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;text-align: center; list-style-position:inside;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> <b>2020</b> </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;text-align: center; list-style-position:inside;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;text-align: center; list-style-position:inside;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> <b>2019</b> </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;text-align: center; list-style-position:inside;">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;text-align: center; list-style-position:inside;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> <b>2020</b> </p>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Revenues: </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Strayer University </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 131,728 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 138,080 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 262,474 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 283,734 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Capella University </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 113,382 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 117,751 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 229,144 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 237,399 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Consolidated revenues </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ 245,110 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;">
                    <p style="text-align: center; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ 255,831 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ 491,618 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ 521,133 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Income from operations: </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Strayer University </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ 24,433 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ 35,813 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ 48,236 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ 72,416 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Capella University </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 21,599 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 27,173 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 46,115 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 53,710 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Amortization of intangible assets </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (15,417) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (15,417) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (30,834) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (30,834) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Merger and integration costs </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (3,019) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (1,174) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (10,198) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (4,938) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Consolidated income from operations </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 27,596 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 46,395 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 53,319 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 90,354 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="text-align: center; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Adjustments to consolidated income from operations: </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="text-align: center; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Amortization of intangible assets </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 15,417 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 15,417 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 30,834 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 30,834 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Merger and integration costs </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;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;"> 3,019 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;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;"> 1,174 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;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;"> 10,198 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;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;"> 4,938 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Total adjustments to consolidated income <br>
                      from operations </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 18,436 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 16,591 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 41,032 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 35,772 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="text-align: center; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Adjusted income from operations by segment: </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="text-align: center; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Strayer University </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 24,433 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 35,813 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 48,236 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 72,416 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Capella University </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;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;"> 21,599 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;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;"> 27,173 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;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;"> 46,115 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;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;"> 53,710 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Total adjusted income from operations by segment </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 46,032 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 62,986 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
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                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 94,351 </p>
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                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 126,126 </p>
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                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
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                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
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                  <td rowspan="1" style="padding-left: 0.0px;text-align: center; list-style-position:inside;" colspan="8"><b>STRATEGIC EDUCATION, INC.</b>
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> <b>UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES</b> </p>
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> <b>ADJUSTED EBITDA</b> </p>
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                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;"><br>
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                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;"><br>
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                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
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                        June 30,</b> </p>
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                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
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                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;text-align: center; list-style-position:inside;" colspan="3">
                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> <b>2019</b> </p>
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                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
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                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position:inside;"> <b>2020</b> </p>
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                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
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                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 24,409 </p>
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                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
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                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
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                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 34,152 </p>
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                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
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                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Provision for income taxes </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 7,312 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
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                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 13,882 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Other income </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (4,125) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
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                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (1,639) </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Depreciation and amortization </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 26,514 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 26,248 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> EBITDA </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 54,110 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 72,643 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
                <tr>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Stock-based compensation </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 3,155 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 3,859 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
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                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Merger and integration costs <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;border-bottom: solid black 1.0pt;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 3,019 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;" colspan="2">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,174 </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;border-bottom: solid black 1.0pt;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                </tr>
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                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> Adjusted EBITDA </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 60,284 </p>
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                  <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">
                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;">
                    <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 77,676 </p>
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                    <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
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                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;"><br>
                  </td>
                  <td colspan="1" rowspan="1" style="padding-left: 0.0px;"><br>
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                    <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> (1) </p>
                  </td>
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                  </td>
                  <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;">Reflects integration expenses associated with the Company's merger with Capella Education Company, and transaction expenses associated with potential future
                    business combinations. Includes $0.4 million of stock-based compensation expense for the three months ended June 30, 2019.</td>
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            <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>
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  <xs:import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd" />
  <xs:import namespace="http://www.xbrl.org/dtr/type/non-numeric" schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd" />
  <xs:import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd" />
  <xs:import namespace="http://fasb.org/us-types/2019-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2019/elts/us-types-2019-01-31.xsd" />
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  <xs:import namespace="http://fasb.org/srt/2019-01-31" schemaLocation="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd" />
  <xs:import namespace="http://fasb.org/srt-types/2019-01-31" schemaLocation="http://xbrl.fasb.org/srt/2019/elts/srt-types-2019-01-31.xsd" />
</xs:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>4
<FILENAME>stra-20200729_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!--Generated by EDGARfilings PROfile 7.0.0.0 Broadridge-->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance">
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  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" />
  <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CoverAbstract" xlink:label="CoverAbstract" xlink:title="CoverAbstract" />
    <link:label xlink:type="resource" xlink:label="dei_CoverAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_CoverAbstract_lbl" xml:lang="en-US" id="dei_CoverAbstract_lbl">Cover [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CoverAbstract" xlink:to="dei_CoverAbstract_lbl" xlink:title="label: CoverAbstract to dei_CoverAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressAddressLine1" xlink:label="EntityAddressAddressLine1" xlink:title="EntityAddressAddressLine1" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US" id="dei_EntityAddressAddressLine1_lbl">Entity Address, Address Line One</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:title="label: EntityAddressAddressLine1 to dei_EntityAddressAddressLine1_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressAddressLine2" xlink:label="EntityAddressAddressLine2" xlink:title="EntityAddressAddressLine2" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressAddressLine2_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US" id="dei_EntityAddressAddressLine2_lbl">Entity Address, Address Line Two</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:title="label: EntityAddressAddressLine2 to dei_EntityAddressAddressLine2_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressAddressLine3" xlink:label="EntityAddressAddressLine3" xlink:title="EntityAddressAddressLine3" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressAddressLine3_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US" id="dei_EntityAddressAddressLine3_lbl">Entity Address, Address Line Three</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:title="label: EntityAddressAddressLine3 to dei_EntityAddressAddressLine3_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AmendmentFlag" xlink:label="AmendmentFlag" xlink:title="AmendmentFlag" />
    <link:label xlink:type="resource" xlink:label="dei_AmendmentFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_AmendmentFlag_lbl" xml:lang="en-US" id="dei_AmendmentFlag_lbl">Amendment Flag</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:title="label: AmendmentFlag to dei_AmendmentFlag_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CityAreaCode" xlink:label="CityAreaCode" xlink:title="CityAreaCode" />
    <link:label xlink:type="resource" xlink:label="dei_CityAreaCode_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_CityAreaCode_lbl" xml:lang="en-US" id="dei_CityAreaCode_lbl">City Area Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:title="label: CityAreaCode to dei_CityAreaCode_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressCityOrTown" xlink:label="EntityAddressCityOrTown" xlink:title="EntityAddressCityOrTown" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US" id="dei_EntityAddressCityOrTown_lbl">Entity Address, City or Town</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:title="label: EntityAddressCityOrTown to dei_EntityAddressCityOrTown_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressCountry" xlink:label="EntityAddressCountry" xlink:title="EntityAddressCountry" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressCountry_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressCountry_lbl" xml:lang="en-US" id="dei_EntityAddressCountry_lbl">Entity Address, Country</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:title="label: EntityAddressCountry to dei_EntityAddressCountry_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="DocumentPeriodEndDate" xlink:title="DocumentPeriodEndDate" />
    <link:label xlink:type="resource" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US" id="dei_DocumentPeriodEndDate_lbl">Document Period End Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:title="label: DocumentPeriodEndDate to dei_DocumentPeriodEndDate_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="EntityIncorporationStateCountryCode" xlink:title="EntityIncorporationStateCountryCode" />
    <link:label xlink:type="resource" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US" id="dei_EntityIncorporationStateCountryCode_lbl">Entity Incorporation, State or Country Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:title="label: EntityIncorporationStateCountryCode to dei_EntityIncorporationStateCountryCode_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityInformationFormerLegalOrRegisteredName" xlink:label="EntityInformationFormerLegalOrRegisteredName" xlink:title="EntityInformationFormerLegalOrRegisteredName" />
    <link:label xlink:type="resource" xlink:label="dei_EntityInformationFormerLegalOrRegisteredName_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityInformationFormerLegalOrRegisteredName_lbl" xml:lang="en-US" id="dei_EntityInformationFormerLegalOrRegisteredName_lbl">Entity Information, Former Legal or Registered Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityInformationFormerLegalOrRegisteredName" xlink:to="dei_EntityInformationFormerLegalOrRegisteredName_lbl" xlink:title="label: EntityInformationFormerLegalOrRegisteredName to dei_EntityInformationFormerLegalOrRegisteredName_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_LocalPhoneNumber" xlink:label="LocalPhoneNumber" xlink:title="LocalPhoneNumber" />
    <link:label xlink:type="resource" xlink:label="dei_LocalPhoneNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_LocalPhoneNumber_lbl" xml:lang="en-US" id="dei_LocalPhoneNumber_lbl">Local Phone Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:title="label: LocalPhoneNumber to dei_LocalPhoneNumber_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:label="EntityAddressPostalZipCode" xlink:title="EntityAddressPostalZipCode" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US" id="dei_EntityAddressPostalZipCode_lbl">Entity Address, Postal Zip Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:title="label: EntityAddressPostalZipCode to dei_EntityAddressPostalZipCode_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressStateOrProvince" xlink:label="EntityAddressStateOrProvince" xlink:title="EntityAddressStateOrProvince" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US" id="dei_EntityAddressStateOrProvince_lbl">Entity Address, State or Province</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:title="label: EntityAddressStateOrProvince to dei_EntityAddressStateOrProvince_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Security12bTitle" xlink:label="Security12bTitle" xlink:title="Security12bTitle" />
    <link:label xlink:type="resource" xlink:label="dei_Security12bTitle_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_Security12bTitle_lbl" xml:lang="en-US" id="dei_Security12bTitle_lbl">Title of 12(b) Security</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:title="label: Security12bTitle to dei_Security12bTitle_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_NoTradingSymbolFlag" xlink:label="NoTradingSymbolFlag" xlink:title="NoTradingSymbolFlag" />
    <link:label xlink:type="resource" xlink:label="dei_NoTradingSymbolFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US" id="dei_NoTradingSymbolFlag_lbl">No Trading Symbol Flag</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:title="label: NoTradingSymbolFlag to dei_NoTradingSymbolFlag_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_TradingSymbol" xlink:label="TradingSymbol" xlink:title="TradingSymbol" />
    <link:label xlink:type="resource" xlink:label="dei_TradingSymbol_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_TradingSymbol_lbl" xml:lang="en-US" id="dei_TradingSymbol_lbl">Trading Symbol</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:title="label: TradingSymbol to dei_TradingSymbol_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SecurityExchangeName" xlink:label="SecurityExchangeName" xlink:title="SecurityExchangeName" />
    <link:label xlink:type="resource" xlink:label="dei_SecurityExchangeName_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_SecurityExchangeName_lbl" xml:lang="en-US" id="dei_SecurityExchangeName_lbl">Security Exchange Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:title="label: SecurityExchangeName to dei_SecurityExchangeName_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityRegistrantName" xlink:label="EntityRegistrantName" xlink:title="EntityRegistrantName" />
    <link:label xlink:type="resource" xlink:label="dei_EntityRegistrantName_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityRegistrantName_lbl" xml:lang="en-US" id="dei_EntityRegistrantName_lbl">Entity Registrant Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:title="label: EntityRegistrantName to dei_EntityRegistrantName_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="EntityCentralIndexKey" xlink:title="EntityCentralIndexKey" />
    <link:label xlink:type="resource" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityCentralIndexKey_lbl" xml:lang="en-US" id="dei_EntityCentralIndexKey_lbl">Entity Central Index Key</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:title="label: EntityCentralIndexKey to dei_EntityCentralIndexKey_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityTaxIdentificationNumber" xlink:label="EntityTaxIdentificationNumber" xlink:title="EntityTaxIdentificationNumber" />
    <link:label xlink:type="resource" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US" id="dei_EntityTaxIdentificationNumber_lbl">Entity Tax Identification Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:title="label: EntityTaxIdentificationNumber to dei_EntityTaxIdentificationNumber_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="DocumentFiscalYearFocus" xlink:title="DocumentFiscalYearFocus" />
    <link:label xlink:type="resource" xlink:label="dei_DocumentFiscalYearFocus_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US" id="dei_DocumentFiscalYearFocus_lbl">Document Fiscal Year Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:title="label: DocumentFiscalYearFocus to dei_DocumentFiscalYearFocus_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="DocumentFiscalPeriodFocus" xlink:title="DocumentFiscalPeriodFocus" />
    <link:label xlink:type="resource" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US" id="dei_DocumentFiscalPeriodFocus_lbl">Document Fiscal Period Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:title="label: DocumentFiscalPeriodFocus to dei_DocumentFiscalPeriodFocus_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentType" xlink:label="DocumentType" xlink:title="DocumentType" />
    <link:label xlink:type="resource" xlink:label="dei_DocumentType_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentType_lbl" xml:lang="en-US" id="dei_DocumentType_lbl">Document Type</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentType" xlink:to="dei_DocumentType_lbl" xlink:title="label: DocumentType to dei_DocumentType_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_WrittenCommunications" xlink:label="WrittenCommunications" xlink:title="WrittenCommunications" />
    <link:label xlink:type="resource" xlink:label="dei_WrittenCommunications_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_WrittenCommunications_lbl" xml:lang="en-US" id="dei_WrittenCommunications_lbl">Written Communications</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:title="label: WrittenCommunications to dei_WrittenCommunications_lbl" />
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      id="Fact_ef48d845743d42a0bdd4a50d201dfd71">Strategic Education, Inc.</dei:EntityRegistrantName>
    <dei:EntityIncorporationStateCountryCode
      contextRef="c20200729to20200729"
      id="Fact_b15295912f1f42959edaf2ff7244232d">MD</dei:EntityIncorporationStateCountryCode>
    <dei:EntityFileNumber
      contextRef="c20200729to20200729"
      id="Fact_81bfd352af6842c9b91d1b0a27528e2c">0-21039</dei:EntityFileNumber>
    <dei:EntityTaxIdentificationNumber
      contextRef="c20200729to20200729"
      id="Fact_bfe581504f1045278d5667e6bca53956">52-1975978</dei:EntityTaxIdentificationNumber>
    <dei:EntityAddressAddressLine1
      contextRef="c20200729to20200729"
      id="Fact_463fc7bb204d47dead6775771af1aaf7">2303 Dulles Station Boulevard</dei:EntityAddressAddressLine1>
    <dei:EntityAddressCityOrTown
      contextRef="c20200729to20200729"
      id="Fact_c44ce86e8480439e93f2265db7777001">Herndon</dei:EntityAddressCityOrTown>
    <dei:EntityAddressStateOrProvince
      contextRef="c20200729to20200729"
      id="Fact_a2f1c6a33190495ab5867e2ca0486376">VA</dei:EntityAddressStateOrProvince>
    <dei:EntityAddressPostalZipCode
      contextRef="c20200729to20200729"
      id="Fact_bdb1b732ec874e1a82806ee40aa74c41">20171</dei:EntityAddressPostalZipCode>
    <dei:CityAreaCode
      contextRef="c20200729to20200729"
      id="Fact_deb71d98d65d40cb92f1eb5189ba7e34">703</dei:CityAreaCode>
    <dei:LocalPhoneNumber
      contextRef="c20200729to20200729"
      id="Fact_529c2df5f0f1457b960cfe611cef2f97">561-1600</dei:LocalPhoneNumber>
    <dei:EntityInformationFormerLegalOrRegisteredName
      contextRef="c20200729to20200729"
      id="Fact_93071a1a59964d3e991fe4d6f32de759">N/A</dei:EntityInformationFormerLegalOrRegisteredName>
    <dei:WrittenCommunications
      contextRef="c20200729to20200729"
      id="Fact_7df38c4bebff4be290d796df114dbbbf">false</dei:WrittenCommunications>
    <dei:SolicitingMaterial
      contextRef="c20200729to20200729"
      id="Fact_18dc599de1f549c4806d4f5d4d6cd0d8">false</dei:SolicitingMaterial>
    <dei:PreCommencementTenderOffer
      contextRef="c20200729to20200729"
      id="Fact_e4e1aa04124e4fb9b2ad6e4ea581a4b6">false</dei:PreCommencementTenderOffer>
    <dei:PreCommencementIssuerTenderOffer
      contextRef="c20200729to20200729"
      id="Fact_4c8f5d37acb144f6a05dca10519d187f">false</dei:PreCommencementIssuerTenderOffer>
    <dei:Security12bTitle
      contextRef="c20200729to20200729"
      id="Fact_3f49c27832e94b88aca33533eb37c8af">Common Stock, $0.01 par value</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="c20200729to20200729"
      id="Fact_0615d2da333b4ab0b641eb28226eb99f">STRA</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="c20200729to20200729"
      id="Fact_cf1ad4def0574e96b7378e2c9aa374d5">NASDAQ</dei:SecurityExchangeName>
    <dei:EntityEmergingGrowthCompany
      contextRef="c20200729to20200729"
      id="Fact_e4060ab4e89147b19dcb2f49cea50728">false</dei:EntityEmergingGrowthCompany>
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</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>7
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.20.2</span><table class="report" border="0" cellspacing="2" id="idm139697872697592">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Jul. 29, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Jul. 29,  2020<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Strategic Education, Inc.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">0-21039<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">52-1975978<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">2303 Dulles Station Boulevard<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Herndon<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">VA<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">20171<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">703<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">561-1600<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityInformationFormerLegalOrRegisteredName', window );">Entity Information, Former Legal or Registered Name</a></td>
<td class="text">N/A<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001013934<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock, $0.01 par value<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">STRA<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInformationFormerLegalOrRegisteredName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Former Legal or Registered Name of an entity</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInformationFormerLegalOrRegisteredName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
